Tenant Update

Plano, Texas – Rent-A-Center Inc. reported declining net earnings for first quarter 2014, even as revenues slightly grew. The company said it plans to optimize its U.S. store footprint by consolidating about 150 stores into existing stores by the end of the second quarter of fiscal 2014.

Net earnings fell 37% to $28.9 million from $46.1 million, while total revenues increased 1.8% to $833.7 million from $819.3 million. Same-store sales dropped 0.8%.

Columbus, Ohio — First Interstate Properties has named Steiner + Associates as the exclusive retail leasing agent for its 610,000-sq.-ft. mixed-use Legacy Village in Lyndhurst, Ohio.

Sierra Vista, Ariz. — The Realm Salon, an approved Aveda Salon, is opening a new 1,500-sq.-ft. full-service salon in Indian Hills Plaza in Sierra Vista, Ariz. The new salon plans to open by June 1.

First West Properties Corporation represented the tenant in the transaction. Commercial Retail Advisors represented the landlord, Indian Hills Investors.

New York — Vornado Realty Trust plans to spin off nearly 16.1 million sq. ft. of shopping center assets into a new publicly traded REIT by the end of 2014, leaving the company with a largely office-centric portfolio, according to SNL Real Estate.

The move will simplify Vornado’s investment strategy and enable the company to focus on the ownership of office assets in the Washington, D.C., and New York City regions, including the high-value Manhattan office over retail assets.

Ewing, N.J. — Giant Wine & Liquor, doing business as Buy Rite Liquor, has leased 6,000 sq. ft. at the 360,000-sq.-ft. Capitol Plaza in Ewing, N.J. Levin Management, the exclusive leasing and managing agent for the center negotiated the long-term lease.

Dallas - SRS Real Estate Partners welcomes T.J. Powell as first VP in the Austin office. He will focus on tenant and landlord representation.

Powell has four years of commercial real estate experience and joins SRS from Retail Solutions, where he focused on third-party project leasing and tenant representation.

Lynchburg, Va. — Five Below has signed a 7,732-sq.-ft. lease at Wards Crossing West shopping center in Lynchburg, Va. It will be Five Below’s first store in the Lynchburg trade area.

Divaris Real Estate’s Richmond office represented Five Below in the transaction. DRE is the exclusive representative for Five Below in southwest Virginia.

New York -- SweetFrog and Pizza Studio will open shops at Legends Outlets Kansas City in Kansas City, Kan., this spring and summer respectively. The locations will be the first in the Kansas City metropolitan area for both concepts.

SweetFrog has leased a 1,588-sq.-ft. space. The frozen yogurt franchise invites customers to make their own soft-serve creations, choosing from an array of flavors and toppings.

Atlanta — Simon Property Group has announced a series of improvements for Phipps Plaza in Atlanta’s fashionable Buckhead district.

The first improvement will make over the interior with a fresh new look. Plans include upgraded LED lighting, repainting, new warm wood accents, an updated railing system, luxury soft seating and lounging areas with Wi-Fi connectivity and chargers, upgraded restrooms and the installation of a hotel-like concierge service center.

New York — Faith Hope Consolo, chairman, and Joseph Aquino, executive VP, of Douglas Elliman’s Retail Group have arranged a first New York flagship for luxury apparel and accessories brand Peter Millar on Madison Avenue, between 54th and 55th Streets.

"This label is a perfect fit for the Madison and Worth Avenues of the world," said Consolo.

Consolo and Aquino represented the landlord, E PLUS E LLC, and Hanley Advisors represented the tenant.