Mergers & Acquisitions

Shares of Burlington Stores surged more than 40% in their first day of trading as the company executed an initial public offering on Wednesday.

The retailer operates 503 stores primarily under the name Burlington Coat Factory and sold 13.3 million shares that were priced at $17, slightly above an earlier range of $14 to $16. The limited number of shares contributed to strong demand and at the open the stock price popped more than 40% and closed at $25.13.

Proceeds from the sale were estimated to total roughly $205 million which the company planned to use to repay debt.

Staples has acquired Runa, a software company based in San Mateo, Calif., that helps online retailers increase sales by personalizing the shopping experience. Terms and conditions of the acquisition were not disclosed.

Dallas — SRS Real Estate Partners www.srsre.com has opened the doors to a new office in Birmingham, Ala. The company has also brought in Martin Smith to serve as senior VP and co-market leader alongside Josh Burmeister.

A 13-year veteran of the commercial real estate industry, Smith specializes in landlord representation, tenant representation and investment sales. Prior to joining SRS, he spent seven years with Retail Specialists, where he was director of brokerage and project leasing.
 

Lansing, Mich. — Mid-America Real Estate Corporation’s Investment Sales team has brokered the sale of a portion of the 313,000-sq.-ft. Edgewood Town Center in Lansing, Mich. Office Max and Dollar Tree anchor the center, while Target and Sam’s Club shadow anchor.

RCG Ventures LLC purchased the 86,000-sq.-ft. portion, whch excludes shadow anchors, for an undisclosed amount from Ramco-Gershenson Properties Trust. Mid-America represented Ramco-Gershenson.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.