The clock continues to wind down on the deadline for The Macerich Co. to either accept or reject Simon Property Group Inc.'s best and final offer to acquire all outstanding shares of Macerich for $95.50. The deadline is April Fool's Day, and there's a lot of debate about which would be more foolish: accepting Simon's offer or rejecting it.
JP Morgan Chase plans to shutter roughly 300 branches by the end of 2016. The nation’s largest bank is looking to cut costs and optimize its branch network, and the branch closures represent roughly 5 percent of its overall footprint.
Sears Holdings announced it is moving forward with a plan to spin off 200 to 300 stores into a REIT. Chairman and CEO Edward S. Lampert expects the company to generate $2 billion or more in proceeds, yet industry experts question whether the move will solve Sears’ problems.
As health care becomes more patient-focused, many providers have moved into retail space to become more accessible and convenient. But property owners who expect to backfill empty massive big boxes with health care tenants will probably be disappointed, experts warn.
With Millennials and empty nesters moving back to the cities, more retail investors are looking at street retail, and those that have owned this type of asset for a while are increasing their allocation to it.
On Feb. 4, women’s clothing retailer Cache filed for Chapter 11. Through the bankruptcy, the chain plans to renegotiate leases and close a portion of its 218 stores. Cache’s announcement is the latest in a lengthy list of store closings announcements so far this year.
Although grocery-anchored centers will continue to attract investor interest in 2015, the appetite for urban retail is growing. Additionally, experts expect investors to continue to broaden their horizons beyond primary markets to secondary markets.
Lifestyle centers were the stars of the retail development universe in the 2000s. Shoppers flocked to these properties, which typically featured a single-story, open-air design and upscale tenants. Since the recession, however, only a few of these centers have been built, and it’s unlikely that more of them will come out of the ground. Instead, developers are focusing their energy on larger mixed-use projects with some lifestyle center elements.
American Realty Advisors has launched a new sustainability initiative for its $6 billion commercial real estate portfolio. The institutional investment manager rolled out the green program at 150 N. Wacker Drive, a 31-story office tower in Chicago.