Mergers & Acquisitions

The ongoing quest of Sears Holding Corp. to leverage its vast real estate portfolio helped pave the way for British fast-fashion retailer Primark to enter the United States, giving the import access to space in malls throughout the Northeast.

In late 2014, Primark struck a deal with Sears to lease a total of approximately 520,000 sq. ft. in seven Sears mall-based locations. All the space is expected to be delivered to Primark by the end of 2015.

Some parts of the country are still waiting for economic recovery, but the Northeast is already enjoying a return to financial prosperity.

The Northeastern U.S. offers a consumer base that is better educated and wealthier than that of many other areas. As a result, vacancies in Northeast centers tend to be low, giving landlords leverage in determining rents and tenant mixes.

The convoluted ownership history of Petco has just taken an interesting new turn that cost $4.6 billion.

According to a statement release by Petco, funds affiliated with CVC Capital Partners and the Canada Pension Plan Investment Board (CPPIB) entered into a definitive agreement to jointly acquire Petco from a group of investors led by TPG and Leonard Green & Partners for approximately $4.6 billion. The acquisition of the 1,400 store retailer is expected to close in early 2016.

June 2, 2015: David Brandon is named chairman and CEO, effective July 1, succeeding the retiring Antonio Urcelay.

November 2013: Former Walmart executive Hank Mullany is named president of Toys “R” Us, U.S.

October 2013: 17-year Toys “R” Us veteran Antonio Urcelay is named chairman and CEO after serving in an interim role for five months.

RANDOM NOTES: Microsoft made its Manhattan debut with a 22,369-sq.-ft. flagship on Fifth Avenue — its largest location yet. Designed in collaboration with Gensler, the store has a striking, all-glass facade that provides a full view of the contemporary, multi-level interior. High-definition video walls and digital signage are featured throughout the space, streaming video, images and information. A two-story video wall is located behind an “answer desk,” where shoppers can receive assistance and training. ...

Fresh Market’s new CEO Rick Anicetti said he is making changes as fast as possible to restore growth to a retailer he contends has enormous untapped potential.

Hamilton Township, N.J. -- IP Associates announced it has executed an agreement with Regal Entertainment Group to anchor Independence Plaza located in Hamilton, New Jersey. The announcement comes on the heels of an eight month turnaround leasing campaign that has netted in 115,000 sq. ft. of new leases.

Cincinnati – Phillips Edison Grocery Center REIT II announced it has acquired two grocery-anchored shopping centers, expanding the company’s portfolio in Arizona and Florida.

51st and Olive Square is an 88,225-sq.-ft. grocery-anchored shopping center in Glendale, Arizona. The center is anchored by Fry’s Food and Drug grocery store, the number one grocer by market share in the Phoenix area. Additional key national tenants include Leslie’s Poolmart, Papa Murphy’s and the UPS Store.