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Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4 Billion Shopping Center REIT Merger

by Hayden Spiess

Greenwich, Conn. and Jacksonville, Fla. — Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in an all-stock transaction valued at $1.4 billion. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Under the terms of the agreement, Urstadt Biddle’s stockholders will …

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CaliforniaCompany newsIndianaLeasingMinnesotaNewsPennsylvaniaSouth CarolinaWisconsin

Five Below to Open Stores at Seven Simon Properties

by Hayden Spiess

Philadelphia — Five Below is set to open stores at seven Simon-owned properties. Scheduled to open this year, the stores will include locations at Albertville Premium Outlets in Albertville, Minnesota; Pleasant Prairie Premium Outlets in Prairie, Wisconsin; Johnson Creek Premium Outlets in Johnson Creek, Wisconsin; Gaffney Outlet Marketplace in Gaffney, South Carolina; Indiana Premium Outlets in Edinburgh, Indiana; Pismo Beach Premium Outlets in Pismo Beach, California; and Pocono Premium Outlets in Tannersville, Pennsylvania. “Our relationship with Simon is core to continuing our national expansion efforts,” says George Hill, chief retail …

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Slim-Chickens
ArkansasCompany newsLeasingMichiganNewsRestaurants

Slim Chickens to Open 25 Restaurants in Southeast Michigan

by Hayden Spiess

Fayetteville, Ark. — Fast casual franchise Slim Chickens has signed a deal to expand into Southeast Michigan with 25 restaurants. Partners Brad DeLange, Todd DeLange and Doug Broadright will lead the restaurant’s Great Lakes division and bring the brand to locations in the Detroit and Ann Arbor metropolitan areas. Slim Chickens has opened more than 225 locations in the U.S. and the U.K. and has more than 1,100 restaurants in development.

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Will-Tipton
CaliforniaCompany newsNews

Will Tipton Joins Shea Properties as Senior Vice President of Retail and Multi-Use Development

by Hayden Spiess

Aliso Viejo, Calif. — Will Tipton has joined Shea Properties as senior vice president of retail and multi-use development. In his new role, Tipton will continue the Aliso Viejo-based company’s retail growth in California, with a focus on acquisitions, planning, entitlement, leasing, budgeting and construction. Most recently, Tipton served as managing director and partner with Merlone Geier Partners.

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Company newsNew YorkNews

A&G to Auction Hundreds of Bed Bath & Beyond and buybuy BABY Leases

by Hayden Spiess

New York City — A&G Real Estate Partners, real estate advisor to Bed Bath & Beyond Inc., has announced plans to auction hundreds of Bed Bath & Beyond and buybuy BABY leases as part of the company’s bankruptcy proceedings. Pending Court approval of bid procedures, A&G will auction Bed Bath & Beyond store leases located in 48 states and ranging in size from 18,000 to 92,000 square feet and buybuy BABY store leases located in 37 states and ranging in size from 14,000 to 63,000 square feet. Additionally, A&G and …

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CaliforniaCompany newsNews

Nordstrom to Close Two Stores in San Francisco

by Hayden Spiess

San Francisco —Nordstrom Inc. will close two stores located near San Francisco’s downtown, reports the Washington Street Journal. Located on Market Street, the first store will close Jul. 1, with the Westfield San Francisco Centre mall location scheduled to close at the end of August. “We can better serve our customers there by focusing on our 16 nearby Nordstrom and Nordstrom Rack locations, as well as online,” said a representative for the company.

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Company newsNewsTexas

Tuesday Morning Going Out of Business, Closing All Stores

by Hayden Spiess

Dallas — Dallas-based discount home goods retailer Tuesday Morning is going out of business and closing all of its stores. The company’s website lists a going-out-of-business sale where consumers can save up to 30 percent off all items. The retailer has about 200 stores remaining in 25 states. The news comes just one week after Bed Bath & Beyond’s announcement of its closure. Tuesday Morning struggled throughout the pandemic, filing for Chapter 11 bankruptcy protection in May 2020. At that time, the retailer shuttered about 230 of its 687 stores. …

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CaliforniaCompany newsLeasingNewsWashington

Nordstrom Rack to Open Five New Stores in California

by Hayden Spiess

Seattle — Nordstrom Inc. has announced plans to open five new Nordstrom Rack stores in California. Scheduled to open in 2024 and 2025, the stores will be located in Davis, Elk Grove, Gilroy, Oceanside and San Mateo. Both the Davis and Gilroy stores will comprise 25,000 square feet, with the Oceanside and San Mateo stores totaling 31,000 and 36,000 square feet, respectively. Each of the stores will be situated within shopping centers, with the new locations bringing the total count of Nordstrom Rack stores to 68.

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Company newsNew JerseyNews

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Katie Sloan

Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing …

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IKEA
CaliforniaCompany newsDevelopmentNewsVirginia

Ingka Group to Invest $2.2 Billion in New IKEA Locations, Omnichannel Growth Across US

by Hayden Spiess

Leiden, Netherlands — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are …

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