Real Estate

Irvine, Calif. - Irvine Company Retail Properties is opening new restaurants across its Orange County portfolio in California, including Fashion Island, Irvine Spectrum Center, The Market Place, and several community centers.  

Commerce, Calif. – Smart & Final Stores Inc. reported net income of $11 million in the second quarter of fiscal 2015, essentially flat compared to $11.1 million in the year-earlier period. Higher expenses related to higher sales volumes, increased store support costs, additional marketing expense, and public company costs inhibited profit growth.

Covington, La. - Stirling Properties has completed its first retail development in Lake Charles, Louisiana. Academy Sports + Outdoors was relocated to a new location, adding an additional 22,000-sq.-ft. to the store. The new 72,000-sq.-ft. store was expanded to meet the demand of the growing Lake Charles community.

All of the land surrounding the larger Academy Sports + Outdoors is currently available for sale or lease.

Bassett, Va. - Bassett Furniture Industries Inc. has named Ann Zaccaria has joined the organization as VP, real estate and new store development. She will be responsible for site selection, lease negotiation and store planning for new Bassett retail locations.

Zaccaria served as VP, real estate with Ethan Allen Interiors for the last 22 years.

Bassett Furniture is a manufacturer and marketer of mid-priced home furnishings with 92 company- and licensee-owned stores.

Cincinnati - Phillips Edison Grocery Center REIT II Inc. has acquired two grocery-anchored shopping centers, expanding the company's portfolio in Colorado. Meadows on the Parkway is a 216,437-sq.-ft. grocery store-anchored shopping center in Boulder, Colorado, The center is anchored by Safeway and also features national tenants Subway, Regus, Great Clips, Michaels, Anytime Fitness and Fast Signs.

Las Vegas – Privately held real estate company Vestar has completed a buyout of The District at Green Valley Ranch, in Henderson, Nevada. Vestar paid $120 million to its joint venture partner Rockwood Capital to take full ownership of the 37-acre, 384,107-sq.-ft. landmark retail property minutes from Las Vegas.

Montvale, N.J. – So far, chapter 11 bankruptcy appears to be going as planned for The Great Atlantic & Pacific Tea Company (A&P). A&P has received approval for financing from the U.S. Bankruptcy Court of the Southern District of New York, bids for some stores, and will close 25 stores in the near term due to “lack of interest” and ongoing losses.