eCommerce

Miami Beach, Fla. -- Joint venture affiliates of Terranova Corp. and Acadia Realty Trust announced they have closed on the acquisition of three Lincoln Road properties in Miami Beach, Fla.

The approximately $52 million deal adds just over 61,000 sq. ft. to their urban street-front retail portfolios.

Current tenants at the properties include Starbucks, Geox Shoes, and Zagat-rated restaurants Sushi Samba Dromo and Tacontento. Terranova will manage and lease the Lincoln Road properties.

Framingham, Mass. -- TJX Cos. reported a 15% drop in fourth-quarter earnings, dragged down by costs to close its A.J. Wright store division. The company also plans to repurchase $1.2 billion of its stock this fiscal year and raise its dividend.

The retailer earned $334.4 million in the three months ended Jan. 29, compared with $394.9 million in the same period last year.

Revenue rose 6.5% to $6.33 billion. Same-store sales were up 2% over the prior year’s strong 12% increase.

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) said that frozen yogurt purveyor Red Mango has opened at Cherry Hill Mall.

The 196-sq.-ft. Red Mango kiosk is located near Macy’s Court and is the company’s first in the region.

Minneapolis -- Best Buy said in fiscal 2012 it will concentrate on growing its smaller-format mobile chain and restructure parts of its supply chain processes to cut costs and improve efficiency. The retailer plans to open about 150 Best Buy Mobile stand-alone-stores in the United States, for a total of some 325 locations by year-end.

Best Buy plans to open about six to eight Best Buy-branded large-format stores in the United States, along with 18 Best Buy stores in Canada, the United Kingdom and Mexico during the year.

Vienna, Va. -- Jacksonville, Fla.-based Regency Centers said it has named Jack deVilliers as leasing agent in Baltimore, Maryland and the New England area. 

deVilliers will be responsible for leasing 13 operating properties, totaling 1.8 million sq. ft., in Maryland, Washington, D.C., Connecticut and Massachusetts.

Previously, deVilliers served as a retail leasing associate for commercial real estate broker KLNB Retail, handling tenant and landlord representation of new retail development projects.

FORT MEYERS, Fla. — Chico's FAS announced Tuesday that it has appointed Kent Kleeberger to the position of EVP and COO.

Kleeberger will replace Jeffrey Jones, who is retiring from the company, effective March 7. Jones will serve as part-time consultant to the company during a transition period.

Kleeberger, 58, has served as EVP finance and CFO of Chico's FAS since joining the company in November 2007. Previously, he was SVP and CFO for Dollar Tree Stores.

Fort Worth, Texas -- Trademark Property Co. said Tuesday that it has been hired to oversee all retail leasing for Biltmore Park Town Square, a 42-acre, one million-plus-sq.-ft. mixed-use property in Asheville, N.C., developed by Biltmore Farms, LLC and Crosland, LLC.

The town center is anchored by an REI flagship store, Regal Cinemas, Barnes & Noble and features 276 urban residences and 270,000 sq. ft. of Class-A office space. It also offers a mix of local and regional retailers and restaurants in addition to a 165-room full-service Hilton Hotel.

On Feb. 17, Borders Group announced that it had retained Melville, N.Y.-based DJM Realty, a Gordon Bros. Group Co., to manage the disposition project of the 200 stores that would be shuttered as a result of the bookseller’s just-reported Chapter 11 bankruptcy filing.

Chain Store Age talked with Andy Graiser, co-president of DJM Realty, about the assignment, and how a better Borders might emerge from the process.

Tell me about the Borders assignment, including your timeline and strategy for disposition.