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HSBC
Company newsNew YorkNews

HSBC Sells 90 Branches, Exits Mass-Market Retail Banking Sector

by Julia Sanders

New York City — HSBC Holdings has announced plans to exit its U.S. mass-market retail banking business through the sale of 90 of its 148 domestic branches. HSBC will retain 20 to 25 of its existing physical locations in the U.S., which will be repurposed into international wealth centers. These branches will focus exclusively on the banking and wealth management needs of high-net-worth clients. These centers will be located in cities such as New York, Washington, D.C., San Francisco, Seattle, Los Angeles and Miami, according to reports by The Wall …

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Company newsMarylandNews

Under Armour’s First-Quarter Sales Exceed Analysts’ Estimates, Surpass Previous Year

by Julia Sanders

Baltimore — Athletic apparel giant Under Armour Inc. (NYSE: UA) has reported $1.3 billion in sales in its fiscal first quarter of 2021, a 35 percent jump from last year’s first-quarter sales. The Baltimore-based company’s fiscal first quarter ended on March 31. Under Armour’s earnings in the quarter totaled 16 cents per share, which far surpasses the 3 cents expected by analysts, according to CNBC. The company reported an increase of $1.26 billion in revenue from the $930.2 million recorded in the first quarter of 2020. Additionally, the brand’s net …

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Panera
Company newsMissouriNews

Panera Bread Unveils New Restaurant Design Catered to Changing Post-Pandemic Consumer Needs

by Julia Sanders

St. Louis — Panera Bread has unveiled a new restaurant design featuring increased drive-thru and pick-up access, technological offerings including contactless meal pick-up and an updated dine-in experience in response to COVID-19. The company is the latest chain to announce a refreshed design adapted to the changing needs of consumers during the pandemic. The first next-generation Panera Bread is set to open in the St. Louis suburb of Ballwin this November and will include: • An open kitchen with ovens in full view of restaurant guests; • dual drive-thru and …

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Company newsIllinoisNew YorkNews

Elliott Investment Management Enters into Agreement to Acquire Paper Source Inc.

by Julia Sanders

Chicago, New York City and London — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New …

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Company newsNewsOhio

Phillips Edison & Co. Files Registration to Pursue Public Offering

by Julia Sanders

Cincinnati — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting …

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CVS
ArizonaCaliforniaCompany newsNews

Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50 Billion REIT

by Julia Sanders

San Diego and Phoenix — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock …

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Company newsNew YorkNews

Seritage Growth Properties Announces Promotions, Organizational Restructuring

by Julia Sanders

New York City — Seritage Growth Properties has announced a number of key promotions, including Mary Rottler to the role of chief operating officer. Rottler previously served as the company’s executive vice president of leasing and operations. In her new role, Rottler will be responsible for leasing, operations, tenant coordination and retail development. Andrew Galvin has been named chief investment officer. Galvin previously served as executive vice president of investments. In his new role, Galvin will be responsible for all transactions, asset management and capital allocation. Eric Dinenberg has been …

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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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