Strategy

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.

Menomonee Falls, Wis. -- Kohl’s Department Stores said it plans on hiring more than 50,000 associates nationwide this holiday season to support seasonal business in stores and growth on its online platform.

Kohl’s anticipates hiring an average of 40 associates per store to provide shoppers with excellent customer service throughout the holiday season at its 1,158 stores in 49 states.

Pennsauken, N.J. – Becker’s School Supplies has redeveloped and relaunched its e-commerce site on the WebLinc e-commerce platform.

The WebLinc platform provides both front-end branding and back-end merchandising and management tools. Within months of launching its new site, Becker’s experienced a 120% jump in revenue compared to the same period last year and saw transaction volume increase by 81%.

Deerfield Park, Ill. – Walgreens has entered into a multi-year agreement to provide Inovalon's data-driven encounter support platform, Electronic Patient Assessment Solution Suite (ePASS) within healthcare clinics at select Walgreens to support improvements in managed care quality and performance.

The ePASS platform allows identification and resolution of gaps in quality, care, assessment, documentation, and risk score accuracy, as well as analytical capabilities. It will be rolled out at 400 stores nationwide.

Greenwood Village, Colo. — Red Robin Gourmet Burgers has announced the opening of new restaurants in Staten Island, N.Y., and Baltimore.

 There currently are 482 Red Robin locations across the U.S. and Canada, including 343 company-owned restaurants and five Red Robin’s Burger Works locations, and 134 franchised restaurants.

Fort Worth, Texas – Pier 1 Imports, Inc. substantially missed expectations with a 32% decline in net income for the second quarter of fiscal 2014 compared to the same period last year. Net income totaled $17.8 million in the most recent fiscal quarter, down from $26.2 million.

Total sales were $395.6 million, a 7.6% increase from $367.6 million a year earlier. Comparable store sales increased 3.5% during the second quarter.

Flemington, N.J. — HomeGoods has signed a long-term lease with The Shoppes at Flemington in Flemington, N.J., and is open and operating in a 22,000-sq.-ft. building that came as part of the deal.

Levin Management manages and markets the center for the owner, Garrison Investment Group. Welco Realty represented HomeGoods.

Levin also served as the construction manager for the development of the new retail space and managed the land development approvals.

Peoria, Ill. — Cullinan has announced the appointment of Victor Ambrosio and VP, director of leasing in the company’s Chicago office. In his new role, Ambrosio will direct Cullinan’s leasing, sales and marketing functions and manage third party broker relationships.