REAL ESTATE

Center changes hands in ‘fast-growing’ Folsom

BY Al Urbanski

Citing favorable demographics and a steady income stream, Nazareth Enterprises acquired the Walmart Central Shopping Center in Folsom, California for $39.7 million.

Besides Walmart, the 139,377-sq.-ft. center contains a 24-hour Fitness SuperSport Gym, the 99Cent Store, and Great Clips. It’s shadow-anchored by a Super Walmart.

“Folsom is a fast-growing city with a substantial median income," said Mounir Kardosh, CEO of Nazareth. "The center’s tenant mix supports the needs of its affluent neighbors and we are confident that we will fill the few vacancies with likewise upscale tenants.”

The purchase put Nazareth over the $100 million mark in acquisitions in third quarter. It was represented in the transaction by Landmark Real Estate Services. Marcus & Millichap represented the seller, a private investor.


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REAL ESTATE

Westwood names DDR veteran to head finance

BY Al Urbanski

Westwood Financial hired away DDR’s finance chief, hailing the move as central to its evolution from a “real estate sponsor into a sophisticated real estate institution,” according to Co-CEO Randy Banchik.

New Executive VP Matt Lougee will facilitate financing for Westwood’s retail investments, oversee capital formation and investor relations, and negotiate joint ventures. Lougee spent the entirety of his career to date at DDR, departing the company as senior VP of finance.

“This new appointment will advance our long-term objective to grow our platform, refine our corporate strategy, and strengthen our capital relationships,” said co-CEO Joe Dykstra.

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REAL ESTATE

Milestone store opening for Dollar General

BY Marianne Wilson

Dollar General is celebrating an important milestone.

The discounter has opened its 14,000th retail location. The store is located in Dauphin, Pa.

“Dollar General is excited to celebrate our company’s continued growth by celebrating our 14,000th store grand opening today,” said Todd Vasos, CEO, Dollar General. “For nearly 80 years, Dollar General has continually been focused on delivering everyday low prices, convenience and value to the communities we serve."

Dollar General employs approximately 5,700 employees in Pennsylvania through approximately 625 stores and its distribution center in Bethel (Berks County).

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