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Company newsIdahoNewsOhio

Kroger to Acquire Albertsons in $24.6 Billion Merger of Grocery Giants

by Hayden Spiess

Cincinnati and Boise, Idaho — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger in which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both company’s boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on …

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Puttshack
ArizonaColoradoCompany newsFloridaGeorgiaIllinoisMassachusettsMissouriNewsPennsylvaniaTennesseeTexas

Puttshack Raises $150 Million in Growth Capital, Unveils Expansion Plans

by Hayden Spiess

Chicago — Chicago-based Puttshack, an indoor mini golf venue, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will …

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Ponce-City-Market_Atlanta
Company newsGeorgiaIndianaNews

Simon Agrees to Acquire 50 Percent Stake in Jamestown

by Hayden Spiess

Indianapolis and Atlanta — Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country, such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership, Jamestown will gain a partner with a broad …

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Company newsNewsOhio

MRI Software Acquires Retail Analytics Provider Springboard

by Hayden Spiess

Cleveland, Ohio — Real estate software solutions provider MRI Software has acquired Springboard. Springboard provides retail activity and shopper insights through the use of plug-and-play software, existing camera networks and proprietary AI-powered algorithms. MRI plans to expand its @Work retail solutions suite, which currently serves 500 retailers and property owners internationally.

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Company newsNew YorkNews

Ralph Lauren to Open 250 New Stores

by Hayden Spiess

New York City — Ralph Lauren has announced plans to open 250 new stores over the next three years. These new stores comprise one aspect of the company’s plan for expansion, which also involves an omnichannel approach. “Our clear and choiceful strategies are expected to deliver sustainable long-term growth and value creation — fueled by our strong balance sheet and operating discipline — as we reinforce our position as a leading luxury lifestyle company,” says Patrice Louvet, CEO of the New York City-based company. Ralph Lauren’s new stores will be …

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Crayola-Orlando
Company newsNewsPennsylvania

Crayola Experience to Open Five New Locations Through 2027

by Hayden Spiess

Forks Township, Pa. — Crayola has entered into an agreement with BrightColors LLC to open at least five new Crayola Experience venues, doubling Crayola’s presence in the U.S. The company’s portfolio currently includes five locations in Easton, Pennsylvania; Orlando, Florida; Bloomington, Minnesota; Plano, Texas; and Chandler, Arizona. Last November, Crayola began actively seeking partners to extend its footprint domestically and internationally. The Forks Township, Pennsylvania-based company’s first multi-venue licensing agreement will be with BrightColors, which is working with partner Kingsmen Xperience Inc. to open the new locations over the next …

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cooper
Company newsNewsWashington

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450 Million in Existing US Locations

by Katie Sloan

Seattle — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the U.S.  The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ home town of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up …

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JCPenney
Company newsDelawareInvestment salesMarylandNew HampshireNew JerseyNewsVirginia

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2 Million

by Hayden Spiess

Jersey City, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana …

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Lauren-Holden-Jessica-Zaski
Company newsIllinoisNews

Two New Senior Real Estate Executives Join ShopCore

by Hayden Spiess

Chicago — ShopCore Properties, an affiliate of Blackstone, has named Lauren Holden as executive vice president and chief operating officer and Jessica Zaski as executive vice president and chief transactions officer. Holden joins the company from Clarion Partners, where she was head of asset management. Zaski previously served as senior vice president and co-head of acquisitions for Acadia Realty Trust. Additionally, the company will be taking on the management of 52 shopping centers for Blackstone. These grocery-anchored centers were recently acquired by Blackstone Real Estate Income Trust.

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Regal-Celebration-Pointe
Company newsNews

Regal Cinemas’ Parent Company Cineworld Group Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

Brentford, U.K. — Cineworld Group, parent company to Regal Cinemas among other international theater brands, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.  While a specific plan regarding the company’s real estate was not announced, Cineworld expects to pursue an “optimization strategy” regarding its locations across the U.S. as part of its bankruptcy proceedings. The company is engaging in discussions with its landlords on improving cinema lease terms in hopes of further positioning Cineworld for long-term growth in the U.S., the …

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