Real Estate

Family Dollar plans to close 370 underperforming stores, cut jobs and lower prices on 1,000 basic items following a disappointing second quarter, which was adversely affected by the extra week in last year's quarter, severe weather, holiday promotions and a challenging consumer environment.

The company is also slowing its new store growth beginning in fiscal 2015 to bolster its return on investment. It now anticipates opening 350 to 400 new stores as opposed to approximately 525 stores in 2014.
 

Redlands, Calif. — Majestic Realty Co. has announced that construction has begun on the Mountain Grove at Citrus Plaza shopping center. Located adjacent to Citrus Plaza in the Inland Empire at the intersection of the I-210 and I-10 freeways, Mountain Grove plans to open in summer 2015.

The 468,000-sq.-ft Phase I development is the sibling project to Citrus Plaza. It will add another 670,000-sq. ft. of retail, dining and entertainment.

Major expansions at several U.S. distribution facilities in California and Kentucky increase UPS’ distribution capacity by roughly 460,000 square feet.

The largest expansion came at the UPS facility in the southern California town of Mira Loma near the Los Angeles Ontario Airport. The regional air hub gained 309,000 square feet of space to enhance its ability to allow retail and manufacturing customers to move shipment originating from Asia throughout the U.S. due to its proximity to transcontinental rail connection and major highways.

Fremont, Calif. -- In accordance with the terms of its merger agreement with Jos. A. Bank Clothiers Inc., The Men’s Wearhouse has extended its all-cash tender offer for $65 per share for all of the currently outstanding shares of common stock (including associated stock purchase rights) of Jos. A. Bank to April 23, unless further extended.  

J&R Music and Computer World may not be a retailer with which many are familiar, but it’s been a longtime institution in Lower Manhattan. After 43 years of business, owners Joe and Rachelle Friedman this week issued pink slips to all of the retailer’s employees and closed the doors of the block-long technology and music superstore.

Matthews, N.C. – Family Dollar Stores Inc. plans to close about 370 underperforming stores , cut jobs and lower prices on 1,000 basic items on the heels of a disappointing second quarter. The retailer is also slowing its new store growth beginning in fiscal 2015 to bolster its return on investment. It now anticipates opening 350 to 400 new stores as opposed to approximately 525 stores in 2014.
 

Dallas — SRS Real Estate Partners welcomes Logan Elder as an associate in the Atlanta office. She will focus on tenant representation.

Elder comes to SRS from Post Properties, where she handled management and leasing for multi-family developments retail and restaurant space.

Hong Kong -- Coach announced that it has retained Studio Sofield, led by designer and president William Sofield, as creative advisor in the development of the company's next generation retail concept.

The new concept will be unveiled in fall 2014, with the company's 4,000-sq.-ft. flagship in Beverly Hills, Calif., followed by the Coach store at the Time Warner Center in New York City (5,335 sq. ft.).