REAL ESTATE

A lineup of tenants, including Whole Foods, gives New Jersey the nod

BY CSA STAFF

Old Bridge, N.J. — R.J. Brunelli & Co. said Thursday that it has completed a series of leases that will bring major retailers, restaurants, recreational facilities and personal services to sites in Middlesex, Monmouth, Ocean, Mercer, Union, Essex, and Bergen counties in central and northern New Jersey.

In the largest of the deals, Whole Foods has inked a deal to open a 40,000-sq.-ft. store at Marlboro Commons retail center, in Marlboro Township. The 105,000-sq.-ft. specialty shopping center is scheduled for completion in 2012. R.J. Brunelli is exclusive leasing agent for the property, which is owned by Pagano Associates.

In Essex County, Deal$ will open an 18,200-sq.-ft. store at Bloomfield Plaza in Bloomfield. Deal$, whose parent company is Dollar Tree, will be joining Staples, Sally Beauty, Casual Male, RadioShack and Payless Shoes at the 89,200-sq.-ft. center, owned by Bloomfield Plaza Associates, L.P.

In Union County, Monster Mini Golf has leased an 11,200-sq.-ft. space at the Union 22 Town Shopping Center in Union. The 75,000-sq.-ft. property is owned by Vanick Properties.

Muscle Maker Grill will open fast-casual restaurants in Middlesex, Union and Bergen counties. In Middlesex, Muscle Maker signed a lease for a 2,795-sq.-ft. space at the Brunswick Shopping Center in North Brunswick. Other tenants at the 307,000-sq.-ft. center owned by Levin Management include L.A. Fitness, A&P, Dollar Tree, and Sally Beauty. In Union, the chain signed for 1,650 sq. ft. at Village Shopping Center in New Providence. Owned by New Providence LLC, the 150,000-sq.-ft. center includes A&P, CVS, RadioShack, and Braunschweiger Jewelers. In Bergen, the chain signed for 1,270 sq. ft. at Essex Square in Lodi. The 16,000-sq.-ft. center, owned by Lodi Essex LLC, includes as Sleepy’s and Verizon Wireless.

The Turning Point will open a 3,500-sq.-ft. restaurant at The Marketplace in Brick Township, a 320,000-sq.-ft. power center anchored by Costco, Christmas Tree Shops, Dick’s Sporting Goods and Staples. The center is owned by Edgewood Properties.

European Wax Center has inked leases for 2,000 sq. ft. at Shrewsbury Plaza in Shrewsbury and for 1,510 sq. ft. at Mercer Mall in Lawrenceville.

Sally Beauty has leased 1,500 sq. ft. at the Burlington Coat Factory-anchored center owned by Vornado Realty Trust. And Play N Trade has leased 1,750 sq. ft. at the A&P-anchored shopping center in Mahwah, owned by Inwood Realty Group, LLC and 615 West 173rd Street Realty LLC.

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News

Costco comps beat Sam’s but BJ’s didn’t

BY CSA STAFF

Costco and BJ’s were out with quarterly results this week following the release of Sam’s Club results last week that included flat operating profits and a 2.7% same-store sales increase excluding gas. Those results, characterized by Sam’s Club president and CEO Brian Cornell as strong and very pleasing, are consistent with results out this week from club competitors. Both Costco and BJ’s reported quarterly results that were in-line with or beat analysts’ expectations.

Costco reported net sales of $20.45 billion for its second quarter ended February 13, an increase of 11% from sales of $18.36 billion for the same period last year.

The sales results were favorably by sales from Costco’s 50% owned Mexico joint venture, which accounted for approximately three percentage points of the increase for both the quarter and the year-to-date sales, Costco reported. Costco’s U.S. comps were up 5% for the quarter, while total comps were up 7%. Excluding the impact of fuel, U.S. comps saw a 3% increase, while total comps rose 4%.

Net income for the quarter was $348 million, or 79 cents per diluted share, in line with analysts’ consensus expectations, and compared to net income of $299 million, or 67 cents per diluted share, the company reported last year.

BJ’s reported that net sales for its fourth quarter ended Jan. 29, were $2.9 billion, an increase of 7.4% over the prior-year period. Same-store sales increased by 3.8%. Excluding fuel, comps were up 1.7%. The company reported fourth-quarter net income of $10.2 million, or 19 cents per diluted share. These results include post-tax expense of $41.1 million for club closures, restructuring activities and asset impairment charges, the company reported. Excluding the post-tax expense of $41.1 million, adjusted non-GAAP net income was $51.3 million, or 95 cents per diluted share.

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REAL ESTATE

Edens & Avant makes executive appointments

BY CSA STAFF

Columbia, S.C. — Edens & Avant has announced the promotion of Carol Hall to VP portfolio management. In her new position, she will be responsible for creating value through the delivery of technology-enabled process and analytical tools to the investment management, property management and leasing teams.

The company has also named John Cocker VP, investment management. Cocker, who will work in the Bethesda, Md., office, will be responsible for directing the daily activities of Edens & Avant’s property portfolio in the Washington, D.C., MSA. Additionally, John will be responsible for directing the acquisition and disposition activity in the Mid-Atlantic region.

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