Real Estate

New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.

City of Commerce, Calif. — Discount store retailer 99 Cents Only Stores has received a proposal to take the company private from the company's founding family and investment firm Leonard Green & Partners LP for $19.09 per share, the Associated Press reported.

The offer would value the company at about $1.3 billion. According to 99 Cents, the purchasers would include the Schiffer-Gold family, which owns about 33% of its outstanding stock. David Gold is company founder and chairman, and his son-in-law Eric Schiffer is CEO.

Bentonville, Ark. -- Wal-Mart Stores, in a presentation at a Bank of America Merrill Lynch conference on Thursday, announced that it would open “hundreds” of smaller-format stores over the next three years.

According to Bill Simon, president and CEO of Wal-Mart U.S., the ramped-up development could be augmented by some acquisition activity, although he didn’t elaborate on specifics.

Charlotte, N.C. -- Jacksonville, Fla.-based Regency Centers said McAlister’s Deli has leased restaurant space at Cochran Commons in Charlotte, N.C.

McAlister’s Deli has leased 3,600 sq. ft. and is slated to open this summer.

Cochran Commons is a 66,020-sq.-ft. Harris Teeter-anchored shopping center that also features Great Clips, Caribou Coffee and Walgreens.

Darby, Pa. -- Metro Commercial Real Estate announced it has negotiated new new leases totaling 33,113 sq. ft. at the new Darby Town Center, located in Darby, Pa. 

The 142,000-sq.-ft., Save-A-Lot-anchored center, which had its grand opening on December 9, 2010, will also be home to a new 10,000-sq.-ft Dollar Tree. A new 3,961-sq.-ft. lease was also completed for Hair World and Popeye’s will also lease approximately 2,152 sq. ft. 

Miami Beach, Fla. -- Terranova Corp. announced the addition of Rent-A-Center to El Mercado Shopping Center, located in Hialeah, Fla.

The new store will occupy approximately 4,000 sq. ft.

El Mercado is anchored by Publix, along with Anna’s Linens, GNC, Pollo Tropical and a United States Post Office.

Union, N.Y. -- North Plainfield, N.J.-based Levin Management Corp. said that Ollie’s Bargain Outlet has leased 29,423 sq. ft. at the River Plaza shopping center in Union, N.Y.

The Mid-Atlantic’s largest retailer of closeout, surplus and salvage merchandise, Ollie’s will open at the 177,871-sq.-ft., Home-Depot-anchored property in September of this year – filling a key anchor vacancy.

Los Angeles -- Caruso Affiliated said it has begun construction on 8500 Burton Way, an upscale residential and ground-floor retail property featuring Trader Joe’s, located in a flourishing region of Los Angeles, adjacent to Beverly Hills.

The eight-story building combines contemporary architectural elements with rich materials, and is moving forward at a time when most other commercial development has stalled.

Miami Beach, Fla. -- Terranova Corp. announced that grocer Sabor Tropical Supermarket has joined Biscayne Plaza Shopping Center, in Miami Beach, Fla., as a new anchor tenant.

The 24,000-sq.-ft. store is slated to open in 2012. According to Terranova, the retailer is replacing President Supermarket in the center and is required to renovate the interior of the store no later than January 2012. This will be Sabor Tropical’s fifth South Florida store.

Oro Valley, Ariz. -- Commercial Retail Advisors said that Belle Chic Salon & Spa has signed a lease for 1,385 sq. ft. in Placita de Oro Shopping Center, located in Oro Valley, Ariz. The new salon is slated to open this March.

Belle Chic is moving from an existing location, where it had been for three years.