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 …
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 …
Irvine, Calif. — ValueRock Realty has acquired a property leased to CVS/pharmacy in Greenville, South Carolina, and two Chipotle Mexican Grill restaurants in Carrollton, Georgia, and Syracuse, New York for $5.9 million. The CVS/pharmacy property in Greenville was acquired for $2.06 million from an undisclosed New York-based individual. The tenant has 10 years remaining on its absolute, triple-net ground lease. The property leased to Chipotle Mexican Grill in Carrollton was acquired for $2.3 million from an undisclosed Georgia-based developer. The property triple-net-leased to Chipotle Mexican Grill in Syracuse was acquired …
Lockport, N.Y. — New Jersey-based private equity firm First National Realty Partners has purchased Tops Plaza, a 166,634-square-foot shopping center located outside of Buffalo in Lockport. A 92,000-square-foot Tops grocery store anchors the property, which was 97 percent leased at the time of sale. The seller and sales price were not disclosed.
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 …
New York City — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and …
New York City — Extreme Department Store has signed a 10-year lease for 15,003 square feet at Concourse Plaza in the New York City borough of the Bronx. Concourse Plaza spans 311,650-square feet and is located four blocks from Yankee Stadium. Extreme Department Store will be situated on the ground floor next to Hibachi Grill & Supreme Buffett restaurant and Victoria Nail. Randall Briskin represented the center’s owner, The Feil Organization, and Gabriel Saff of Retail Zone represented the tenant in the transaction.
Yonkers, N.Y.— Katz & Associates has brokered the sale of a retail building formerly occupied by 24 Hour Fitness in Yonkers, a northern suburb of New York City. The building is situated on a 1.7-acre site at 589 Tuckahoe Road. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the undisclosed seller in the deal. Tyler Lyman of True Commercial represented the buyer, Carpionato Realty, which purchased the asset for $4.2 million.
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 …
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 …