OPERATIONS

Carrefour to sell, lease-back 97 stores

BY Katherine Boccaccio

Paris — A Tuesday report by the Wall Street Journal said that French retailer Carrefour SA has sold 97 supermarket sites to an investment company for $477 million.

Carrefour, the world’s second-largest retailer after Wal-Mart Stores, will continue to operate the sites through 12-year leases under its Carrefour Markets banner. The company said the sales and lease-backs will allow it to optimize the use of its capital, which will be reinvested into other real estate.

Carrefour said it has multiple renewal options for the 97 supermarkets it has sold to La Francaise AM, a investment fund majority-owned by Crédit Mutuel Nord. The leases are worth 6.5% of the sale price, including transfer duties, Carrefour said.

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REAL ESTATE

Bijoux Terner opens at Cherry Hill Mall

BY Katherine Boccaccio

Cherry Hill, N.J. — Philadelphia-based Pennsylvania Real Estate Investment Trust said that fashion brand Bijoux Terner has opened a new store at Cherry Hill Mall, located in Cherry Hill, N.J.

The 767-sq.-ft. value-priced accessories store is an expansion of an in-store presence at Italian Treasures, located at PREIT’s Voorhees Town Center property, in Voorhees, N.J.

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REAL ESTATE

Marshalls to open at Lompoc Shopping Center

BY Katherine Boccaccio

Lompoc, Calif. — Brixmor Property Group announced a 24,050-sq.-ft. lease has been executed with Marshalls at Lompoc Shopping Center, located in Lompoc, Calif.

Marshalls will join other national retailers including Vons, Michael’s, Pier 1, Petco and Staples.

Brixmor, based in New York City, is the owner of Lompoc Shopping Center.

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