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Alex Tostado

FloridaLeasingNewsRestaurantsRetailers

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

by Alex Tostado

Miami — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, …

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Company newsIndianaMallsNewsRetailers

Simon Property Group Terminates $3.6 Billion Taubman Centers Merger Agreement

by Alex Tostado

Indianapolis — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared …

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Company newsEntertainmentKansasNews

AMC Theatres Expects to be ‘Fully Open’ Globally in July

by Alex Tostado

Leawood, Kan. — AMC Entertainment Holdings Inc. (NYSE: AMC) plans to reopen almost all of its U.S. and U.K. theaters in July. The Leawood-based movie theater chain has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and expects to be fully open globally in July ahead of the release of Christopher Nolan’s “Tenet” on July 17 and Disney’s “Mulan” on July 24. AMC is working closely with local, national and international officials to coordinate timing and requirements of reopening. It is consulting with the Harvard University School of …

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NewsWashington DC

Pandemic’s Impact on Retail Imports Easing, But Volume is Still Well Below Last Year, Says NRF

by Alex Tostado

Washington, D.C. — COVID-19’s impact on U.S. retail imports is easing, beating prior forecasts, says the National Retail Federation (NRF). The NRF and partner Hackett Associates released their Global Port Tracker on Monday, which showed that ports handled just over 1.6 million 20-foot equivalent units (TEUs), beating expectations from one month ago. “Imports are erratic, with one month up and the next down,” says Ben Hackett, founder of Hackett Associates. “Getting 40 million people back to work will take time, especially with many fearful of catching the virus and staying …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

PMAT Acquires Publix-Anchored Shopping Center Near Tampa for $7.6 Million

by Alex Tostado

Port Richey, Fla. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.

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AlabamaGrocery-anchoredInvestment salesNet leaseNewsRetailers

Marcus & Millichap Negotiates $3.4 Million Sale of New Store Leased to Aldi in Phenix City, Alabama

by Alex Tostado

Phenix City, Ala. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.

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FeaturesFrom The MagazineRetailers

Shopping Center Owners, Retailers Seek Middle Ground Solutions for Rent Relief During Pandemic

by Alex Tostado

In the early onset of the COVID-19 pandemic, retail was an almost immediate victim as governors and mayors across the country issued stay-at-home/shelter-in-place directives, forcing many retailers to close their stores for a time and some eventually made the difficult to decision to furlough or layoff their employees. For the first time in history, all 50 states were simultaneously under a federal disaster declaration and 38.5 million jobless claims have been filed in two months, another historic figure. After the initial shock of stores and restaurants closing temporarily or pivoting …

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Company newsMassachusettsNewsRestaurants

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado

Canton, Mass. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. On Friday, …

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Company newsNewsRhode Island

CVS Adds 70 COVID-19 Testing Sites in the Carolinas

by Alex Tostado

Woonsocket, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately …

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ColoradoCompany newsNews

Baceline Investments Offers Resources, Individual Guidance for Small Business Tenants

by Alex Tostado

Denver — As retailers continue to face uncertain times during the COVID-19 pandemic, Denver-based Baceline Investments has shifted its focus to providing support and creating tools, resources and personal guidance for the small businesses of its 73 neighborhood shopping centers under management nationwide. The boutique private equity real estate investment and management company’s national portfolio currently includes 900 small business tenants. “We’ve taken an all-hands-on-deck approach to supporting our small business partners,” says Todd Laurie, partner and executive vice president of fund services for Baceline. “We’ve mobilized our company into …

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