Deals

Honolulu -- Columbus, Ohio-based Glimcher Realty Trust announced plans to acquire 80% indirect ownership interest in Pearlridge Center, located in Honolulu, for about $290 million from partner Blackstone Real Estate Partners.

“With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio,” said Michael Glimcher, chairman and CEO, Glimcher.

New York -- Robert Graham announced that it has signed a lease agreement to open a store in The Mall at Short Hills, Short Hills, N.J. The store will carry the complete range of Robert Graham-branded merchandise, including men's sportswear, premium denim, tailored clothing, furnishings, accessories, outerwear, and women's sportswear.

The Robert Graham store will open this summer.

San Diego -- Marcus & Millichap Real Estate Investment Services said it has named Phil Sambazis senior director of the firm’s National Retail Group in San Diego. Sambazis joined Marcus & Millichap in March 2006 and specializes in the acquisition and disposition of retail shopping centers and net-leased investments.

Marcus & Millichap has also named Kevin W. Boeve senior director of the firm’s National Retail Group in Ontario. Boeve joined Marcus & Millichap in June 1999.

Danville, Va. -- Augusta, Ga.-based Hull Storey Gibson Cos. announced Wednesday that it has acquired Piedmont Mall in Danville, Va., the 18th enclosed mall in the company’s portfolio. 

The 731,500-sq.-ft. Piedmont Mall is slated for full renovation, including an upgrade of the interior and exterior lighting, entrances, signage, painting and flooring.

Philadelphia -- The trustees of Pennsylvania Real Estate Investment Trust (“PREIT”) announced that Joseph F. Coradino will become CEO of the company as of the company’s annual meeting on June 7, succeeding Ronald Rubin, who will serve as executive chairman.

Coradino has been with PREIT and a predecessor company for three decades, serving since 2004 as president of PREIT Services, LLC and PREIT-Rubin, Inc., and as a member of the office of the chairman. He has been a trustee of PREIT since 2006.

New York -- 7-Eleven Inc. plans to open 15 to 20 stores this year in the Jacksonville, Fla., market and 80 locations by 2015, according to the Florida Times-Union.

Tucson, Ariz. -- Commercial Real Estate Advisors said that Goodwill has signed a lease for 1,500 sq. ft. at Placita de Oro Shopping Center, in the Oro Valley section of Tucson, Ariz.

This will be Goodwill’s second location in the area and will be utilized as a donation center only.
 

Philadelphia -- A Wednesday report by Reuters said that discounter Five Below is said to be considering an initial public offering. 

The report, citing unnamed sources, said that the Advent International- and LLR Partners-owned chain has hired underwriters and is in discussions with bankers.

Five Below is in a growth mode and could potentially command a market valuation of over $1 billion.