WP Realty acquires Plaza at the Pointe
Bryn Mawr, Pa. — WP Realty has acquired Plaza at the Pointe, a 149,016-sq.-ft. center located near Pittsburgh in the Parkway West retail submarket.
Anchor tenants include Bed, Bath & Beyond, Old Navy, La-Z-Boy and Party City. An additional 21,556 sq. ft. anchor space is currently vacant.
Latitude 40, a recently redeveloped 60,000-sq.-ft. entertainment center, and a number of national retailers shadow-anchor Plaza at the Pointe from adjacent properties.
Baker Katz completes sale of Gold’s Gym in Corpus Christi
Houston — Baker Katz has announced the completion of the sale of a 47,395-sq.-ft. freestanding property leased to Gold’s Gym in Corpus Christi, Texas.
Baker Katz is a full-service retail brokerage and a member of real estate alliance X Team.
Cold weather chills Ann Q1 profit
New York — Ann Inc., which runs the Ann Taylor and Loft, reported that its fiscal first-quarter net income dropped 27%, as unseasonably cold weather held back sales of spring and summer clothing and led to discounts. The retailer also cut its revenue outlook for the year.
Kay Krill, president and CEO commented, "As previously noted, our first quarter performance reflected the impact of unseasonably cold weather, which negatively affected sales of warm weather product, primarily at Loft. As a result, we were more promotional than planned to clear through inventory in advance of second quarter deliveries.”
For the quarter ended May 4, Ann Inc. earned $20.9 million, down from $28.7 million in the year-ago period.
Revenue rose 3%, to $574.5 million. Same-store sales fell 0.5%. The metric was up 1.9% at Ann Taylor and down 1.9% at Loft.