by David Bodamer February 16th, 2007
The 2007 ICSC Conference on Open Air Centers concluded today in Phoenix at the Arizona Biltmore Resort and Spa with a session billed to highlight the growing popularity of the shopping venue, instead telegraphing what could be its successor.
Most of the panelists for “Strip Malls – Now Open Air Centers . . .Find Out What Retailers are Doing Now” agreed that open-air centers have been overbuilt. The gloomy forecast stems from what they cited as a slowdown in expansion plans by destination retailers such as Target, Williams Sonoma and Restoration Hardware that traditionally anchor the popular centers and whom smaller tenants depend on to draw traffic to their stores.
Their deceleration, Roland L. Mackie, senior vice president of real estate development for Kirkland’s Home, indicates that there may be fewer Open Air centers built in the future as landlords struggle to find anchors for new centers and replacements at old ones.
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Related Topics: Conference Coverage, News, Retail Real Estate |
by David Bodamer February 16th, 2007
Retail Traffic Managing Editor Riccardo A. Davis is out ICSC’s Conference on Open-Air Centers and will be sending dispatches from the show.
Here’s his first:
Hospitality is top of mind among the attendees of the 2007 ICSC Conference on Open Air Centers.
But, it’s not the accommodations or the level of service being rendered at the conference site in Phoenix, the Arizona Biltmore Resort and Spa.
During the welcoming reception Wednesday evening, upbeat developers and architects were abuzz about their as yet announced mixed-use projects.
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Related Topics: Conference Coverage, Development, Mixed-Use, News, Retail Real Estate, Trends |
by David Bodamer February 16th, 2007
Mills officially ended its agreement with Brookfield Asset Management and entered a new one with Simon Property Group and Farallon Capital Management. On Tuesday, Mills announced it had determined Simon’s offer was “superior” to agreement it had reached with Brookfield, but it gave the Canadian REIT three days to come up with a counterproposal.
Apparently, it has decided to pass. (It does, however, stand to pocket a $40 million breakup fee from Simon and its partner, plus reimbursement for expenses.)
The agreement with Simon values Mills stock at $25.25 per share and will include $1.64 billion in cash. In all, the deal is worth $7.9 billion.
Related Topics: Investment, News, REITs, Retail Real Estate |
