Prospects bright for Borders replacements
Brokers expect strong demand from other retailers, in part because the failed bookstore chain carefully chose its real estate, opting for locations near concentrations of affluent and educated consumers.
Shopping Centers
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Borders liquidation another blow to retail real estate
Borders Group Inc.’s proposed liquidation will increase available U.S. retail space by about 6.3 million square feet as the industry struggles with near-record vacancy rates and stagnant rents.
Well-located Carmel retail center plagued by vacancies
Merchants’ Square shopping center, built in 1970 as the enclosed Keystone Square Mall and redeveloped into an open-air center and renamed in the mid-1990s, is riddled with vacancies and bracing for another high-profile departure, despite its prime location.
Multiple tenants likely needed to plug Nordstrom hole
Nordstrom occupies a staggering 210,000 square feet spread across three floors—60 percent more space than the Seattle-based chain occupies at the Fashion Mall at Keystone and likely more than any single retailer would be willing to lease.
Circle Centre can survive Nordstrom exit, experts say
Anchor store Carson Pirie Scott negotiated a new lease in January, giving the downtown mall added stability at a key time.
Nordstrom: Weak sales prompting closure of Circle Centre store
Company President Erik Nordstrom said sales have fallen by half at the Circle Centre mall store since Nordstrom opened a Keystone Crossing location in 2008. The downtown store will close July 31.
Nordstrom closing Circle Centre store
Nordstrom plans to close its store at Circle Centre mall, dealing a substantial setback for downtown. The Seattle-based chain was scheduled to announce the closure to employees at a mandatory staff meeting Thursday morning, a person familiar with the plans told IBJ.
Simon Property to develop outlet center in Canada
Indianapolis-based Simon Property Group Inc. said Monday that it will open an outlet shopping center in Ontario, the first of the shopping mall owner's line of Premium Outlets-brand shopping centers in Canada.
Eastgate redevelopment reaches crucial crossroads
Lifeline Data Centers, which bought Eastgate in 2008, plans to invest $10 million into the property this year if the Department of Public Safety moves forward with plans to lease 78,000 square feet.
Simon Property results improve as store rents climb
Simon Property Group Inc., the largest U.S. shopping-mall owner, said funds from operations rose 75 percent in the first quarter as retail sales climbed.
Greenwood Shoppes seeks bankruptcy reorganization
The shopping center on U.S. 31 is the third Broadbent-operated strip mall to fall into bankruptcy and its second in Greenwood to claim financial problems.
Amusement center set for Clearwater area
An entertainment venue featuring a bowling alley, concert hall and restaurant is set to replace a vacant movie theater.
Pop-up retailers emerging in Indianapolis
With the retail vacancy rate hovering around 13 percent locally and nationally, temporary retailers are becoming a fact of life in malls, strip malls and downtowns around the country.
Castleton Plaza seeks bankruptcy reorganization
Shopping center on East 82nd Street lists nearly $10.4 million in liabilities and about $7.6 million in assets. The Chapter 11 filing follows a request to foreclose on the property from the center’s lender.
Simon Property’s quarterly profit rises on improving retail sales
Earnings for the Indianapolis-based shopping mall owner increased to $217.9 million in the fourth quarter, up from $91.5 million in the fourth quarter of 2009. Funds from operations, a key measurement used by real estate investment trusts, also improved.
Lender seeks to foreclose on Castleton Plaza
German American Capital Corp. claims the owner of the strip mall, Castleton Plaza LP—a subsidiary of Broadbent Co.—owes it $10 million. The lender is requesting the property be sold at a sheriff's sale to help satisfy the debt.
Lego plans first Indiana store for Castleton Square
The roughly 1,200-square-foot shop is scheduled to open in late March or early April.
Simon Property abandons offer for Capital Shopping
Simon Property Group Inc., the largest U.S. shopping mall owner, abandoned its $4.5 billion bid for Capital Shopping Centres Group Plc after the British company resisted Simon’s takeover interest.
Spending data show strong December sales
Americans spent more on clothes, shoes, luxury goods and electronics in December than a year earlier, according to data released Wednesday.
Santa feeling stays with shoppers after Christmas
People hit the stores after Christmas to buy, indulging the rediscovered retail appetite that may have made 2010’s holiday shopping season the biggest ever.