REAL ESTATE

Primestor entity acquires site for future shopping center

BY CSA STAFF

Beverly Hills, Calif. Atlantic-Firestone LLC, an investment arm of Primestor Development, announced it has acquired a 28-acre tract at 4635 Firestone Boulevard and 8653 Atlantic Boulevard in the city of South Gate, Calif., with a plan to create a regional retail and entertainment center that will serve as a catalyst for further development in the area.

The property was acquired by Primestor’s Primestor-Platinum Urban Opportunity Fund I, LP, an investment vehicle formed this year by the developer.

“Primestor is excited to continue its growth in the Southeast region of the greater Los Angeles metropolitan area. We look forward to working with the City and Community of South Gate, and utilizing our history and experience with landmark projects such as Plaza Pacoima (Pacoima, Calif.), La Alameda (Walnut Park, Calif.) and Marshfield Plaza (Chicago) to create a major new retail destination,” said Arturo Sneider, a Primestor principal.

The site was first developed as early as 1928 by Ameron, a concrete pipe manufacturer. During the 1940s, the area fronting Firestone Boulevard was developed with a gasoline station, restaurant and machine shops. Ameron ceased operations in 2005, and most of the structures on the site were demolished. The recent adoption of the South Gate General Plan 2035 includes the idea of redeveloping such underutilized industrial uses to “a retail, entertainment and transit-oriented mixed-use District that serves as a visual gateway to South Gate.”

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FINANCE

Syms loss widens in Q2 with impact of Filene’s acquisition

BY CSA STAFF

Secaucus, N.J. Syms Corp. reported late Thursday that it lost $10.9 million in the quarter ended Aug. 28, compared with a loss of $7.9 million in the year-ago period. The widened loss is mostly attributable to one-time charges related to Syms’ acquisition of Filene’s Basement in second quarter 2009, according to the company.

Revenues for the quarter surged 34% to $102.1 million, from $76.4 million in the prior-year quarter, reflecting the impact of Filene’s Basement.

Same-store sales increased 16% for the quarter.

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News

Kindle arrives at Staples

BY CSA STAFF

FRAMINGHAM, Mass. Staples announced that the Kindle e-reader is available in all stores nationwide beginning Oct. 10.

“Kindle is just one example of a host of hot tech items customers can get at Staples this holiday season,” said Jevin Eagle, EVP merchandising and marketing at Staples. “From our hands-on displays to our knowledgeable associates, Staples makes buying technology easy any time of year.”

 

Staples now carries the following new Kindle devices:

 

    * Kindle ($139.00) – Wi-Fi, 6″ diagonal     * Kindle 3G ($189.00) – Free 3G + Wi-Fi, 6″ diagonal     * Kindle DX ($379.00) – Free 3G, 9.7″ diagonal (available at Staples mid-November)

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