REAL ESTATE

Alamo Drafthouse Cinema to open at City Point Development

BY Staff Writer

Brooklyn, N.Y. — Charter Realty & Development said it has leased 43,842 sq. ft. for an Alamo Drafthouse Cinema at the City Point Development in Brooklyn, N.Y.

Alamo Drafthouse Cinema features an upscale theater-restaurant combination. City Point will have seven screens of new releases, repertory programming and the Alamo’s signature programming with seating for over 900 moviegoers.

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REAL ESTATE

Galleria at Tyler names GM

BY Staff Writer

Riverside, Calif. — Chicago-based General Growth Properties announced it has named Jim Fuson as the new general manager for Galleria at Tyler, located in Riverside, Calif.

Effective September 2012, Fuson as general manager is responsible for the overall shopping center with primary focus on development, leasing, and increasing the value of the asset. In addition, he will be overseeing the administration, operations, marketing, business development, capital improvements and the strategic plan developed for the center.

Fuson most recently was senior operations manager at GGP.

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FINANCE

Costco sales and profits top Street

BY Katherine Boccaccio

Issaquah, Wash. — Costco Wholesale Corp. reported Wednesday that net income for the quarter ended Nov. 25 rose 30% to $416 million, compared with $320 million in the year-ago period and surpassing analysts’ forecasts.

Sales increased 9.6% to $23.71 billion from $21.2 billion, beating Wall Street’s estimated $22.11 in revenue. Same-store sales increased 6% domestically and 7% internationally, excluding fuel sales and foreign exchange effects.

Costco’s revenue has risen the past four quarters and has beaten estimates two quarters in a row. The warehouse club operator plans to add one additional warehouse – in Korea – before the end of calendar year 2012.

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