Top Chef Timothy Dean to open restaurant at The Boulevard at the Capital Centre
Largo, Md. — Inland Western Retail Real Estate Trust announced that Capital Centre LLC, one of its wholly owned subsidiaries, signed a lease with TD Burger LLC, operating as Timothy Dean Burger, to occupy the 2,000-sq.-ft. space at The Boulevard at the Capital Centre in Largo, Md.
The restaurant plans to open in the winter of 2012.
Timothy Dean, the former contestant on Bravo’s “Top Chef Season 7” and a native of Prince George’s County, will bring his culinary expertise and ingredients for specialty burgers to the shopping center. Directly across from the center’s movie complex, the fast casual Timothy Dean Burger will also feature gourmet pizza.
This is the third restaurant lease executed at The Blvd in the past year. In 2011, the shopping center welcomed Wow Café & Wingery and T.G.I. Friday’s to its lineup of over 17 dining options.
Centrally located in Prince George’s County, The Blvd is a 485,564-sq.-ft. lifestyle center anchored by national retailers DSW, Hhgregg, Shoppers World, Sports Authority, and a 12-screen Magic Johnson theater complex.
Baker Storey McDonald Properties acquires Kentucky, Ohio centers
Nashville, Tenn. — X Team International announced that Nashville-based partner Baker Storey McDonald Properties has acquired two shopping centers located in Kentucky and Ohio.
BSM acquired Kroger Plaza, a 53,989-sq.-ft. Kroger shadow-anchored shopping center located in Winchester, Ky., a suburb of Lexington. BSM will manage and lease the retail center. Kroger Plaza is currently occupied by a number of tenants including Cato, The UPS Store, Papa John’s, NovaCare and Hallmark. Prior to acquisition of the center, BSM executed a lease with Burke’s Outlet to occupy a 20,000-sq.-ft. space in the center. Burke’s, a division of Bealls Department Stores of Florida, plans to open its store at the end of March 2012.
Upon Burke’s occupancy, Kroger Plaza will be 90% leased.
BSM acquired a former National City Bank branch as well. Prior to acquisition, BSM developed plans for a new 6,200-sq.-ft. shopping center to replace the existing bank branch and signed leases with three tenants: Aspen Dental, JS Gold, and GNC.
Profits down at Safeway
PLEASANTON, Calif. — Safeway posted a drop in quarterly net income amid higher commodity costs.
The company reported net income of $215.6 million (67 cents per diluted share) for the fourth quarter of 2011. In the fourth quarter of 2010, Safeway reported net income of $229.6 million (62 cents per diluted share).
Total sales increased 6.2% to $13.6 billion in the fourth quarter of 2011 from $12.8 billion in the fourth quarter of 2010, helped by higher fuel sales and a 1.5% increase in identical-store sales (excluding fuel).
"Our business continued to grow," said Steve Burd, Chairman, president and CEO. "With ID sales growth remaining steady and costs well-controlled, we increased earnings per share 8%. As we move into 2012, our personalized marketing efforts and innovation in private label brands should contribute to our growth."
Net income for the fiscal year 2011 declined to $516.7 million ($1.49 per diluted share) from net income for 2010 of $589.8 million ($1.55 per diluted share).