Finance & Capital Management

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.

In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.

York, Pa. - The Bon-Ton Stores, Inc. board of directors has unanimously elected Steven Silverstein to its board, effective immediately. Silverstein will serve on the Human Resources and Compensation Committee.

Indianapolis — Simon Property Group and Tanger Factory Outlet Centers have announced that construction has begun on Charlotte Premium Outlets. The first phase of the planned 400,000-sq.-ft. center will open in the summer of 2014. The project is a 50/50 joint venture between Simon and Tanger.

Charlotte Premium Outlets will feature Saks Fifth Avenue Off 5th and more than 90 other outlet stores.

Tanger is providing site development and construction supervision to the venture. Simon is providing management services and marketing.

Atlanta -- The Home Depot has appointed CVS executive VP and chief healthcare strategy and marketing officer Helena Foulkes to its board of directors.

Foulkes, 49 will be a member of the Finance and Leadership Development & Compensation Committees.

Atlanta — A private investor from the Atlanta, suburb of Johns Creek has acquired Camden Village Shopping Center from a California corporation. According to Marcus & Millichap of Atlanta, which represented the seller and buyer in the transaction, the purchase price totaled $6,150,000.

The center includes popular local tenants like Marlow’s Tavern and Noche Restaurant among others.

Cincinnati – David B. Dillon will step down as CEO of The Kroger Co. effective Jan. 1, 2014. Dillon, 62, is a 37-year Kroger veteran who has been serving as CEO since 2003; he will remain chairman of the board.

Northbrook, Ill. — Pine Tree Commercial Realty LLC recently promoted Todd Zinsmaster from senior VP to executive VP of acquisitions and development.

Pittsburgh -- Dick’s Sporting Goods announced that its second freestanding Field & Stream location will open on November 1, in Buttermilk Towne Center, Crescent Springs, Ky.