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Macy’s Rejects $5.8 Billion Buyout Offer from Arkhouse, Brigade

by Hayden Spiess

New York City — Retailer Macy’s has rejected a $5.8 billion buyout offer from Arkhouse Management Co. and Brigade Capital Management. In December 2023, the investor group submitted a bid to acquire the outstanding shares of the company not already owned by Arkhouse and Brigade for $21 per share in cash. The Macy’s board of directors has since determined “not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” according to a press release from the company. A letter to the would-be buyers cited …

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IKEA to Open Four New-Format Stores in 2024

by Hayden Spiess

Conshohocken, Pa. — IKEA will open four stores featuring its new Plan & Order Point with Pick-Up format. Scheduled to open this year, the stores will be located in Austin, Texas, metro Atlanta and the greater Los Angeles area. Situated within Domain Shopping Center, the Austin store will open this summer and will mark the second IKEA location in the city. Plan & Order Points are “dedicated to kitchen, bedroom and living room projects,” according to the company’s website. The stores feature a smaller layout with no merchandise to be taken …

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Burger King Owner to Buy Largest Franchisee for $1 Billion

by Hayden Spiess

Toronto and Syracuse, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to …

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Company newsNewsNorth Carolina

Big V Appoints Eric Zimmermann Chief Acquisitions Officer

by Hayden Spiess

Charlotte, N.C. —Big V Property Group has appointed Eric Zimmermann as the Charlotte, North Carolina-based company’s chief acquisitions officer. Zimmermann previously served as a managing director with Eastdil Secured before joining Big V in 2023 as an advisor to the executive committee. His track record includes arranging the $660 million sale of Country Club Plaza in Kansas City, Missouri, and the $494 million sale of Avalon in Atlanta. “We are very excited that Eric has agreed to lead our acquisition and disposition efforts on a permanent basis,” says Jeffrey Rosenburg, president …

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Avison Young Acquires Madison Marquette Retail Platform, 6.1 Million-Square-Foot Portfolio

by Hayden Spiess

Toronto, Canada and Washington, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the U.S.; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto, Canada-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence …

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Smalls Sliders to Open Five Restaurants in Metro Dallas

by Hayden Spiess

Dallas — Cheeseburger concept Smalls Sliders has signed an agreement with hospitality group Om Texas to open five restaurants, dubbed “Cans,” in metro Dallas. This marks the second multi-unit franchise deal in the city for the brand. Potential locations include Mesquite, Garland, Rockwall, Greenville, Murphy, Rowlett and Richardson, with the first store scheduled to open in the fourth quarter of 2024. Smalls Sliders opened its first Can in 2019 and currently has more than 160 restaurants open or under development.

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TGI Fridays to Close 36 Restaurants

by Hayden Spiess

Dallas — TGI Fridays has announced plans to close 36 restaurants in markets throughout the country. The stores were designated “underperforming” in a press release issued by the Texas-based company. “We’ve identified opportunities to optimize and streamline our operations,” says Ray Risley, U.S. president and chief operating officer of TGI Fridays. Currently the brand operates more than 650 restaurants in 51 countries. 

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Kimco Closes Acquisition of RPT Realty

by Hayden Spiess

Jericho, N.Y. — Kimco Realty has closed the acquisition of RPT Realty. The acquisition includes 56 open-air shopping centers comprising 13.3 million square feet of gross leasable space, adding to Kimco’s existing portfolio of 527 properties. Kimco and RPT first entered into the agreement Aug. 28 of last year. The all-stock transaction includes the assumption of debt and preferred stock and will result in an earnings accretion of roughly $34 million, approximately 85 percent of which is expected to be realized in 2024. 

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Northpond Launches $200 Million Investment Partnership Targeting Unanchored Neighborhood Retail Centers

by Hayden Spiess

Chicago — Chicago-based real estate investor and operator Northpond Partners has partnered with a Southeast U.S. pension fund to form Northpond Retail Partners, a $200 million investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets. As an all-cash buyer, the partnership will target properties housing convenience, necessity and service-oriented tenants. Categories typically include food and beverage, medical, fitness, and health and beauty. Northpond says the multi-tenant properties ideally contain smaller spaces ranging from 1,000 to 5,000 …

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Container Store Opens 100th Store

by Hayden Spiess

Princeton, N.J. — The Container Store Group has opened a store in Princeton, New Jersey, marking the 100th location for the brand. The store features the retailer’s small-format design, which averages 12,500 square feet and includes a full Custom Spaces Studio. The Container Store is also scheduled to open a store next spring in Gaithersburg, Maryland. 

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