Real Estate

Beachwood, Ohio -- The Developers Diversified Realty Corp. board of directors announced the company and Scott A. Wolstein have agreed he will step down from the role of executive chairman of the board of directors.

New York City -- Family Dollar Stores received a buyout offer on Tuesday from a New York hedge fund at $55 to $60 per share, a 36% premium over yesterday’s closing price. The offer, which values the company at up to $7.6 billion, was made by Trian Group, which is headed by activist investor Nelson Peltz.

Trian Group has been accumulating shares of the discount retailer in recent months, and Peltz has met with management to discuss ways to boost its performance.

New York City -- Jo-Ann Stores announced Tuesday that it has received no other takeover bids after a nearly two-month "go-shop" period. The fabric and crafts chain said it will therefore ask shareholders to vote on the company's proposed $1.6 billion sale to Leonard Green & Partners LP.

The meeting is scheduled for March 18.

Jo-Ann Stores, which operates 751 stores in 48 states, announced the proposed sale in December. The company had until Feb. 14 to seek a better offer.

New York City -- A&P plans to close 32 stores in six states, including four in the New York City area, Crain’s New York reported.

Among the stores slated to close are 14 Pathmarks, seven Super Fresh shops, four A&Ps and three Waldbaums, according to the report.

A&P operates 395 stores in eight states and the District of Columbia under the banners A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics. The company filed for Chapter 11 bankruptcy in December.

Dayton, Ohio -- Parmida Home said Tuesday it will open its fifth retail store in the Greene shopping center, located in Dayton, Ohio, on April 1.

“We are very excited to grow in the Dayton area,” said Parmida marketing director Siotha Vest.

Minneapolis -- Target Corp. said Tuesday it will open a small-format store in an historic Chicago building constructed in 1899 to house a department store. The national landmark, designed by famed architect Louis Sullivan, was home to the Carson Pirie Scott department store from 1904 to 2007. The retailer also announced that its small-format locations across the United States will be named CityTarget, including the store in Chicago.

New York City -- For the fifth consecutive year, Faith Hope Consolo, chairman of Prudential Douglas Elliman's Retail Group, along with longtime partner Joseph Aquino, executive VP, was awarded Prudential Real Estate Affiliates' "Top Retail and Commercial Agent -- Highest GCI" for her group's tremendous deal volume in 2010. The two joined the firm in 2005.

Additionally, they have been inducted into the Chairman's Circle, and honored with the coveted Diamond Award, given to the top 1% of sales professionals in the Prudential global network.

Hollywood, Fla. -- Perry Ellis said it has opened a men’s fashion store in Seminole Paradise at the Seminole Hard Rock Hotel & Casino.

Richmond, Va. -- McLean, Va.-based The Rappaport Cos. announced that Sonic has leased a three-fourth-acre pad site at Chesterfield Marketplace in Richmond, Va.

The new restaurant will be located in the former Pizza Hut building, near the shopping center entrance.

Chesterfield Marketplace is a 400,000-sq.-ft. shopping center featuring a tenant mix that includes The Home Depot, PetSmart, Staples and Ruby Tuesday.

Franconia, Va. -- Jacksonville, Fla.-based Regency Centers said it has leased restaurant space in Franconia, Va., to two new retailers at Festival at Manchester Lakes.

Dunkin’ Donuts has leased 1,800 sq. ft., and Genghis Grill, a build-your-own bowl, fast casual, Asian stir-fry concept, has leased 4,443 sq. ft., bringing the center to 95% leased. Both restaurants plan to open this spring.