Retail

BINGHAM FARMS, MI-The retail REIT believes it could see funds from operations reduced by $2.2 million year from the closure of up to 12 department stores. Kmarts lease 27 properties from Malan, accounting for 25% of base rents.

LONDON-The UK shopping centre sector saw a surge in investment activity at the end of 2001. The final quarter saw more money invested in UK malls than during the second and third quarters combined, according to DTZ.

SEATTLE, WA-Whether redeveloping, leasing or building to suit, Ruggerio paints a picture of a very active big-box market, but one where companies are paying close attention to the bottom line and staying lean when it comes to paying for space.

AUSTIN-Seattle's Best Coffee lines up a franchise partner to develop 13 cafes in Austin and three in Waco. The first of the RTG Business Enterprises-owned cafes could open by January. Competitor Starbuck's has 27 locations in the markets.

FULLERTON, CA-The real estate investor pays $2.7 million for the Fullerton retail complex. Tenants at the fully occupied center include Linder Furniture, the Recycler and L.A. Carpet.

NEW YORK CITY-The owner of prime SoHo real estate has fired one broker and hired another in hopes of securing a build-to-suit deal. The new marketing team is guardedly optimistic about closing a deal despite the current economy. The former broker, however, says the owner's greed has scuttled every offer to develop the property.

PHOENIX-The Phoenix region's retail market is holding its own in tough times. Vacancy is up just a shade, says CB Richard Ellis in a Q3 analysis. Two regional malls opened with occupancies above 90%. Even 60 shuttered store were quickly snatched up.

MOUNT LAUREL, NJ-The township wants to bolster its non-commercial uses and has hired a top engineering firm to analyze the situation and make recommendations.