REAL ESTATE

PREIT tidies up portfolio with sale of Washington Crown Center
Adhering to its company motto of “Quality Shopping Malls in Compelling Markets,” PREIT reached an agreement to sell the Washington Crown Center in Washington, Pennsylvania. At the same time, it announced it had put the Beaver Valley Mall up for sale. In a press release, PREIT noted it had embarked on a portfolio optimization program focusing not just on new properties, but on new types of tenants that could fuel growth.
End of the road for former teen apparel giant?
It appears that Aeropostale Inc., which declared Chapter 11 bankruptcy in May, will be selling its assets rather than reorganizing. The teen retailer said in court papers that “reorganization on a standalone basis is not feasible.” Instead, it will look for a “stalking horse” to make the lead bid at an auction next month, Bloomberg reported.

Bidding war ensues over foreclosed strip mall

Glen Valley Center’s taxable value had fallen to $776,221 since 2013, and the foreclosed, 35,775-sq.-ft. strip center in Caledonia, Michigan, had been the property of Wells Fargo Bank since 2007. So why did the bank walk away with $2.3 million for the center after a bidding war erupted among six buyers? “We have a huge lack of product for investors to put their money in," explained Mark Ansara to mlive.com, which recently ran a report on the sale consummated at the end of June.
Cushman’s Schooler joins SRS as senior VP in Orlando

Cindy Schooler has joined SRS Real Estate Partners as a senior VP in the Orlando, Florida, office directing landlord and tenant representation. She held a similar role with Cushman & Wakefield in Central Florida for the past two years. Schooler has long experience in retail site selection, having spent eight years performing market analysis and negotiating leases for new restaurant concepts with Restaurant Partners in Orlando. She also spent five years as owner of Cynco Properties, a real estate broker.
NFL experience commits to 20 Times Square

The NFL Experience has become well known as a primary attraction of Super Bowl week in the big game’s host city. Now the attraction will go permanent in a joint venture with Cirque du Soleil at 20 Times Square, a mixed-use Witkoff development that will house the 39-story Edition Hotel.
Online menswear retailer expands offline

An online retailer specializing in men’s custom-tailored suits and menswear, is set to open its third physical location. Black Label will open a store on July 11 in downtown Chicago this summer, the Chicago Tribune reported. In addition to suits, the store will also shirts, suits, denim, chinos and outerwear. To date, the retailer has opened a store in Boston, and one in Washington, D.C. It hopes to double its store count next year, the report said.
RKF declares Manhattan’s ‘96th Street divide’ defunct

Having brokered the sale of street-front retail real estate on 101st Street and Third Avenue in New York for $2.2 million, RKF declared the unofficial rule of placing prime retail locations below 96th Street in Manhattan to be null and void.
Vornado vet is named CFO at Federal Realty

Federal Realty Investment Trust announced that Dan Guglielmone will take over as its CFO and treasurer next month. A 13-year veteran of Vornado, Guglielmone is currently the company’s senior VP of acquisitions. He previously spent 10 years in investment banking with the real estate and lodging group of Salomon Smith Barney/Citigroup.
Delhaize, Ahold to divest 86 stores; Publix and Supervalu among buyers

As their merger enters the home stretch, Delhaize Group and Ahold have reached agreements with buyers to divest 86 U.S. stores. The two international companies announced their intent to combine forces back in June 20115. The merger is set for completion at the end of July, pending final approval by the Federal Trade Commission.
Victoria’s Secret, Bath & Body Works to join Miami’s Brickell City

The retail tenant roster is filling out at the retail portion of Brickell City Centre, the billion-dollar residential and mixed-use project near completion in Miami. Signing on this week were Bath & Body Works, Pinko, Stitched, Suit Supply, and Victoria’s Secret.