REBusinessOnline

CoStar to Acquire Software Platform Homesnap for $250M, Plans to Expand Service to Commercial Real Estate Agents

WASHINGTON, D.C. — CoStar Group has entered into an agreement to acquire Homesnap Inc. for $250 million. Homesnap is an online and mobile software platform designed for real estate agents. According to CoStar, more than 300,000 real estate agents use the app an average of 30 times per month. Andy Florance, founder and president of CoStar, says the Washington, D.C.-based data firm will expand Homesnap’s residential platform to commercial brokers. Homesnap, also based in D.C., employs about …

Acquisitions, Company News, District of Columbia, Southeast

Dick’s Sporting Goods Reports 23.2 Percent Third-Quarter Sales Increase, Announces Leadership Change

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 …

Company News, Northeast, Pennsylvania, Retail

Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint

WESTLAKE VILLAGE, CALIF. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio.In court filings, Guitar Center cited its business of instrument purchases, rentals, repairs and music lessons …

California, Company News, Retail, Top Stories, Western

Regis Group, Ares Management Form Haven Capital to Target Ground Lease Deals

NEW YORK CITY — Private equity firm Regis Group and funds managed by Los Angeles-based Ares Management Corp. (NYSE: ARES) have formed Haven Capital, an entity that will specialize in the origination of ground leases for high-quality assets across the country. Structured as a joint venture between the two firms, Haven Capital aims to capitalize on ground-lease investments in the top 50 U.S. markets with an initial capacity of $1 billion. Company founders cited the attractiveness of ground …

Company News, New York, Northeast

Amazon Enters Pharmacy Market Offering Online Ordering, Two-Day Delivery for Prescription Drugs

SEATTLE — Amazon (NASDAQ: AMZN) has launched two pharmacy offerings — Amazon Pharmacy and Amazon Prime prescription savings benefit — enabling customers to purchase and complete prescription medication transactions, as well as access savings on medications when paying without insurance, through the Amazon website or its mobile app.Starting this week, customers age 18 or older will have access to Amazon Pharmacy services in 45 states, excluding Hawaii, Illinois, Kentucky, Louisiana and …

Company News, Healthcare, Washington, Western

The Home Depot Reports 23.2 Percent Increase in Third-Quarter Sales

ATLANTA — The Home Depot (NYSE: HD) has reported that its third-quarter sales reached $33.5 billion, a 23.2 percent increase over third-quarter sales for 2019. Net earnings for the third quarter were $3.4 billion, or $3.18 per diluted share, compared with net earnings of $2.8 billion, or $2.53 per diluted share, in the same fiscal period of 2019. The Atlanta-based retailer’s third quarter ended on Oct. 31. Chairman and CEO Craig Menear cited demand for home improvement projects in the midst …

Company News, Georgia, Retail, Southeast

Walmart’s E-Commerce Sales Jump 79 Percent in Third Quarter

BENTONVILLE, ARK. — Walmart (NYSE: WMT) has reported that its third-quarter e-commerce sales grew 79 percent from the same period a year ago. Comparable sales, defined as those from stores that operated during the entire 12-month fiscal year, went up 6.4 percent. The Bentonville-based retailer’s revenue during its fiscal third quarter reached $134.7 billion, a 5.2 percent increase over the same time period a year ago. Walmart’s third quarter ended on Oct. 31. The company’s stock price …

Arkansas, Company News, Retail, Southeast

Apparel, Accessories Retailer Francesca’s to Close 140 Stores, May Pursue Bankruptcy

HOUSTON — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Monday. According to The Wall Street Journal, the 140 shuttered stores represent about 20 percent of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load …

Company News, Retail, Texas

PNC Agrees to Acquire US Operations of BBVA in $11.6B Bank Merger

PITTSBURGH AND HOUSTON — PNC Financial Services Group Inc. (NYSE: PNC) and Spanish financial institution Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) have signed a definitive agreement for PNC to acquire BBVA’s American operations, BBVA USA Bancshares Inc., for $11.6 billion.The transaction, which has been approved by both companies' boards of directors, is expected to close in mid-2021, subject to customary closing conditions, including regulatory approvals.The transaction …

Acquisitions, Company News, Northeast, Pennsylvania, Texas, Top Stories

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800M

INDIANAPOLIS AND BLOOMFIELD HILLS, MICH. — Simon Property Group (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman.CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs …

Company News, Indiana, Michigan, Midwest, Retail, Top Stories
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