NEW YORK CITY — Coach Inc. (NYSE: COH) has agreed to acquire Kate Spade & Co. (NYSE: KATE) for $18.50 per share in cash for a total transaction value of $2.4 billion. The acquisition is an important step in Coach’s evolution, according to Victor Luis, CEO of Coach. “Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials,” says Luis. “Through this acquisition, we will create the first New York-based house of modern luxury lifestyle brands, defined by authentic, distinctive products and fashion innovation.” Coach expects the combined company to realize $50 million in savings through improved efficiencies, scale, inventory management and supply chain optimization, according to Kevin Wills, CFO of Coach. So far, the deal looks promising for Coach as shares of its stock closed at $45.20 per share on Tuesday, May 9, the highest mark since 2014. Shares of Kate Spade stock also jumped post-announcement, closing at $18.40 on Tuesday, up from $16.97 on Friday, May 5. Yesterday, Goldman Sachs raised Coach’s rating to buy from neutral. BofA Merrill Lynch is providing bridge financing to Coach for the acquisition. Coach plans to pay the $2.4 billion …
GAINESVILLE, GA. — Atlanta-based Branch Properties has acquired Village Shoppes at Gainesville, a 230,000-square-foot retail center located at 879 Dawsonville Highway in Gainesville. Branch purchased the Publix-anchored asset from Retail Properties of America for an undisclosed price. Other tenants include Old Navy, Ross Dress for Less, Party City, Marshalls, Shoe Carnival, Starbucks Coffee, Wingstop, The UPS Store, Great Clips and AT&T.
PORT ARTHUR, TEXAS — STRIVE, a Dallas-based investment sales firm, has brokered the sale of Port Arthur Corners Shopping Center, a 27,946-square-foot retail center in Port Arthur, a suburb of Beaumont. Shadow-anchored by WalMart, the center was 81 percent occupied at the time of sale. Bryce Gissler of STRIVE represented the seller, a Texas-based real estate firm, in the transaction. Other terms of sale were not disclosed.
CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.
CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.
LIVINGSTON, N.J. — The Azarian Group has acquired Livingston Town Center in Livingston from an affiliate of Onyx Equities for $21.3 million. Livingston Town Center is located at the intersection of East Mount Pleasant Avenue and North Livingston Avenue and includes 65,000 square feet of retail space. Tenants include Destination Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others. Amenities include fountain and sitting areas, a parking garage and 114 attached townhomes. Livingston Town Center is 94 percent occupied.
SPRINGFIELD, MASS. — Liquors 44 is opening its sixth location in western Massachusetts at 1755 Boston Road in Springfield. The company is a locally owned and operated liquor superstore founded in 1987. Matt Halprin of New England Retail Properties was the exclusive broker for the new 24,000-square-foot store on Boston Road.
CLIFTON, N.J. — Ideal Market Place has opened a new location at the Botany Plaza shopping center in Clifton. Ideal Market Place is a brand of the supermarket chain America’s Food Basket (AFB), which specializes in international foods. According to the AFB website, the company operates within all five boroughs of New York, and has expanded into New Jersey, Massachusetts, Connecticut and Rhode Island. AFB currently operates 43 locations, including the 24,500-square-foot Ideal Market Place in Clifton. Nassimi Realty, a privately held development and investment company, owns Botany Plaza.
JERSEY CITY, N.J. — Lutze Biergarten, a 23,000-square-foot outdoor beer garden, has opened along the Hudson River waterfront in Jersey City. The property is adjacent to Harborside, a mixed-use asset. Mack-Cali Realty Corp. owns both properties. Lutze features three seating areas and a selection of craft beers, cider, wine and sangria, as well as food from Jake’s Downtown and Bacon Me Crazy.
BRIDGEWATER, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of Chimney Rock Plaza, a 14,700-square foot retail property located in Bridgewater. Ben Sgambati, Alan Cafiero and Brent Hyldahl of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, another private investor. Chimney Rock Plaza is located at 564-574 Union Ave. The property sits on 1.7 acres near Route 287 submarket.