REBusinessOnline

Apollo Global Management Enters into Agreement to Take Michaels Private in $5B Transaction

IRVING, TEXAS — Affiliates of Apollo Global Management Inc. (NYSE: APO) have entered into an agreement to buy discount retailer Michaels (NASDAQ: MIK) and take the company private in a deal that is valued at approximately $5 billion.Under the terms of the agreement, Apollo will tender an offer to acquire all outstanding shares of Michaels common stock for $22 per share in cash. The purchase price represents a 47 percent premium over the Irving-based arts and crafts retailer’s closing …

Target to Invest $4B for New Stores, Fulfillment Services

MINNEAPOLIS — Target Corp. (NYSE: TGT) has unveiled plans to invest approximately $4 billion annually during the next several years in an effort to accelerate new store openings and store remodels, as well as enhance its fulfillment services and strengthen the company’s supply chain. The Minneapolis-based retailer plans to increase its fresh and frozen food pickup assortment as well as launch adult beverage pickup in 800 more stores over the next few months.Target will continue to …

Cullinan Rebrands Quincy Mall in Illinois as Quincy Town Center

QUINCY, ILL. — Owner and manager Cullinan Properties Ltd. has rebranded Quincy Mall as Quincy Town Center. The property is located in Quincy, which is situated along the Mississippi River in western Illinois. Cullinan says the new identity reflects a fresh image and direction for the next chapter of the property. Anchor tenants include Quincy Medical Group, Slumberland Furniture and VIP Cinemas. Cullinan will continue to pursue retail tenants for Quincy Town Center, but it is also seeking …

Cooper Group Brokers $6.3M Sale of Overland Pointe Marketplace in Suburban Kansas City

OVERLAND PARK, KAN. — The Cooper Commercial Investment Group has brokered the sale of Overland Pointe Marketplace in Overland Park for $6.3 million. The two-building retail property spans 80,047 square feet. Some of the tenants include The Big Biscuit, a gym, nail salon and dry cleaner. The asset is shadow anchored by Sam’s Club, Home Depot and Hy-Vee. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A West Coast-based investment group was the

Disney to Close 60 Stores in North America, Shift Focus to E-Commerce

BURBANK, CALIF. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were …

Hardships Met With Innovation for Detroit’s Retail Market

By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It …

Disney Investment Group Arranges Sale of 124,289 SF Towne North Shopping Center in Irving

IRVING, TEXAS — Locally based retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm. Disney Investment Group also arranged …

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million.Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis.Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert …

Quantum Brokers $12M Sale of Retail Portfolio in Fort Wayne, Indiana

FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A

Target’s Comparable Sales Grew 20.5 Percent in Fourth Quarter, Aided by Spike in Digital Sales

MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer's quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company's overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up …

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