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Mark Toro
Company newsGeorgiaNews

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders

Atlanta — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square …

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Miramar Square
Company newsIllinoisIndianaNews

Kite Realty, RPAI Enter Into $7.5 Billion Merger Agreement to Create New Shopping Center REIT

by Julia Sanders

Indianapolis and Chicago — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five …

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Company newsNewsOhio

Retail REIT Phillips Edison & Co. Files for IPO

by Julia Sanders

Cincinnati — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July …

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Company newsIllinoisNews

Walgreens Reports Uptick in Sales, Plans to Make Technology Investments

by Julia Sanders

Deerfield, Ill. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield, Illinois-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each. VillageMD says it will find staff members and operate these clinics, and over …

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Company newsNew YorkNews

ShopOne Names Michael Makinen Chief Operating Officer

by Julia Sanders

New York, N.Y. — ShopOne Centers REIT Inc. has appointed Michael Makinen to the position of chief operating officer. In his new position, Makinen will be responsible for overseeing the New York City-based company’s operations and financial performance, including the execution of its strategic priorities. He will report to ShopOne’s Chief Executive Officer, John Roche. “We are very pleased to further enhance our management team with such a distinguished REIT executive as Michael,” says Roche. “His strong understanding of retail real estate landscape will be an asset to our organization …

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Barrett Bradley
CaliforniaCompany newsNews

Newmark Merrill Cos. Hires Barret Bradley as Vice President of Acquisitions and Development

by Julia Sanders

San Diego, Calif. — Newmark Merrill Cos. has hired Barret Bradley as vice president of acquisitions and development for the company’s San Diego division. In his new role, Bradley will be responsible for sourcing and overseeing the acquisition of existing retail properties, in addition to identifying and managing new development projects within San Diego County, South Orange County and South Riverside County. Prior to joining Newmark Merrill, Bradley worked on the development and acquisitions team at CenterCal Properties.

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AlabamaCompany newsNews

The Retail Brokers Network Selects Bryan Holt as President

by Julia Sanders

Birmingham, Ala. — The Retail Brokers Network (RBN) has selected Bryan Holt as president. In his new role, Holt will be responsible for helping grow the organization’s brand, representing RBN at industry-related events, recruiting new brokerage offices and facilitating education, networking and sharing of brokerage best practices between the 58 RBN member offices. Holt is a principal at Southpace Properties, where he oversees the company’s retail division. With nearly 25 years of experience in the commercial real estate industry, Holt specializes in retail tenant representation and investment sales. “I am …

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Fireside Mall
Company newsNewsOhio

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Julia Sanders

Columbus, Ohio — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout …

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PSG
CaliforniaCompany newsLeasingNews

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

by Julia Sanders

Los Angeles — Soccer team Paris Saint-Germain (PSG) has opened a permanent retail store within Westfield Century City Mall in Los Angeles in partnership with apparel retailer Fanatics. The sports club is expanding its global retail presence with plans to open several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020. Fanatics, which is part owner of Lids, will tap into Lids’ physical retail experience to open and …

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CaliforniaCompany newsNews

Gap’s First Quarter Sales Increase 28 Percent, Net Sales Hit $4 Billion

by Julia Sanders

San Francisco — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent from 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). …

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