Some retailers are pulling out of new shopping-center projects because of increasing construction costs, according to an industry panel. Companies such as J.C. Penney, Toys "R" Us and Home Depot expressed interest in future projects but say they are examining details more closely.
Circuit City says it is seeing improvements in its stores' performance despite a loss in the latest quarter, which was expected. The company is focused on a revamped selling structure and improved customer service and will soon sell Klipsch and Energy brand products.
Federal Realty Investment Trust has purchased the Del Mar Village Shopping Center in Boca Raton, Fla., from Morgan Stanley and Woolbright Development for $41.7 million. The 153,000-square-foot center is anchored by Winn-Dixie.
General Growth Properties has unveiled its plan to redevelop South Street Seaport in Lower Manhattan. The proposal would replace the existing enclosed mall with a pedestrian district. It would also add more than two acres of additional open space and circulation areas connected to the street grid of the Seaport District.
Fameco Real Estate and RS Realty Partners have acquired Penrose Park Shopping Center in Philadelphia for $6.2 million from Korman Commercial Properties. Tenants at the 42,300-square-foot center include Staples and Rite Aid.