Archive for May, 2007
by David Bodamer May 9th, 2007
Developer Thomas Flatley is selling his portfolio of 10 malls in Massachusetts and New Hampshire to Wilder Cos. and O’Connor Capital Partners for $500 million.
Flatley originally put the portfolio up for sale in March.
The properties contain about 2.3 million square feet of retail space and include centers like Dedham Mall, Village Shoppes in Canton, Falmouth Mall, and Medfield Shops.
“These centers have great access, great visibility, and a great mix of retail,” Thomas V. Wilder , of Wilder Cos., said yesterday in an interview.
Flatley, 75, told the Globe in an earlier interview that he is selling off his entire portfolio of shopping centers because the market for commercial properties is good now, and, “There are times when you turn 75 that you do things that you might not do when you are 45.”
Born in Ireland, Flatley came to America in 1950 and over 50 years, built a real estate fortune worth an estimated $1.3 billion according to Forbes magazine.
Wilder Cos. and O’Connor Capital Partners, whose managing partner is Jerry O’Connor, have worked together on two ventures in Florida in recent years.
Related Topics: Investment, News, REITs, Retail Real Estate |
by David Bodamer May 9th, 2007
Related Topics: Development, News, Quirky, REITs, Retail Real Estate |
by David Bodamer May 8th, 2007
Sears Holdings Corp. Chairman Edward Lampert told shareholders Friday the retail giant is eyeing numerous possibilities for acquisitions or investments two years after the parent of Sears and Kmart stores was created.
But the billionaire investor and hedge-fund manager gave no indication at the company’s annual meeting that a move is imminent. Wall Street has been eagerly waiting for Sears Holdings to use its large stash of cash.
Responding to a shareholder question about his plans for the company’s more than $2 billion in cash, Lampert said there are “a variety of options to deploy that.”
“What will shake out, especially this year, really is going to depend on what the opportunity set is,” he said.
More here.
Related Topics: Investment, News, Retail |
by David Bodamer May 8th, 2007
A new report shows that Spain leads the way when it comes to new shopping center space in Europe.
Spain tops the country ranking of new shopping center space due to open in Europe in 2007 and 2008. It will see a potential total of 1.93 million m² of new schemes open this year and next. Cristina Pérez de Zabalza, Head of Retail for Cushman & Wakefield in Spain, says, “The Spanish shopping center boom is far from over. Opportunities still remain not only in the main cities of Madrid and Barcelona, but also in provincial areas of the country.”
Most shopping center development activity in Spain is in out-of- town locations, however, an example of a key new scheme due to open in 2007 in a city-center location is Espacio Buenavista in Oviedo, the capital of Asturias. The scheme, developed by Multi Corporation, is due to open in November 2007. It will offer a total 60,500 m², with 28,000 m² of retail, a 2,300-m² hypermarket, 2,000 m² of restaurants, 7,500 m² of leisure and 20,700 m² of common areas.
In second place comes Poland, where 1.88 million m² of new shopping center space is due on the market this year and next. Piotr Kaszynski, Cushman & Wakefield’s Head of Retail in Poland, says, “The leading international and national retailers operating in Poland are targeting the 40 Polish cities that exceed 100,000 inhabitants. Their demand for good-quality space is in turn creating a demand for new shopping center space in these cities.”
Related Topics: Development, International, News, Retail Real Estate |
by David Bodamer May 2nd, 2007
Kmart is getting into mixed-use, but not as a tenant. Instead, the company’s former headquarters in Troy, Mich., will be demolished and rebuilt as a mixed-use center.
More here.
Project officials say “Pavilions of Troy” will combine commercial and community amenities, and feature an ice skating rink. The site is near Somerset Collection, considered Michigan’s premiere mall.
“It’s a great spot to do business,” said project consultant Paul Welday. “That corner is a destination point for shopping and gathering.”
Welday said developers would demolish Kmart’s former world headquarters, which opened in 1972.
The building was vacated after Kmart Holding Corp. acquired Sears, Roebuck and Co. for $12.3 billion in 2005. The enlarged retailer was renamed Sears Holdings, and made its headquarters at Sears’ home in Hoffman Estates, Ill.
BlackRock Inc., a New York-based financial assets management firm, purchased the Troy property in 2005.
Related Topics: Development, Mixed-Use, News, Retail, Retail Real Estate, Trends |
by David Bodamer May 2nd, 2007
Philip Green may bid for Barneys.
The British billionaire Philip Green said Tuesday that he would consider buying Barneys, the department store owned by Jones Apparel Group.
“We’ll have a look,” Green said during an interview at the London flagship store of his Topshop chain, after it began selling a range of clothing designed by the model Kate Moss. “If it’s seriously for sale, it’s well within our capability.”
Jones Apparel may split up its retail units after failing to find a buyer last year, Women’s Wear Daily said in January, citing financial and industry sources that it did not identify. The Barneys New York unit could be sold for $800 million to $900 million, according to the report. Barneys also has stores in other U.S. cities including Chicago and Beverly Hills, California.
Related Topics: Investment, News, Retail |
by David Bodamer May 1st, 2007
Is Tower Records going to make a comeback?
It turns out a former Tower executive has joined the firm that purchased the www.tower.com domain after the retailer’s liquidation. For now, the chain lives on as an internet retailer (much like Montgomery Ward). And there’s at least some talk of trying to revive the chain.
And in a potentially tantalizing development, Caiman is mulling the idea of opening some stores under the Tower name, said George Scarlett, a former Tower executive who is Caiman’s newly hired director of entertainment. Because it also purchased Tower’s trademark, Caiman has the right to open Tower stores.
It’s possible “you’ll see the Tower shingle out there again someday,” Scarlett said. “It’s just hard to know in what form.”
Didier Pilon, Caiman’s founder and director, told the trade publication Billboard that stores could open in San Francisco, Los Angeles and New York in nine months.
But opening new stores, given the difficult climate for music retailers, may prove troublesome. Scarlett said it’s far from certain that any new stores will open.
“We’ve had very superficial discussions, just spitballing some ideas,” Scarlett said.
For more on the demise of record stores, check out this story we wrote in December.
Related Topics: News, Retail, Trends |
