Retail

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

by Taylor Williams November 16, 2020

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 were set to square off in Circuit Court for the Sixth Judicial District of Oakland County (Michigan), litigation that has since been settled. Analysts at Piper Sandler, a Minnesota-based investment banking firm, expressed surprise at the ability of the two owner-operators to resolve the price disagreement ahead of today’s court hearing. “We thought any settlement or price cut would occur after the judge’s ruling,” the firm wrote. “Ultimately, Simon Property Group saves approximately $700 million in cash on the recut of the deal, offset by obligatory legal fees, which totaled $18 million in the third quarter. The pushing of the closing until late 2020 or early 2021 is also better timed for the economic recovery.” “For Taubman, the outcome is …

November 16, 2020

Arizona Restaurant Retail Video Webinar Western

Webinar: Phoenix Retail Outlook — How is the Phoenix Market Responding to COVID-19?

by Sarah Daniels November 15, 2020

Developer/Owners/Investors Panel: (Clockwise from top left) Chris Hake, Thompson Thrift; Jenny Redlin, Partner Engineering and Science, Inc.; Joshua Simon, SimonCRE; Jim Pederson, Pederson Group (joining by phone); Mike Kallner, RED Development; Judi Butterworth, Orion Investment Real Estate. The “Phoenix Retail Outlook — How is the Phoenix Market Responding to COVID-19?” webinar, hosted by Shopping Center Business and Western Real Estate Business, covers the impacts of COVID-19 and how retail experts are bringing creativity to challenging situations. Learn what retailers, restaurant owners and developers need to thrive, plus what our panelists anticipate for retail in the near future. See a list of some topics covered below: How are Phoenix area retailers, restaurants and developers adapting to the COVID-19 environment? What do they need to succeed? How will Phoenix retail rents and property values be impacted? What are the predictions for retail vacancy rates in the coming year? What will be the impact on new development in the near term? What do retailers and retail property owners need to consider to position themselves for recovery? What opportunities do Phoenix retail tenants, developers investors see in a post-pandemic market? Developer/Owners/Investors Panelists: Chris Hake, Thompson Thrift Jenny Redlin, Partner Engineering and Science, Inc. Joshua Simon, SimonCRE Jim Pederson, Pederson Group Mike …

November 15, 2020

Development Florida Retail Southeast

Halvorsen Holdings Breaks Ground on Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado November 13, 2020

NAPLES, FLA. — Halvorsen Holdings has broken ground on Fiddler’s Creek Plaza, a 60,000-square-foot, Publix-anchored shopping center in Naples. The 48,000-square-foot Publix is one of the company’s newest prototype models, featuring a drive-thru pharmacy and an updated layout with a mezzanine level. There is 12,000 square feet of shop space available as well, including a 2,925-square-foot end-cap restaurant space with an outdoor patio. Three outparcels are available for sale or ground lease. The property is located at the intersection of U.S. Highway 41 and Sandpiper Drive, 12 miles southeast of downtown Naples. Boca Raton, Fla.-based Halvorsen Holdings expects to complete Fiddler’s Creek Plaza in summer 2021.

November 13, 2020

Connecticut Leasing Activity Northeast Retail

Floor & Décor to Open Two Stores Totaling 154,000 SF in Connecticut

by Taylor Williams November 13, 2020

DANBURY AND FAIRFIELD, CONN. — Floor & Décor will open its first two stores in Connecticut during the first half of 2021 when the home improvement retailer rolls out a 74,000-square-foot store in Danbury and an 80,000-square-foot store in Fairfield. In Danbury, Floor & Décor purchased a 150,000-square-foot building that formerly housed Pilgrim Furniture and Bob’s Stores. In Fairfield, the company will backfill a space formerly occupied by Kohl’s. Grocer Aldi will share the backfilled space with Floor & Décor. Brian Katz of Katz & Associates represented the retailer in both deals.

