Real Estate

Corner Bakery Café expanding in Virginia as it looks to double footprint
Dallas - Corner Bakery Cafe has signed a five-restaurant deal in Virginia with franchise partner Shahid Ali and operating partner Ibo Pinar. The stores will open throughout Richmond and Fredericksburg. Corner Bakery Cafe plans on doubling its national footprint of more than 180 stores in the next two years. To accomplish this goal, the retailer is adding new multi-unit franchise partners and currently has franchise agreements representing commitments for an additional 340 units.
Family Dollar delays vote on Dollar Tree; good news for Dollar General
New York City - In not-unexpected news, Family Dollar has delayed its shareholder vote on a potential acquisition by Dollar Tree; the vote is now slated for Jan. 22, and analysts say this could bode well for a potential deal with industry giant Dollar General. Family Dollar convened as planned on Tuesday and, based on insufficient votes, subsequently adjourned its Special Meeting of Stockholders on the proposed transaction with Dollar Tree.

Family Dollar delays vote on Dollar Tree bid

Family Dollar delayed a shareholder vote on a potential acquisition by Dollar Tree until Jan. 22 in a move that allows more time to contemplate a rival bid from Dollar General.

Family Dollar convened as planned on Tuesday and, based on insufficient votes, subsequently adjourned its Special Meeting of Stockholders on the proposed transaction with Dollar Tree.
FRCH annouces new director, new business development

CINCINNATI– FRCH Design Worldwide announced that Thomas Smith has joined FRCH as director, new business development for the firm’s Retail/Mixed-Use practice. Smith will be based in Los Angeles and will be responsible for establishing new relationships for the firm throughout North America, supporting offices in Cincinnati, New York and a soon to be established office in Los Angeles.
Construction trends include increase in retail, restaurant ground-up projects

CHICAGO - Top commercial construction trends for 2015 include an increase in retail and restaurant ground-up construction and a rise in shopping mall renovations, according to national general construction firm Englewood Construction.
Judge clears way for Tuesday vote by Family Dollar shareholders

New York - A Delaware judge has denied a request to block Tuesday's vote by Family Dollar Stores on a $8.5 billion take-over bid by Dollar Tree, saying dissident shareholders "failed to demonstrate a reasonable probability of success on any of their claims." A shareholder lawsuit had requested a preliminary injunction against the vote until Family Dollar “properly engaged” in talks with rival Dollar General to “achieve a value-maximizing transaction.”
Asics America opens store in Times Square featuring an authentic subway car

IRVINE, Calif. - Asics American has opened a 4,000 sq.-ft. store in the heart of New York City’s Times Square. Located on 42nd Street between 6th and 7th Avenue, the Times Square location is the second Asics storefront in New York City as well as the largest in the United States.
Mid-America arranges sale of Quivira Crossings to Phillips Edison

Kansas City, Kansas - Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Quivira Crossings located in Overland Park (Kansas City MSA), Kansas. Cincinnati-based Phillips Edison purchased the 111,304-sq.-ft. grocery-anchored center for $14.5 million. Quivira Crossings is located at 135th Street and Quivira Road in Overland Park, and features a long-term lease with Price Chopper.
239 Greenwich Avenue becomes home to Betteridge’s Jeweler

Greenwich, Connecticut - Family-owned and operated jeweler Betteridge’s is relocating to a new flagship position at 239 Greenwich Avenue -- a corner location that is now at the hub of activity and is considered one the crown jewels of Greenwich, Connecticut’s shopping destination.
Mid-America names principals, senior VPs

Oakbrook Terrace, Illinois - Mid-America Real Estate Corporation recently announced the promotions of two employees to Principals and two employees to Senior VPs. Joe Girardi is a member of Mid-America’s Shopping Center Investment Sales team, and has been promoted to a Principal of Mid-America Real Estate Corporation. He has been with Mid-America since 2003, and has been directly involved in the completion of over $2 billion of retail investment sale transactions.
Celebration Pointe secures $46 million in financing for bridge construction and public infrastructure improvements

Gainesville, Florida - Celebration Pointe, a 125-acre mixed-used development in the heart of Gainesville, has secured a $12 million State Infrastructure Bank (SIB) loan and $34 million in Community Development District (CDD) bonds. Celebration Pointe partner Ralph Conti made the announcement.
DLC Management Corp. acquires The Shoppes At South Hills

Poughkeepsie, New York - DLC Management Corporation announced its latest acquisition: The Shoppes at South Hills, a 518,000-sq.-ft. grocery-anchored power center in Poughkeepsie, New York. This acquisition aligns well with DLC’s operations and features anchor tenants ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby and Kmart. Other tenants include Ashley Furniture HomeStore, Bob’s Discount Furniture, and Chuck E. Cheese’s.