Winchester, Ind. — Timber Development has acquired a 12,000-square-foot, Walmart-shadow anchored retail property in Winchester. The asset was 40 percent leased at the time of sale to tenants including Kubachi Japanese and Hibachi Restaurant, Mimi Nails and Verizon Wireless. The seller and sales price were not disclosed.
Great Neck, N.Y. — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led …
Evansville, Ind. — Shoe Carnival, Inc., a leading retailer of moderately priced footwear and accessories, has reopened all but one of its 390 stores across the U.S and Puerto Rico amid the global COVID-19 pandemic. For the fiscal second quarter-to-date, Shoe Carnival has experienced stronger than expected sales with comparable store sales up 28.1 percent compared to the prior year, with brick-and-mortar comparable sales up 4 percent and e-commerce comparable sales increasing nearly 470 percent.
Indianapolis — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared …
Indianapolis — Indianapolis-based mall owner Simon Property Group has sued Gap Inc. for refusing to pay rent for stores temporarily closed during the coronavirus pandemic, according to The Wall Street Journal. The retailer owes three months of rent amounting to nearly $66 million. The lawsuit was filed in Delaware state court. Both Banana Republic and Old Navy fall under the Gap umbrella of brands. Gap is one of Simon’s biggest tenant in terms of rent. Simon has 412 stores that are leased to Gap, Banana Republic or Old Navy within …
Terre Haute, Ind. — Out of the Box Ventures LLC has reopened its Haute City Center in Terre Haute within western Indiana. The following stores opened Friday, May 15: Amazing Comfort, Buckle, Cellular Concepts, Dakota Watch, Encore-Shoe Dept, Finish Line, Francescas, Frontier, Glik’s, Hibbett Sports, Journey’s, LA Nails, Maxx E-Cig, Pizza diRoma, Second Cup Café, Seno Formal Wear, Shewey’s Paint Your Own Pottery, TGI Friday’s, TradeHome Shoes and Verizon Wireless. The 676,322-square-foot mall has reduced hours and limited entrances. The children’s play area, photo booths and massage chairs will remain …
Indianapolis — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in …
St. Louis Park, Minn. and Fishers, Ind. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops …
Fort Wayne, Ind. — As a result of COVID-19, Vera Bradley Inc. has temporarily closed all of its full-line and factory stores through Thursday, April 2. Store associates will be compensated through that date. The Fort Wayne-based handbag retailer will continue to serve its customers through its website. Vera Bradley also postponed its annual outlet sale, traditionally slated for April in Fort Wayne. The company says it is also “addressing day-to-day operations, including reducing expenses, inventory levels and capital spending.”
Indianapolis and Los Angeles — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, …
