Jones Lang LaSalle closes sale of Burlington Square Mall
Burlington, N.C. Atlanta-based Jones Lang LaSalle announced it has closed the sale of the Burlington Square Mall in Burlington, N.C., on behalf of special servicer. Holly Hill Mall, LLC, purchased the 428,019-sq.-ft. mall for $10.2 million. Jones Lang LaSalle was also the court-appointed Receiver on the property, and was responsible for leasing and management as well.
Leading the Jones Lang LaSalle team on this transaction were managing directors Kris Cooper and Margaret Caldwell, along with Greg Maloney, CEO and president of Jones Lang LaSalle Retail, who acted as the Receiver.
“Burlington Square Mall offered a combination of enticing aspects to investors: a prime retail location as well as a large value-add potential,” Cooper said. “The local consortium of investors who came together to purchase this mall see the potential with this property and plan to start revitalizing it immediately, filling one of the vacant anchors with a furniture store owned by one of the investors.”
Burlington Square Mall sits on nearly 40 acres of land and was renovated in 2004. It is currently 44% occupied.
Limited Brands sees EPS increase
COLUMBUS, Ohio Limited Brands reported that adjusted earnings per share for the first quarter ended May 1, were 25 cents compared with earnings per share of 1 cent for the quarter ended May 2, 2009. First quarter operating income was $185 million compared with operating income of $65.2 million last year, and adjusted net income was $82.9 million compared with net income of $2.6 million last year.
Comparable-store sales for the first quarter increased 10%, and net sales were $1.93 billion compared to $1.72 billion last year.
The company stated that it expects 2010 second-quarter adjusted earnings per share to be 27 cents to 32 cents compared with adjusted earnings per share of 19 cents per share last year.
For 2010, the company expects adjusted earnings per share of $1.60 to $1.80.
Children’s Place Q1 sales, earnings up
SECAUCUS, N.J. The Children’s Place Retail Stores announced first-quarter net income from continuing operations of $28 million, or $1.00 per diluted share for the 13-week period ended May 1, compared with $23.7 million, or 80 cents per share in the first quarter of 2009.
Net sales increased 5% to $422.1 million in the first quarter of 2010, compared with $401.9 in the first quarter of 2009. Comparable-retail sales, which include online sales, declined 0.5% in the first quarter of fiscal 2010 compared with a 1% increase the previous year. During the first quarter of 2010, comparable-store sales declined 1.7% in the United States and 4.6% in Canada, while online sales increased 22%.
“We delivered record financial results and made significant progress on key initiatives in the first quarter of 2010,” commented Jane Elfers, president and CEO of The Children’s Place. “We strengthened the senior leadership team with the appointment of five talented and experienced executives to head our merchandising, planning, outlet, information technology and human resources operations. In addition, we accelerated our new store openings, sharpened our marketing programs and continued to drive double-digit online growth.”
The company updated its guidance for fiscal 2010 and now projects earnings per diluted share from continuing operations will be in the range of $3.05 to $3.15, reflecting its first quarter results, from its initial guidance of $2.90 to $3.10. The company provided initial guidance for the second quarter of 2010, which is forecast to be a loss per share from continuing operations of 38 cents to 33 cents.