Strategy

PREIT announced it had completed the sale of the Washington Crown Center in Washington, Pennsylvania, to the Kohan Retail Investment Group for $20 million. The 674,000-sq.-ft. mall — 25 miles south of Pittsburgh on I-70 — is anchored by Bon-Ton, Macy's, Gander Mountain, and Sears.   

Walmart has launched an unusual program to combat crime in its stores.   In an experiment, the chain is dealing with shoplifters on its own terms through an initiative called “Restorative Justice,” Time.com reported.  

Walmart and the Walmart Foundation on Monday made a commitment to provide support through cash and in-kind donations of $500,000 to organizations helping with relief efforts for those affected by the floods in Louisiana.   Working closely with the Salvation Army, American Red Cross and the Greater Baton Rouge Food Bank, coordination efforts are being made with elected officials and governmental entities across the region to meet the needs of those affected by the overwhelming flooding in the Louisiana region this week.  

Skechers continues to expand its global footprint.   The brand on Tuesday opened a flagship store in the shopping center at the new World Trade Center in lower Manhattan. With some 1,545 stores worldwide, Skechers anticipates having more than 1,600 locations up and running by yearend.  

After a long, post-recession lull, leasing activity at shopping centers and strip malls in the Phoenix area is picking up, according to a report in Tempe’s East Valley Tribune.   Local real estate investor Michael Pollack is so bullish on the scene that he said he envisions tenant waiting lists as a possibility for the near future.    “We are in a red-hot market right now,” said Pollack, who invests in financially distressed centers and renovates them. 

In what it says is part of an expansion into the western United States, New York-based Time Equities Inc. (TEI) purchased the Newgate Mall in Ogden, Utah from General Growth Properties for $69.5 million.   The 718,035-sq.-ft. mall is anchored by Burlington Coat Factory, Cinemark, Dillard’s, and Sears. TEI reports it is 98% leased with approximately 100 tenants. Bath & Body Works, Kay Jewelers, Gymboree, and Victoria’s Secret are among those on the roster.  

Chicago-based Newport Capital Partners purchased a 69,749-sq.-ft. center anchored by Pick ‘n Save the Milwaukee area. Terms of the deal, brokered by Mid-American Real Estate Corp., were not disclosed.    Other tenants in the center at the Intersection of I-41/45 and Mayfair Road in Wauwatosa include Firehouse Subs, Mattress Firm, and Supercuts. The sellers were New York-based DRA Advisors and Atlanta-based RCG Partners.  

Stratacache has acquired majority control of Scala Inc.