The Ford City retail center in Chicago is poised to undergo a redevelopment by its new ownership group, iStar Financial. The project will begin in 2014 and will include an upgraded façade, updated lighting and new landscaping.
The Ford City retail center in Chicago is on its way to being renovated and repositioned. The center was repossessed by the lender, iStar Financial, six months ago. iStar has tapped SRS Real Estate Partners and U.S. Equities Realty to take charge of management and leasing.
Costco, Limited Brands and Gap reported strong same-store sales increases in February, two of the 13 U.S. retailers that still report monthly sales results. "By and large, the middle class is just shaking off the intractability in Washington and feeling better about shopping," said Joel Bines, managing director of consulting firm AlixPartners' retail practice.
The Fairgrounds Square retail center traded to the Bank of New York Mellon Trust for $13.6 million in a marshal sale. The bank was the only bidder for the Philadelphia area retail center. The deal is pending judicial approval.
A growing number of neighborhood shopping centers are catering to healthy-lifestyle trends, with frozen yogurt shops replacing ice cream parlors, and yoga studios, health clubs, organic markets and workout-wear boutiques filling storefronts. "When we are looking at opportunities for new store locations, we look for areas that are considered the hub of health in the community," said Wynn Spencer, lululemon's vice president of store development.