It’s no secret that a successful retail center of any kind in 2019 — be it an outdoor center or an enclosed mall — must re-jigger its mix to include a wide variety of food, beverage, and entertainment-based tenants.
With malls stymied by pandemic-related closures and bankrupted tenants, Macerich finds its cash flow limited and has hired the PJT Partners investment bank to help it deal with a $1.5 billion revolving credit facility that comes due in July.
After herd immunity quells the threat of COVID-19 and masks are thrown away, retailers will still be feeling the ill-effects of the pandemic, according to Andy Graiser, co-president of A&G Real Estate Partners.
The achievement of herd immunity from COVID-19 in the United States—an occurrence that would drive crowds back to shops, restaurants, and theaters—could happen in July. Or April. It depends on whether you want to put more weight behind the estimates from the New York Times or the Wall Street Journal.
Steven Grimes said that the unprecedented challenges of 2020 tested every facet of center owner RPAI’s business during an earnings call today, but he was optimistic about the year ahead.
“The unemployment rate has declined, consumer confidence is
Like all malls and retail centers, PREIT is aggressively adding new food and beverage establishments to its tenant lineups and this Valentine’s Day wants to give its restaurant operators some extra loving care.
Ingka Centres’ plan to move small-format Ikea stores into downtown shopping centers in major United States metros has just advanced further with Ingka Corporation’s purchase of 10,840 acres of Georgia forest land.
What mall owners everywhere started doing during the pandemic—replacing lost anchors with health care facilities, adding experiential tenants, giving failing properties back to the bank—Joe Coradino began doing almost 10 years ago at PREIT.
“Boston’s like a ghost town, and it was always hustle-bustle,” said Mike Powers, senior VP of Tuscan Village. “It’ll come back, but it’s a wakeup call to the real estate market that things had gotten out of hand.”
Kimco Realty, an owner-operator of 400-plus neighborhood and mixed-use centers, has re-deployed the Tenant Assistant Program it introduced in the spring to assist its small-business tenants in applying for the second round of Paycheck Protection Program funds approved by Congress.
Traffic statistics at American malls in the early days of this year’s expanded holiday shopping season fell in step with the volume of COVID-19 cases being reported—except during gift-buying crunch time in December.
Like many retail real estate companies plagued by shutdowns during the pandemic, Tanger Factory Outlets suspended cash dividends to its shareholders. Now, with bolstered cash reserves of $80 million, the company has re-started making the quarterly payments.
Keen-Summit Capital Partners and its parent company, Summit Investment Management LLC, have opened a joint office in Chicago to expand their participation in distressed asset management in the Midwest.
The re-invention of its business platform that helped win PREIT a swift exit from Chapter 11 protection in December will see one of its first executions at Moorestown Mall in the Philadelphia metro area.
Two years ago, Turnbridge Equities and Denali Partners purchased Cary Towne Center in Cary, N.C., for $31 million with plans to tear down the mall that had lost its Sears, Macy’s, and J.C. Penney’s and replace it with a mixed-use town center.