Deals

Philadelphia -- Five Below will grand open a distribution center in Oldmans Township, New Jersey, on June 3, with shipping out of the new 1 million sq.-ft. center beginning in July.

Located in Pedricktown, N.J., the center will replace the company's existing 421,000-sq.-ft. facility located 12 miles away in New Castle, Delaware. Five Below will occupy approximately 700,000 sq. ft. of the facility to start, with plans to grow to a million square feet over time.

Dollar Tree has agreed to sell 330 of its stores to the private-equity firm Sycamore Partners in order to get regulatory approval for its $8.5 billion purchase of Family Dollar.

Sycamore Partners intends to operate the 330 stores, which represent approximately $45.5 million of operating income for Family Dollar, under the Dollar Express banner.

Richmond, Va. - InvenTrust Properties Corp. has acquired Westpark Shopping Center, a 176,935-sq.-ft., 95% leased shopping center located in Glen Allen, Virginia, for $33.75 million.  
 

CHESAPEAKE, Va. -- Dollar Tree on Friday announced it had reached an agreement to sell private equity firm Sycamore Partners a divestiture package of 330 Family Dollar Stores locations, with the deal contingent on the completion of Dollar Tree’s pending acquisition of Family Dollar.  Sycamore Partners intends to operate the 330 stores, which represent approximately $45.5 million of operating income for Family Dollar, under the Dollar Express banner.

Fairfax, Va. – Geeknet Inc. has determined that an acquisition offer from an unnamed strategic bidder of $20 per share, or about $134.6 million, is superior to a previous offer from Hot Topic of $17.50 per share, or about $117.3 million.

Des Moines, Iowa - Two leases have been signed for ground-floor retail space at The Foundry in Ames, Iowa, including Starbucks. Committed tenants for the luxury student housing complex near Iowa State University also include Barefoot Campus Outfitter.

Boston – Online specialty retailer Karmaloop Inc. has named Seth Haber as CEO. Haber is the former co-owner and director of Agenda Trade Shows.

Haber's appointment follows the recent acquisition of Karmaloop by Comvest Partners and CapX Partners, which includes all of Karmaloop's businesses; Karmaloop.com, PLNDR, Kazbah and Karmaloop Europe. Comvest and CapX will acquire Karmaloop as part of the company's voluntary Chapter 11 bankruptcy case. The sale is expected to close in early June.
 

Fairfax, Va. -- Geeknet Inc., which announced a deal on Tuesday to be acquired by teen retailer Hot Topic, said Wednesday it had received a new and higher offer. The company said it would review the new offer.

Geeknet, parent company of online retailers ThinkGeek and ThinkGeek Solutions, said it received an offer from a "strategic buyer" that valued it at $20 per share in cash, or approximately $134.6 million.