Real Estate

Costa Mesa, Calif. -- Donahue Schriber announced that its major investors New York State Teachers’ Retirement System and J.P. Morgan Strategic Property Fund have approved an additional $100 million common equity investment for growth capital.   

The money will be utilized to help fund the company’s strategic growth plans over the next three to five years, according to chairman and CEO Patrick S. Donahue.

Indianapolis -- Kite Realty Group said that Buffalo Wild Wings will open on a 0.92 acre outparcel at Glendale Town Center, located in Indianapolis.

In other Kite Realty news, Maurices has leased 4,751 sq. ft. at Red Bank Commons, located in Evansville, Ind., and Hair Studio Artists leased 1,241 sq. ft. at Delray Marketplace, in Delray Beach, Fla.  

Boston -- Boston-based The Wilder Cos. announced Wednesday that PetSmart will grand-open its new store on March 9 at Wilder’s Rochester Crossing, N.H., shopping center.

The opening of the 12,000-sq.-ft. store will bring the shopping center to 100% occupancy.

Rochester Crossing, at 304,500 sq. ft., also feature Kohl’s, Lowe’s, Jo-Ann Fabric and Craft, GameStop, Tropical Smoothie and Buffalo Wild Wings.

City of Industry, Calif. -- Hot Topic announced it has agreed to be acquired by New York-based private equity firm Sycamore Partners for $14.00 per share in cash, or a total of approximately $600 million.

The agreement, unanimously approved by Hot Topic’s board of directors, represents a premium of approximately 30% over Hot Topic’s closing stock price on March 6, 2013.

Selden, N.Y. -- Brixmor Property Group said that Blink Fitness and LeMarc’s Hallmark Shop recently opened at College Plaza, located in Selden, N.Y.

Blink Fitness opened a 15,416-sq.-ft. facility and Hallmark opened in 4,044 sq. ft.

Brixmor, based in New York City, owns and operates College Plaza.

Columbus, Ohio -- Big Lots reported Wednesday that net income for the fourth quarter rose to $120.3 million, from $114.7 million in the year-ago period. Sales in the U.S. increased 4.4% to $1.7 billion from $1.6 billion, and domestic same-store sales dipped 3.5%.

For the full year, income from continuing operations dropped to $177.2 million, from $207.2 million in the prior fiscal year. This year’s results included $3.4 million in charges related to new inventory system implementation.

New York -- Walmart will open as many as 115 small-format stores this year, according to Bill Simon, president and CEO of Walmart U.S.  

Simon discussed the chain’s store portfolio during a presentation at Raymond James Institutional Investors conference. He noted that Walmart’s smaller-format stores (below 60,000 sq. ft.) are making inroads against dollar stores, supermarkets and drug stores and will play a key role in the company's future.  

I have to admit, the recent announcement of the merger between Office Depot and OfficeMax took me by surprise. It’s not as though it doesn’t make sense — it’s logical both logistically and financially — but, while there had been a few rumblings and rumors, this is a dramatic move that took place with relatively little forewarning.