Dollar General in 41-store acquisition
Dollar General has purchased 41 former Walmart Express locations across 11 states in a move designed to allow the discounter to expand its fresh meat and produce offerings.
Dollar General said it expects to relocate 40 existing Dollar General stores into the purchased sites by October 2016. It will also enter one new market.
Terms of the transaction were not disclosed.
“Dollar General is excited to add these locations to our existing store base. We look forward to the opportunity to better serve our customers in these communities by continuing to provide the convenience and value they expect from Dollar General,” said Todd Vasos, CEO, Dollar General, which operates 12, 719 stores in 43 states.
The stores will feature Dollar General’s updated “DG16 layout” with additional sales floor square feet, complete with expanded offerings such as fresh meat and produce. Dollar General also intends to operate the fueling stations in 37 of the 41 locations.
Report: Walgreens’ Honolulu flagship back on market
Walgreens' flagship Hawaii store in Honolulu is back on the market, months after a Los Angeles-based investment bank and wealth management firm paid $54 million to buy the property, the Pacific Business Journal reported.
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Simon declares ‘excellent’ quarter despite slight dip in income
Simon Property Group reported a 5% drop in net income to $527 million for the second quarter, yet declared positive results based on other measures. Total portfolio net operating income, which tracks comparable property and new property growth, grew 7.4% over second quarter 2015 and growth in comparable funds from operations rose 9.1%.
The Simon board declared a 6.5% increase in its stock dividend for the quarter and raised its guidance for full-year 2016 net income to be within a range of $6.04 to $6.12 per diluted share.
"This was an excellent quarter for Simon Property Group, with strong financial and operational performance, the opening of a new outlet center, the groundbreaking for our second Premium Outlet in Malaysia, and the acquisition of The Shops at Crystals, a highly productive center," said Chairman and CEO David Simon in a statement.
Simon completed the $1.1 billion purchase of The Shops at Crystals (above) on the Las Vegas strip — a 50/50 joint venture with Invesco Real Estate — in April. During the quarter it also completed the redevelopment of its Stanford Shopping Center in Palo Alto, California, and opened a 355,000-sq.-ft. outlet center in Columbus, Ohio.
Two other big Simon projects set to open in 2016 are the 500,000-sq.-ft. retail component of Brickell City Centre in Miami and the 392,000-sq.-ft. Clarksburg Premium Outlets in Maryland. The $1.05 billion Brickell mixed-use project, which covers 4.9 million sq. ft. in its entirety, is being developed by Swire Properties in a retail partnership with Simon Malls and Whitman Family Development. The project is located in Brickell, Miami’s financial district.
Occupancy rates at Simon properties held steady at about 96% during the quarter. Base minimum rents rose from $48.07 to $50.43.