Morgan Stanley's real-estate fund business is stepping up its investment in Russia's retail sector. It has made two hefty investments in Moscow and St. Petersburg. Russia's retail industry is still emerging and retail sales are expected to rise 5.3% this year compared with last.
Hampshire Cos. has acquired Garden City Square, a retail condo complex in Garden City, N.J., for $66.25 million. The seller is Metropolitan Realty Associates and equity partner Angelo, Gordon & Co. The 176,000-square-foot retail component is fully leased.
The Pentagon Row shopping center in Northern Virginia is making major renovations to its complex. These include more retail space and an expanded ice skating rink. Federal Realty Investment Trust owns the property.
On Friday, J.C. Penney will open its first new home goods sections, which are planned for 500 of its 1,100 stores. The new shops are part of a larger plan to turn the chain's larger stores into a collection of shops with one-of-a-kind goods; it's the cornerstone of the turnaround strategy by CEO Ron Johnson, who helped pioneer Target's "cheap chic" home goods strategy in the 1990s.
DDR Corp. has acquired a retail center in the Dallas area for $40 million. The 400,000-square-foot Marketplace at Highland Village is 90% occupied by tenants that include Wal-Mart, T.J. Maxx, HomeGoods, Petco, LA Fitness and Office Depot.