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Macquarie Cashes Out of DDR JV; Buyer for Eddie Bauer; Deutsche Bank's CMBS Outlook (Weekend Roundup)

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Here's a roundup of news and notes on retail and retail real estate from around the Web this weekend.

  • Macquarie CountryWide Trust sold a 75 pecent stake in a portfolio of U.S. shopping malls for US$1.3 billion. It was part of a joint venture with Regency Centers. The company sold its interest in the portfolio to Global Retail Investors LLC, a joint venture between the California Public Employees' Retirement System and an affiliate of First Washington Realty Inc.
  • Golden Gate Capital won the bankruptcy auction for Eddie Bauer with a $286 million bid. As the company's new owner, Golden Gate will “maintain the substantial majority of Eddie Bauer's stores and employees,” Eddie Bauer said in a press release. There was speculation that Eddie Bauer might be liquidated if purchased by a different buyer.
  • Supermarket News released its list of the Top 75 food retailers in the U.S.
  • Zero Hedge posted an interesting example of an investment solicitation book prepared by a major investment bank on a troubled retail asset. One choice sound bite, "But the funniest thing is the projected NOI, and that is somehow supposed to go from $3.2 million actual to $6.1 million by 2010. Even with all tenants leaving. No commentary here, but this is at the heart of the CRE/REIT/CMBS problem: everyone believing NOIs will increase while tenants go bankrupt, liquidate or otherwise negotiate rents downward. When will the lies stop?"
  • Retail Chatr posted a recent Deutsche Bank report on "The Future Refinancing Crisis in Commercial Real Estate". There's some good commentary on the report in the post as well. Overall, the report estimates that commercial real estate mortgage losses could exceed $387.5 billion. StreetInsider.com also looked at the report.
  • On the lighter side, a marketing campaign gone awry led to an Oompa Loompa being arrested at a shopping center.
  • Retail News Blog has a some thoughts on the chasm between buyers and sellers.
  • ReitWrecks looked at the billions chasing distressed assets.
  • RetailWire assessed Starbucks' strategy of not having its name on some of its stores to make them seem like independent neighborhood coffee shops. The experts are not impressed.
  • Urban Milwaukee explored the trend of dorm-oriented development as a potential retail trend.
  • Neiman Marcus entered into a $600 million amended credit agreement.
  • About.com looked at which retailer might be the next in bankruptcy court.
  • According to the Real Deal, retail rents are down by one-third on Madison Avenue.
  • Business Insider looked at how GE's finance operations are proving to be a drain on earnings.
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    Elaine Misonzhnik

    Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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