Finance & Capital Management

Harrisburg, Pa. -- The Pennsylvania AFL-CIO said Tuesday that workers, union leaders and shareholders will attend Rite Aid's annual shareholder meeting in Harrisburg, Pa., on June 21.

The group will hold a "Summit Meeting," attended by groups from California, Florida, Ohio, New Jersey, New York and West Virginia, and followed by a media briefing.

Rite Aid workers have attended four previous shareholder meetings. 
 

Harrisburg, Pa. -- Dollar General Corp. will locate its new distribution center in Bethel Township, Berks County, Pa., creating more than 500 jobs in the area and facilitating the retailer’s expansion in the state.

There was quite a bit of excitement heading into this year’s RECon convention. The event is, in many respects, the annual event for retail real estate professionals from around the country (and more recently from around the world). It seemed to have a little bit more industry buzz going for it than in recent years. I think the combination of some encouraging economic indicators and the feeling that the industry is on the cusp of what may be a more sustainable long-term recovery had everyone’s optimism in high gear.

Columbus, Ohio -- Easton Town Center co-developers Steiner + Associates and The Georgetown Co. announced Monday that they will be adding more than 50,000 sq. ft. of new tenants this year and renovating more than 150,000 sq. ft. of existing space.

Houston -- Marcus & Millichap Real Estate Investment Services said it has hired Derek Hargrove as a senior associate in the Houston office.

In his new position, Hargrove will focus on the sale of multi-tenant shopping centers throughout southwest Texas. He also holds the title of associate director of Marcus & Millichap’s National Retail Group.

Youngstown, Ohio -- Cafaro Co. has announced it is actively seeking to expand its portfolio of enclosed malls.

According to the company, each potential acquisition property must demonstrate historic, stabilized net operating income and minimum sales of $300 per sq. ft. Cafaro said is interested in malls with a minimum gross leasable area of 600,000 sq. ft. in trade areas of 200,000 – 450,000 residents.
 
Cafaro currently owns and oversees more than 30 million sq. ft. of commercial real estate in 11 states.
 

Dallas -- SRS Real Estate Partners announced the promotions of two team members. Tom Power and Todd Wallace both have been promoted to executive VP.

Power has more than 13 years at SRS and is a managing partner for SRS Real Estate Partners – Northwest, LLC. He also serves as market leader for SRS' Northern California markets: San Francisco, San Jose and East Bay.

Hanover, Md. -- Simon Property Group said that Maryland Live! Casino has opened at its Arundel Mills outlet, value retail, dining and entertainment destination in Hanover, Md.

The new $500 million gaming and entertainment destination was developed by Baltimore-based real estate developers and casino operators, The Cordish Cos.

New York -- Zumiez Inc. on Tuesday said it has agreed to buy Austria-based Blue Tomato for 59.5 million euros ($75 million). The teen retailer also raised its second-quarter revenue outlook.

Blue Tomato sells branded snowboarding and skating gear, apparel and footwear through its e-commerce website, which is available in 15 languages, and five stores in Austria. The company will continue to be headquartered in Schladming, Austria, and senior management will continue in their current roles.

Dallas -- Alliance Data Systems has agreed to acquire The Bon-Ton Stores’ private-label credit card portfolio worth $475 million.

Financial terms of the deal were not disclosed.

Alliance Data, which provides private-label credit card services to retailers, will also manage the retailer's private-label credit card program.

Bon-Ton Stores, Inc., operates 272 stores in 23 states across the Northeast, Midwest, and upper Great Plains, under a variety of banners.