REBusinessOnline

American Eagle Outfitters to Close Up to 225 Stores, Bolster Aerie Brand to $2B Revenue

PITTSBURGH — American Eagle Outfitters, Inc. (NYSE: AEO) has announced plans to close hundreds of its flagship American Eagle stores over the course of the next few years, while seeking to grow the company’s more successful lingerie and active-wear brand, Aerie, into a $2 billion business.The Pittsburgh-based company’s chief financial officer, Michael Mathias, announced plans to close 200 to 225 of the company’s 880 existing American Eagle locations over the next two to three years …

Company News, Retail, Top Stories

Zom Living to Invest More than $500M to Develop Five Multifamily Communities in Phoenix, Scottsdale

PHOENIX AND SCOTTSDALE, ARIZ. — Zom Living has released plans to develop five multifamily communities in Phoenix and Scottsdale. The Orlando, Florida-based company expects to invest more than $500 million in the properties.Zom Living has acquired four parcels totaling 32.7 acres through an auction in the U.S. Bankruptcy Court. The developer expects to break ground on all five communities — which are yet to be named — in the fourth quarter of this year.Zom Living acquired two …

Acquisitions, Arizona, Development, Multifamily, Top Stories, Western

TerraCap Management Acquires Anchor Centre Office Park in Phoenix for $103.5M

PHOENIX — TerraCap Management LLC has acquired Anchor Centre, an office property in Phoenix’s Camelback Corridor, for $103.5 million. The two-building office park spans 333,014 square feet at the intersection of 24th Street and Camelback Road. KBS was the seller.The buildings were constructed in 1984 and 1986, and KBS completed a multimillion-dollar capital improvement program upon its acquisition of the asset in 2014. KBS made upgrades to the lobby, common areas, restrooms and amenity …

Acquisitions, Arizona, Office, Top Stories, Western

L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan

NEW YORK CITY — Locally based development and investment firm L&L Holding Co. is nearing completion of 425 Park Avenue, an office tower in Midtown Manhattan.Designed by British architecture firm Foster + Partners, the building rises 47 stories and 897 feet, spanning an entire city block. L&L is co-developing the property with Tokyu Land Corp. and will co-manage it with BentallGreenOak. The development is valued at $1 billion, according to the New York Post.The development …

Development, New York, Northeast, Office, Top Stories

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness.A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. …

Acquisitions, Florida, Mixed-Use, Office, Restaurant, Retail, Southeast, Top Stories

Beyond Meat to Open 300,000 SF Headquarters Near Los Angeles

EL SEGUNDO, CALIF. — Beyond Meat Inc. (NASDAQ: BYND), a producer of plant-based meat replacement products, has signed a 12-year lease for a 300,000-square-foot corporate headquarters less than one mile south of Los Angeles International Airport at 888. N. Douglas St. in El Segundo.The headquarters will be located within a four-building, 550,000-square-foot creative office and industrial campus currently under development by Hackman Capital Partners, which is scheduled for completion this …

California, Development, Leasing Activity, Office, Top Stories, Western

CBRE Arranges $154M Sale of Industrial Portfolio in Metro Boston

WILMINGTON, MASS. — CBRE has arranged the $154 million sale of an eight-building, 687,000-square-foot industrial portfolio in Wilmington. The properties were 96 percent leased at the time of sale to 27 tenants including Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA Inc.A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate acquired the portfolio, which spans 49 acres.The buildings are located at 21, 42, 65 and 80 Industrial Way; 42 …

Acquisitions, Industrial, Massachusetts, Northeast, Top Stories

Dart Interests to Redevelop 1,100-Acre Resort Bordering Walt Disney World in Orlando

ORLANDO, FLA. — Dart Interests has unveiled plans to redevelop Villas at Grand Cypress in Orlando into a massive vacation rental resort and hotel project named Evermore Orlando Resort. The 1,100-acre resort is adjacent to Walt Disney World.At full buildout in 2023, the 10,000-bedroom project will represent an equity investment in excess of $1 billion. Evermore’s first phase will include nearly 1,500 rooms spread across single-family rental homes, villas, flats and hotel guestrooms. …

Development, Florida, Hospitality, Multifamily, Southeast, Top Stories

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT).Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector.The …

Acquisitions, California, Nevada, Seniors Housing, Top Stories, Washington, Western

PREIT Receives Zoning Approval to Add Multifamily, Hotel Uses to New Jersey’s Moorestown Mall

MOORESTOWN, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has received a zoning approval that will allow the Philadelphia-based mall owner to add up to 1,065 multifamily units and a hotel to its Moorestown Mall in Southern New Jersey.For PREIT (NYSE: PEI), which filed for Chapter 11 bankruptcy in early November, the move is part of a larger effort to diversify the real estate at several of its regional malls. Dubbed a “densification plan” by company executives, PREIT’s …

Company News, Development, New Jersey, Northeast, Retail, Top Stories
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