Massapequa, N.Y. — Urban Edge Properties has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent leased, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson of JLL represented the seller in the transaction. The new ownership is planning a redevelopment plan, …
Duluth, Ga. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, …
The Colony, Texas — Located in the rapidly growing suburbs of Northern Dallas, Grandscape is currently one of the largest mixed-use development projects in the U.S., occupying more than 400 acres in The Colony, Texas. At full build-out, Grandscape will boast over 3 million square feet of retail, entertainment, dining, residential, office and attractions. Phase one of the lifestyle center is open and includes such attractions as the country’s largest home furnishings store, Nebraska Furniture Mart; entertainment anchors, Andretti Indoor Karting & Games and Galaxy Theatres; and the all-sports store, …
Indianapolis and Bloomfield, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland …
On October 15 Ancillary Retail hosted a webinar titled “Driving Income Through Specialty Leasing and Ancillary Revenue.” Webinar panelists shared how important it is to quickly shift strategy, not just in relation to COVID-19, but everywhere that customers and retailers are already adapting to omnichannel shopping. Events and marketing efforts are being streamlined to go virtual while also supporting those customers who are still comfortable visiting brick-and-mortar stores. Cynthia Czech shared details about Pacific Retail Capital Partners’ successful rollout of CosmeCon 2020 that included boxes for attendees to use during …
East Rutherford, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. …
Webinar: Las Vegas Retail Outlook — How is the Las Vegas Retail Sector responding to COVID-19? hosted by Shopping Center Business and Western Real Estate Business, covers the approaches taken by an expert panel of retail leaders responding to COVID-19. Watch Webinar: Las Vegas Retail Outlook — How is the Las Vegas Retail Sector responding to COVID-19? to learn what retailers, restaurants, and developers need to thrive and what our panelists anticipate for retail in the near future. See a list of some topics covered below. How significantly has decreased tourism affected …
(Panelists, top, left to right): Ralph Conti, RaCo Real Estate Advisors; Cindy Schooler, SRS Real Estate Partners; Chuck Whittall, Unicorp National Developments. Shopping Center Business and Southeast Real Estate Business hosted “Central Florida Retail Outlook: How are Central Florida Markets Responding to COVID-19?” Watch to hear how the retail leaders are adapting to the challenges of COVID-19 and its fallout for tourism and travel. See a list of some topics covered below: To what extent has tourism declined in Central Florida this year — and how significantly has that affected the retail …
(Panelists, clockwise from top left) Adam Tiktin, Tiktin Real Estate Investment Services; Rod Castan, Courtelis Company; Lyle Stern, Koniver Stern Group; Philip Rosen, Becker (moderator); Duane Stiller, Woolbright Development. Shopping Center Business and Heartland Real Estate Business hosted “Michigan Retail Outlook: How is Michigan’s Retail Sector Responding to COVID-19?” Watch to hear how the industry’s most creative retail leaders are adapting both to COVID-19 and to the accelerated changes in retail exacerbated by COVID-19 has. See a list of some topics covered and their timestamps below: (05:38): How are Governor Whitmer’s …
Chattanooga, Tenn. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire …