Real Estate

Tarrytown, N.Y. — DLC Management Corp. has acquired The Court at Deptford in Deptford, New Jersey. DLC plans to redevelop the 361,000-sq.-ft. center located next to the Deptford Mall.

Tenants include Ross Dress for Less, Party City, Pier 1 and Olive Garden.

Shopping centers in the well-occupied trade area averages occupancy rates of 95%, thanks to a population of 210,985 with an average annual income of $77,600.

New York -- Michaels posted increases on both net and same-stores sales for the first quarter.

Net sales increased 5.9% to $1.05 billion from $993 million during last year’s first quarter. Comparable store sales increased 3.8% driven by a 2.4% increase in the company's average ticket, a 1.3% increase in transactions and a 10 basis point positive impact from deferred custom framing revenue.

Phoenix — Sparty Holdings has acquired the 10,017-sq.-ft. Coldwater Plaza in Avondale, Arizona, for $2.085 million.

Evergreen represented Sparty Holdings in the transaction. CBRE (www.cbre.com) represented the seller, a partnership between North Dysart SG and Coldwater Dysart Partners.

The 10,017-sq.-ft. shopping center is 100% leased. Tenants include Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing, and Checkmate Loans.

Woodland Hills, Calif. — Westfield has unveiled the layout, landscaping and décor plans for Westfield Topanga’s outdoor extension, The Village at Westfield Topanga.

Construction has commenced, and the center is slated to open in the fall of 2015.

New York – J. Crew is reportedly planning to expand into Asia. According to the Wall Street Journal, J. Crew will open two new stores in Hong Kong on May 21.

The Hong Kong stores will be J. Crew’s first Asian stores since it closed its stores in Japan in 2008. In 2012, J. Crew said it planned to open stores in Hong Kong, and the U.K., and opened three U.K. stores in 2013. The retailer plans to open five or six stores in Hong Kong in the next few years, and may also open new stores in Japan.

Bentonville, Ark. – Wal-Mart Stores Inc. plans to open 30 new China-based stores and remodel 55 of its 400 existing stores there during 2014, as well as open new China distribution centers. The China activity is part of Wal-Mart’s larger three-year plan for growth in the country.

Wal-Mart will spend $93 million on the store remodeling. The activity this year will be the first major initiative from new China CEO Sean Clarke.

Pittsburgh – Dick’s Sporting Goods Inc. reported healthy net income and sales growth during the first quarter of fiscal 2014, compared to the same period a year earlier. Net income rose 8% to $69.98 million from $64.82 million, while net sales increased 8% to $1.44 billion from $1.33 billion.

Las Vegas — DeBartolo Development has retained JLL Retail to manage the new Ka Makana Ali’i shopping center in Kapolei, West Oahu, considered the fastest growing area in Hawaii. The $500-million project will span 67 acres of Department of Hawaiian Home Lands at the intersection of the Kapolei and Kualaka’i Parkways. Upon completion Ka Makana Ali’i will be the third largest shopping center in Hawaii.