Real Estate

Home furnishings retailer West Elm will open a new store in downtown Reno, Nevada, on Aug. 11.    The 11,000-sq.-ft. store is located on the main floor of the former U.S. Post Office building, which has been transformed into The Basement marketplace, an underground venue with a mission to create a multi-use incubator space of both retail and food vendors celebrating handicraft.   

Phillips Edison & Company announced the appointment of Beth Farrell Donnelly as VP and assistant general counsel. She will work with senior VP and General Counsel Tanya Brady to provide legal advice on all aspects of the company’s business.  

Dollar General has purchased 41 former Walmart Express locations across 11 states in a move designed to allow the discounter to expand its fresh meat and produce offerings.   Dollar General said it expects to relocate 40 existing Dollar General stores into the purchased sites by October 2016. It will also enter one new market.   Terms of the transaction were not disclosed.  

Walgreens' flagship Hawaii store in Honolulu is back on the market, months after a Los Angeles-based investment bank and wealth management firm paid $54 million to buy the property, the Pacific Business Journal reported.   Click here to read more. 

Simon Property Group reported a 5% drop in net income to $527 million for the second quarter, yet declared positive results based on other measures. Total portfolio net operating income, which tracks comparable property and new property growth, grew 7.4% over second quarter 2015 and growth in comparable funds from operations rose 9.1%.   The Simon board declared a 6.5% increase in its stock dividend for the quarter and raised its guidance for full-year 2016 net income to be within a range of $6.04 to $6.12 per diluted share.

Under Armour on Tuesday reported a drop in profit for the second quarter, related to the closing of The Sports Authority. The athletic wear brand also revealed plans to plant its banner on prime real estate in Manhattan.    

Avison Young announced completion of the sale of Shoppes at Vickery Village, a 77,794sq.-ft., 11-building center in Cumming, Georgia. The real estate services firm reports that the purchase price was 20% more than the seller paid for the property only 18 months ago.