Mergers & Acquisitions

Chicago -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Summit Crossing located in Crown Point, Indiana. The 11,859-sq.-ft. center was purchased by a California-based private investor for $3.2 million.
 
Summit Crossing is located at the southeast corner of Route 55 and East Summit Street in Crown Point, in the Chicago MSA. The 100% leased center features a tenant mix that includes ATI Physical Therapy, Advance Auto Parts, Supercuts and Starbucks.

The largest retailer of party supplies in the United States, Party City, has filed paperwork for an initial public offering of its shares.

The company, which sells party supplies, decorations and costumes, said it expects the offering of 21.9 million shares to be priced at between $15 and $17 per share.

Party City Holdco Inc. is expected to be valued at nearly $2 billion in its initial public offering, the first by a U.S. retailer this year.

Dallas -- SRS Real Estate Partners has appointed Woody McMinn as president of North American brokerage in the Dallas corporate headquarters office. In his newly created position for SRS, McMinn will be responsible for North American brokerage operations, leading market leaders and their respective teams, encouraging collaboration across markets and leading recruiting efforts to grow brokerage, offices, operations and productivity.

Tokyo – The Cool Japan Fund, a fund mostly supported by Japanese taxpayers and linked to Japan’s government, will reportedly invest $2.18 million in a chain of U.S. green tea cafes. According to Reuters, the Cool Japan Fund will take a 49.9% stake in Green Tea World USA Inc.

Green Tea World plans to open its first tea café in California later in 2015. The company intends to open 50 stores in California cities including Los Angeles, San Francisco and San Jose in the next decade. Beverages will sell for $3 to $4 each.

Canton, Mass. – Dunkin’ Donuts has signed multi-unit store development agreements with two existing franchise groups to develop seven restaurants in Illinois during the next several years. The two franchise groups and their development plans include:

Chattanooga, Tenn. -- CBL & Associates Properties and Horizon Group Properties have begun construction on the second phase of The Outlet Shoppes of the Bluegrass, near Louisville, Kentucky.

The 53,400-sq.-ft. expansion is scheduled to open this November and will bring eight more retailers to the center including H&M, Abercrombie & Fitch, The Limited Outlet, and Johnny Rockets. The outlet shopping center, located off Interstate 64 between Louisville and Lexington, opened July 31, 2014.

After trying to get RadioShack back on its feet for nearly two years, CEO Joe Magnacca is stepping down.

The president of Saks Fifth Avenue has resigned after 15 months at the department store chain’s helm.

Saks parent company Hudson’s Bay Company announced that company veteran Marc Metrick, 41, has replaced Marigay McKee as president of Saks Fifth Avenue.