REBusinessOnline

Retail REIT Kimco Realty to Acquire Weingarten Realty Investors for $3.9B

JERICHO, N.Y. AND HOUSTON — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion.The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the …

Disneyland to Reopen California Amusement Parks on April 30

ANAHEIM, CALIF. — Disneyland Resort will reopen its theme parks Disneyland Park and Disney California Adventure Park on April 30, with limited capacity and more than 10,000 cast members. Additionally, Disney’s Grand Californian Hotel & Spa will welcome guests starting on April 29, as part of Hotels of the Disneyland Resort’s phased reopening.To comply with government requirements and promote physical distancing, various new measures are in place at the park, with the Disneyland …

TexAmericas Center Completes Remediation of 6,800 Acres in Texarkana, Texas

TEXARKANA, TEXAS — TexAmericas Center (TAC) has completed the remediation of 6,800 acres in Texarkana, located near the Texas-Arkansas border, to meet standards for commercial and industrial development. Last week, the Texas Commission on Environmental Quality removed the U.S. Army’s Resource Conservation and Recovery Act (RCRA) permit from the property, thus opening up the acreage for development. The land is a portion of the former Lone Star Army Ammunition plant. Remediation efforts …

Lee & Associates Founder Bill Lee Passes Away at 78

LOS ANGELES — Lee & Associates has announced that its founder, Bill Lee, has passed away at 78 years old after a long battle with cancer and cancer-related complications.Lee founded Lee & Associates Commercial Real Estate Services in 1979 in Orange County, Calif. Now, the company boasts 65 locations across North America and employs more than 1,300 people.Revolutionary for its time, Lee designed the Lee & Associates model to facilitate collaboration and investment across …

BentallGreenOak Acquires Metropolitan Real Estate Equity Management

NEW YORK CITY — New York City-based institutional investment firm BentallGreenOak has closed on its acquisition of Metropolitan Real Estate Equity Management LLC, formerly a division of Washington, D.C.-based global private equity firm The Carlyle Group. The deal creates an entity with approximately $55 billion in assets under management. Moving forward, Metropolitan will operate under the name BGO Strategic Capital

Academy Sports + Outdoors Reports Record Sales of $1.6B for Fiscal Fourth Quarter

KATY, TEXAS — Academy Sports + Outdoors Inc. (NASDAQ: ASO) reported a record $1.6 billion in net sales for its fiscal fourth quarter that ended on Jan. 31, 2021, a figure that represents a 16.6 percent year-over-year increase. E-commerce contributed significantly to this growth, rising 60.7 percent year-over-year as customers increasingly shopped online and either picked up their goods in stores or had them delivered. For the fiscal year 2020, the metro Houston-based retailer reported total …

BowX Acquisition Corp. Agrees to Buy WeWork, Plans to Take Company Public at $9B Valuation

MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion.A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an …

Darden Restaurants Earnings, Revenue Higher Than Wall Street’s Estimates

ORLANDO — Darden Restaurants reported quarterly earnings and revenue on Thursday that were higher than the Wall Street analysts’ predictions, though they remain down year-over-year. The company’s net income was $128.7 million for its fiscal third quarter that ended Feb. 28, 2021. According to the CNBC, analysts surveyed by Refinitiv had predicted earnings of 69 cents per share, versus the 98 cents that the company received.Net sales decreased by 26.1 percent to $1.73 billion …

CBL Properties Reaches Agreement with Lenders and Noteholders That Would Eliminate $1.6B in Debt

CHATTANOOGA, TENN. — CBL Properties, a Chattanooga-based mall owner that declared for Chapter 11 bankruptcy in November, has reached an agreement with its credit facility lenders and unsecured note holders that would eliminate a significant amount of debt, pending bankruptcy court approval. The amended restructuring support agreement (RSA) provides for the elimination of more than $1.6 billion of debt and preferred obligations, as well as a reduction in interest expense.In exchange for …

NAI Miami Grows Ownership Group From Four Members to Eight

MIAMI — Commercial real estate services firm NAI Miami has doubled its ownership group from four primary shareholders to eight. Jeff Buell, Joseph Gallaher, Jackie Larkin and Timothy Merriman Jr. are the newest shareholders of the Miami-based firm. These four individuals will now be a part of setting policy and objectives for the company annually.Jeff Buell joined NAI Miami in 2001 as a member of the company’s maintenance department. Buell then became the director of property …

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