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.
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.
Dollar General, Family Dollar and Dollar Tree prospered during the downturn, and they're continuing to grow both their sales and store counts, even as bigger and more established chains like Wal-Mart experience a slower recovery. A combination of factors is fueling the growth, including the fact that dollar stores' smaller footprint made it easier to get established in urban areas.