Real Estate

Matthews, N.C. -- Family Dollar Stores Inc.'s second-quarter earnings rose 10.7% as increased customer traffic fueled higher sales. Its results topped analysts’ expectations.

The discounter said its net profit rose to $136.4 million for its fiscal second quarter ended Feb. 25, 2012, from $123.2 million a year earlier.

Westchester, Ill. -- Charles Sparks + Co. announced the debut of its design for the new Neiman Marcus store in Walnut Creek, Calif. The 85,000-sq.-ft., three-level location represents a fresh new vision of modern luxury in a smaller format store for the luxury department store retailer.

Louis Vuitton Island Maison, part of the Marina Bay Sands resort complex in Singapore, represents the ultimate in luxury retail destinations. The striking crystal and glass structure, which sits directly on the water, was awarded top honors in the Association for Retail Environments’ (A.R.E.) design competition. It features the entire the complete Louis Vuitton offering, from its men's and women's collections to jewelry and accessories. It also houses a bookstore with a curated selection of books on travel, design, art and culture.

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.

Corpus Christi, Texas -- Dolphin Ventures and EWB Development announced that they will develop The Outlets at Corpus Christi Bay, located in Corpus Christi, Texas.

The project will be a partnership with the Lockard Cos.

Phase one, slated to contain 281,526 sq. ft., is targeted for a late 2013 opening.

“This center will fill a void in the Texas market and is one of the very last major tourist destinations in the U.S. without an outlet center,” said Lisa Quier Wagner of Dolphin Ventures and EWB Development.

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.

North Plainfield, N.J. -- Levin Management announced that it has named Joe Lowry as director of acquisitions and business development for the company.

The 25-year commercial real estate industry veteran joined Levin in 2009 as director of acquisitions. His added responsibilities reflect the firm’s ongoing focus on adding new clients from among institutions, fund managers and private owners it does not already serve.

Chicago -- Eidco Construction announced that the firm has won a 65,000-sq.-ft. renovation project at the Westgate Mall in Brainerd and Baxter, Minn.

Currently in progress, the project was designed by Chipman Design Architecture, in collaboration with Ringdahl Architects, and involves a number of interior tenant improvements, along with exterior façade work and the construction of a building addition.

Dallas -- The Retail Connection and North American Development Group announced the purchase of Towne Centre Plaza, a 94,109-sq.-ft. property located across from Town East Mall in Mesquite, Texas. 

The shopping center was built in 2002 on 8.8 acres and features Bed Bath & Beyond and Best Buy as tenants. The Retail Connection is currently in negotiations for the 23,000-sq.-ft. vacancy in the center with a national tenant, which, when leased will bring the center back to 100% occupancy.

Dallas -- SRS Real Estate Partners announced three new hires in brokerage, marketing and research.

Scott Poehler, Alexandra Hilker and Kyle West have joined the SRS teams in Newport Beach, Calif.; Denver, and Orlando, Fla.

Scott Poehler has joined SRS as an associate in the Newport Beach office, coming to SRS from Keller Williams Realty.