Development/Redevelopment

Smyrna, Ga. -- Westchester, Ill.-based Tri-Land Properties announced Tuesday that the redevelopment of The Crossings at Four Corners has launched in Smyrna, Ga.

Eight acres of the project will be home to a 96,000-sq.-ft. Kroger, the company’s largest grocery store in the Atlanta market.

Chapel Hill, N.C. -- Performance Bicycle, the nation’s largest specialty bike retailer, announced that in April it will open six new stores in four states nationwide.

The expansion includes stores in Sacramento and Berkeley, Calif.; Dallas/Fort Worth and Austin, Texas; Atlanta, and the company’s first ever store in Idaho, in Boise.

These six locations join Performance Bicycle’s 94 existing stores.

Indianapolis -- Appliance and electronics retailer Hhgregg reported Tuesday that net income for the quarter ended Dec. 31 rose 18.4% to $26.9 million, compared with $22.7 million in the year-ago period.

Net sales increased 30.6% to $653.7 million. Same-stores dropped 6.2%.

The company opened four new stores in the third quarter for a total of 42 in fiscal year 2011, and said it remains on track to open a total of 43 new stores in fiscal year 2011.

Indianapolis -- Appliance and electronics retailer Hhgregg reported Tuesday that net income for the quarter ended Dec. 31 rose 18.4% to $26.9 million, compared with $22.7 million in the year-ago period.

Net sales increased 30.6% to $653.7 million. Same-stores dropped 6.2%.

Plymouth Meeting, Pa. -- Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) said that KareFoot Spa & Bodywork has opened at the company’s Plymouth Meeting Mall, located in Plymouth Meeting, Pa.

The 2,827-sq.-ft. location is the retailer’s fifth in Greater Philadelphia.

New York City -- Barneys New York CEO Mark Lee said Monday that he has plans to launch a renovation program for existing stores as well as an overhaul to the retailer’s website.

According to a report by the Wall Street Journal, Lee said at a Monday morning breakfast that changes will be substantial, as the retailer has the largest renovation budget for existing stores that Barneys has seen in at least seven years.

Jacksonville, Fla. -- Shopping center owner and developer Regency Centers said Monday that it has broken ground on a $10 million renovation of its Heritage Plaza, a 226,998-sq.-ft. retail center in Irvine, Calif.

The renovation of the Ralph’s-anchored center is scheduled for completion in November 2011.

Orlando, Fla. -- The Wilder Cos. and CNL Commercial Real Estate said Friday that three new retailers and a new eatery will open at Rialto, located in Orlando, Fla.

Wilder, the developer and owner of RIALTO, said iStudio Salon, The Spectacle Shop, You Nails and Jimmy John's Gourmet Sandwiches will open this spring through early summer.

Rialto is a 350,000-sq.-ft. mixed-use project that is slated to include more than 75,000 sq. ft. of retail and restaurants, 50,000 sq. ft. of Class A office space and 200 luxury residential units.