November 13, 2020

California Leasing Activity Restaurant Retail Western

Westfield Opens 42 New Stores, Restaurants at Shopping Center in Santa Clara

by Amy Works November 13, 2020

SANTA CLARA, CALIF. — Despite shelter-in-place mandates and temporary closures due to COVID-19, Westfield US has opened 42 stores and restaurants this year at Westfield Valley Fair, a 2.2 million-square-foot Bay Area shopping and lifestyle destination located at 2855 Stevens Creek Blvd. in Santa Clara. Twenty-two of the new tenants have opened since March, with 15 new retail and restaurant leases signed and foot traffic increasing more than 10 percent week-over-week since the center reopened in for retail operations in June. New tenants and milestones include: The completion of an expanded Luxury Collection that now features more than 45 retailers, including Bvlgari, Golden Goose, Gucci, Jimmy Choo, Montblanc, Tiffany & Co. and Versace. Additionally, Christian Louboutin and Panerai have signed leases to join the collection in the near future. The openings of a flagship Apple store, Lucid Studio from Lucid Motors, Peloton, AESOP, Zadig & Voltaire, Sandro, Maje and Anne Fontaine. New tenants for The Digital District including Tempo and Brik + Clik, Capital One Café, Polestar, Reiss and Dr. Martens. A revitalized Restaurant Collection with expanded outdoor dining options and new restaurants, including the first Northern California location of King’s Fish House, Shake Shack, Silicon Valley’s first Salt & …

November 13, 2020

Georgia Loans Retail Southeast

Red Oak Financial Provides $9.7M Refinancing Loan for Shopping Center in Metro Atlanta

by Alex Tostado November 12, 2020

ROSWELL, GA. — Red Oak Financial has provided a $9.7 million refinancing loan for Village Festival Shopping Center, a 56,921-square-foot retail center in Roswell. Proceeds from the two-year bridge loan will be used to renovate the property, which sits on seven acres at 10930 Crabapple Road, 25 miles north of downtown Atlanta. The borrower and owner, Phoenix Ten Properties LLC, will introduce shopping, dining and event options at the property. A timeline for renovations was not disclosed. Gary Bechtel of Red Oak Financial originated the loan on behalf of the borrower.

November 12, 2020

Acquisitions Illinois Midwest Retail

First National Realty Partners Acquires Lemont Village Square Shopping Center in Lemont, Illinois

by Kristin Harlow November 12, 2020

LEMONT, ILL. — First National Realty Partners has acquired Lemont Village Square, a 59,939-square-foot shopping center in Lemont, located about 27 miles southwest of Chicago. The purchase price and seller were undisclosed. The Aldi-anchored property sits at the corner of 127th and State streets. It is 96 percent leased. Other tenants include Starbucks, The Learning Experience, Jimmy Johns, AT&T and Verizon Wireless.

November 12, 2020

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates Sale of 304,974 SF York Marketplace Power Center in Pennsylvania

by Taylor Williams November 12, 2020

YORK, PA. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of York Marketplace, a 304,974-square-foot retail power center in York. A 125,353-square-foot Lowe’s Home Improvement store anchors the property along with a 74,541-square-foot Giant Food grocery store and a 12,500-square-foot Premium Fine Wine & Good Spirits. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Triple BAR Group, in the transaction. Michael Helpern and Chris Marks of IPA Capital Markets arranged acquisition financing on behalf of the buyer.

November 12, 2020

Leasing Activity Massachusetts Northeast Retail

Clothing, Shoe Retailer Concepts Opens Flagship Store in Boston’s Back Bay Area

by Taylor Williams November 12, 2020

BOSTON — Concepts, an apparel and footwear retailer that was founded in 1996, has opened a global flagship store on Newbury Street in Boston’s Back Bay area. Designed by Bergmeyer and built out by Shawmut Design & Construction to resemble the layout of an art gallery, the space spans three floors and 47,000 square feet. The ground floor houses Concepts’ private label apparel, accessories and footwear, as well as a headwear customization space. The mezzanine space features a dedicated area for rotating special projects and collaborations and a disc jockey booth, while the top floor features women’s-only merchandise.

November 12, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

San Diego City Council Approves $1.4B Transformation of Tailgate Park Outside Padres Stadium

by Amy Works November 12, 2020

SAN DIEGO — The San Diego City Council has unanimously approved an exclusive negotiating agreement with the Padres Development Team to negotiate terms for the previously announced acquisition and redevelopment of Tailgate Park into East Village Quarter. The site is located outside Petco Park, which Major League Baseball’s San Diego Padres call home. The Padres Development Team, including the San Diego Padres, Tishman Speyer and Ascendant Capital Partners, was selected during a public request for proposals process. The development team’s vision for East Village Quarter includes residential space, 50,000 square feet of neighborhood-serving retail, 236,000 square feet of public spaces, 1.4 million square feet of office space targeted to technology and biotechnology companies, and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. “We are excited to take another step forward to revitalize Tailgate Park and further transform the Ballpark District and downtown San Diego,” says Erik Greupner, president of business operations for the San Diego Padres. “We look forward to finalizing a deal with the City of San Diego that will result in the creation of a vibrant, inclusive, mixed-use district in East Village.”

November 12, 2020

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