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Company newsFinanceNew YorkNews

Macy’s Rejects $5.8 Billion Buyout Offer from Arkhouse, Brigade

by Hayden Spiess

New York City — Retailer Macy’s has rejected a $5.8 billion buyout offer from Arkhouse Management Co. and Brigade Capital Management. In December 2023, the investor group submitted a bid to acquire the outstanding shares of the company not already owned by Arkhouse and Brigade for $21 per share in cash. The Macy’s board of directors has since determined “not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” according to a press release from the company. A letter to the would-be buyers cited …

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Company newsDevelopmentInvestment salesNew YorkNewsRestaurants

Burger King Owner to Buy Largest Franchisee for $1 Billion

by Hayden Spiess

Toronto and Syracuse, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to …

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Company newsFinanceInvestment salesNew YorkNews

Kimco Closes Acquisition of RPT Realty

by Hayden Spiess

Jericho, N.Y. — Kimco Realty has closed the acquisition of RPT Realty. The acquisition includes 56 open-air shopping centers comprising 13.3 million square feet of gross leasable space, adding to Kimco’s existing portfolio of 527 properties. Kimco and RPT first entered into the agreement Aug. 28 of last year. The all-stock transaction includes the assumption of debt and preferred stock and will result in an earnings accretion of roughly $34 million, approximately 85 percent of which is expected to be realized in 2024. 

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BOGNER
CaliforniaCompany newsLeasingNew YorkNews

BOGNER Opens Stores in Los Angeles, New York City

by Hayden Spiess

Los Angeles and New York City — Apparel retailer BOGNER has opened two stores in Los Angeles and New York City, marking the first locations in the country for the German brand. Located on Madison Avenue, the New York City store comprises 3,400 square feet, and the Los Angeles store occupies 2,500 square feet on the Sunset Strip.

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Company newsInvestment salesNew YorkNews

Investor Group Offers $5.8 Billion Buyout of Venerable Retailer Macy’s

by Hayden Spiess

New York City — An investor group comprising Arkhouse Management and Brigade Capital Management has made a bid to buy out Macy’s (NYSE: M) for $5.8 billion, according to The Wall Street Journal. The offer from two of the retailer’s largest shareholders would include taking the company private. Real estate investment firm Arkhouse and global asset manager Brigade submitted the acquisition proposal Dec. 1, according to the publication. Macy’s boasts a total real estate portfolio value of $8.5 billion, according to J.P. Morgan analysts cited by Reuters.  Equating to $21 per share, the …

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DevelopmentGrocery-anchoredNew YorkNews

Regency Breaks Ground on Redevelopment of 280,000-Square-Foot Mall on Long Island

by Hayden Spiess

Holbrook, N.Y. — Regency Centers has broken ground on the redevelopment of the 280,000-square-foot former SunVet Mall in Holbrook on Long Island. Plans for the property, which has been renamed The Shops at SunVet, include a 168,000-square-foot open-air shopping center with six outparcels. Whole Foods Market will anchor the center. Demolition of the existing structure is underway, with new construction scheduled to begin in spring 2024. SBLM Architects is the lead architect on the project. 

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Fogo-de-Chao_Manhattan
DevelopmentLeasingNew YorkNewsRestaurants

Fogo de Chão Signs 5,009-Square-Foot Lease in Manhattan

by Hayden Spiess

New York City — Brazilian restaurant Fogo de Chão has signed a 5,009-square-foot lease in Manhattan in New York City. Situated within The Oculus at Westfield World Trade Center, the venue is scheduled to open in 2024. Harrison designed the space, which will feature an expansive dining room and open churrasco grill. This marks the ninth location for the brand in metro New York City. 

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LeasingNew YorkNews

Tenants Sign Leases Totaling 50,000 Square Feet at The Gate at Manhasset on Long Island

by Hayden Spiess

Manhasset, N.Y. — Retailers have signed new leases totaling 50,000 square feet at The Gate at Manhasset, a shopping center located in Manhasset on Long Island. New tenants at the property, which is now fully leased, include Greenwich Furniture and Design, Saatva, Arc’Teryx, Natuzzi Italia, Lucid, Sephora and Vuori. Olshan Properties is the landlord. 

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A-and-G-Rite-Aid
CaliforniaCompany newsConnecticutInvestment salesLeasingMarylandMichiganNew JerseyNew YorkNewsOhioOregonPennsylvaniaVirginiaWashington

A&G to Sell 79 Rite Aid Leases in 11 States

by Hayden Spiess

Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …

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FinanceNew YorkNews

Voya Investment Management Provides $37.5 Million Financing for Long Island Shopping Center

by Hayden Spiess

Commack, N.Y. —Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. Tenants at the center, which is situated on 15 acres, include Lidl, Planet Fitness and PGA Superstore. Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

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