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Village Plaza
Company newsNew YorkNewsTexas

Retail REIT Kimco Realty to Acquire Weingarten Realty Investors for $3.9 Billion

by Julia Sanders

Jericho, N.Y. and Houston — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion. The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the COVID-19 pandemic — and mixed-use assets comprising 100 million square feet of …

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Circle K
ArizonaCompany newsNews

Circle K to Sell 306 Convenience Stores Across the U.S., Canada

by Julia Sanders

Tempe, Ariz. — Circle K Stores Inc. has announced plans to sell 269 of its convenience stores across 29 states in the U.S. and 37 stores in Canada. The stores feature an average building size of 2,600 square feet and an average lot size of 29,500 square feet. Of the 306 locations, 122 are fee-owned and 184 are leased, while 238 properties sell fuel and 68 are convenience only. NRC Realty & Capital Advisors has been tapped to market the properties, which are being offered in packages grouped primarily by …

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CaliforniaCompany newsNews

American Eagle Outfitters to Open Nine Aerie, OFFLINE Locations in Westfield Shopping Centers

by Julia Sanders

Los Angeles — American Eagle Outfitters Inc. (AEO) has announced plans to open seven Aerie stores and two OFFLINE by Aerie locations at Unibail-Rodamco-Westfield centers during the second half of 2021. The new Aerie stores will open at Westfield Garden State Plaza in Paramus, New Jersey; Westfield Montgomery in Bethesda, Maryland; Westfield Old Orchard in Skokie, Illinois; Westfield Plaza Bonita in National City, California; Westfield Southcenter in Seattle; Westfield South Shore in Bay Shore, New York; and Westfield Valley Fair in San Jose, California. The locations at Westfield Garden State …

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Company newsNewsTexas

Sprouts Farmers Market to Open 25,000-Square-Foot Store in Grand Prairie, Texas

by Julia Sanders

Grand Prairie, Texas — Phoenix-based grocer Sprouts Farmers Market will open a 25,000-square-foot store in Grand Prairie, located roughly midway between Dallas and Fort Worth, in the second half of the year. The opening is part of a larger rollout of 20 stores nationwide that feature the grocer’s new format, which is slightly smaller than its existing prototype. Sprouts currently operates 362 stores across 23 states and is also planning to open a new store in Irving.

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Company newsNew YorkNews

WHP Acquires Parent Company to Toys ‘R’ Us, Announces Plans for Store Openings

by Julia Sanders

New York City — WHP Global has acquired a controlling interest in Tru Kids Inc. (TRU), parent company to Toys ‘R’ Us, Babies ‘R’ Us, Geoffrey the Giraffe brands and more than 20 related consumer toy and baby brands. Tru Kids Inc. bought the Toys ‘R’ Us brand and its intellectual property in September 2017 when the company filed for Chapter 11 bankruptcy, according to reports by CNBC. Tru Kids has implemented a number of strategies since in an attempt to stir up momentum, including opening two pop-up locations in …

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CaliforniaCompany newsNewsTexas

Callaway Completes Previously Announced Merger with Topgolf

by Julia Sanders

Carlsbad, Calif. and Dallas, Texas — Carlsbad, Calif.-based equipment and apparel manufacturer Callaway Golf Co. (NYSE: ELY) has completed its merger with Topgolf Entertainment Group. Under the terms of the merger agreement, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf (excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares). Callaway shareholders now own approximately 51.3 percent of the outstanding shares of the newly combined entity, and former Topgolf shareholders (excluding Callaway) own approximately 48.7 percent. Both firms have strong real …

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Alamo Drafthouse
Company newsNewsTexas

Alamo Drafthouse Cinema Files for Chapter 11 Bankruptcy, Enters into Asset Purchase Agreement

by Julia Sanders

Austin, Texas — Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with its group of senior lenders that is led by California-based Altamont Capital Partners and Fortress Investment Group. The agreement involves the sale of “substantially all” of the company’s assets, though it remains unclear how many of its 41 theaters Alamo Drafthouse plans to close. As part of its filing, Alamo Drafthouse has asked the U.S. Bankruptcy Court for the District of Delaware to approve a 75-day timeline for restructuring …

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Sprouts_Phoenix
ArizonaCompany newsNews

Sprouts Farmers Market to Open 20 Stores in 2021

by Katie Sloan

Phoenix — Sprouts Farmers Market has announced plans to open 20 stores in 2021. The Arizona-based grocer will open 10 stores in Florida. Future stores are also planned for Georgia, Colorado, California, Texas, Arizona and Nevada.  Stores in Dania Beach, Florida; Grand Prairie, Texas; Phoenix; and Smyrna, Georgia; will offer Sprouts’ updated, smaller-format store layout, which averages 25,000 square feet. One store in Tustin, California, will also be remodeled this year with the new layout. Additionally, the company is set to open two local produce distribution centers this year in …

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Company newsIllinoisNews

Virtas Partners, Seaker Group Join to Help Retail Clients Struggling with Overhead Costs Due to COVID-19 Restrictions

by Katie Sloan

Chicago — Virtas Partners has joined in an alliance with The Seaker Group to help retail clients struggling with excessive overhead costs amid continuing restrictions on retailers due to the COVID-19 pandemic. “We are bringing together The Seaker Group’s insightful approach to analytics with Virtas Partners’ deep experience in restructuring and debt placement, and in real estate development and management,” says David Kirshenbaum, managing director at Virtas Partners. “Together, we will provide the support businesses need to optimize their real estate portfolio to reduce their cost structure. In hostile operating …

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Company newsNewsTexas

Apollo Global Management Enters into Agreement to Take Michaels Private in $5 Billion Transaction

by Katie Sloan

Irving, Tx. — Affiliates of Apollo Global Management Inc. (NYSE: APO) have entered into an agreement to buy arts and crafts retailer Michaels (NASDAQ: MIK) and take the company private in a deal that is valued at approximately $5 billion. Under the terms of the agreement, Apollo will tender an offer to acquire all outstanding shares of Michaels common stock for $22 per share in cash. The purchase price represents a 47 percent premium over the Irving-based arts and crafts retailer’s closing stock price on Feb. 26, the last trading …

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