Deals

Macy’s has put part of its iconic State Street store in Chicago’s Loop district on the selling block.   The top half of the building, floors eight through 14, is on the market, the Chicago Tribune reported. Altogether, the space for sale takes in some 650,000 sq. ft., the report said Macy's plans to continue owning the lower floors, which include retail space.  

Daniel Goodwin, chairman and CEO of Inland Real Estate Group, was presented with the first Lifetime Achievement Award ever bestowed by Illinois Realtors, a century-old trade association with 44,000 members.   “Dan Goodwin is an example of that rare person who excels not only as a businessman, but also as a compassionate leader who is interested in helping others realize the dream of property ownership,” said Doug Carpenter, president of Illinois Realtors.  

The battle for Walgreens to acquire Rite Aid may be entering its final stage.     Walgreens is expected to certify compliance within days, giving the Federal Trade Commission 90 days to either clear the $9.7 billion deal or sue to block it, reported the New York Post. The newspaper added the certified compliance period would expire roughly the same day as the Walgreens-Rite Aid merger agreement terminates on July 31. The proposed transaction was first announced in October 2015.  

Dollar General Corp. has added to its portfolio through an acquisition.    The Federal Trade Commission has approved the sale of 323 Dollar Express stores by Sycamore Partners to Dollar General, reported Reuters. The Dollar Express chain is made up of former Family Dollar stores that Family Dollar sold to Sycamore Partners in late 2015. Sycamore Partners bought the stores in 2015 when Dollar Tree sold the stores in order to win antitrust approval to buy the Family Dollar chain.   

A Chicago-based fund manager has acquired BeachWalk on Highway 101 in Solana Beach, California, for $33.25 million.   "True coastal retail projects like BeachWalk seldom come to market,” said John Read of CBRE’s National Retail Partners West unit, which represented the seller, the Orange County-based Muller Company. Solana Beach is north of San Diego.  

Office Depot continues to make good on its promise to focus on its North American business.     The retailer said it has closed on the sale of its business in South Korea to Excelsior Capital Asia, a Hong Kong- and Korea-based direct investment firm. Excelsior invests throughout Asia on behalf of major Korean institutions, pension funds and private family offices.  

Starbucks Coffee Company is going big in the Windy City — in a space that is currently to home to one of the city’s iconic retail flagships.    The coffee retailer will open a four-level, 43,000-sq.-ft. Starbucks Reserve Roastery on Michigan Avenue in Chicago in 2019, in the building currently occupied by Crate & Barrel. The home goods chain, which has operated a store on the site for 27 years, is expected to close its door in early 2018.   

Bankrupt sporting goods retailer Gander Mountain may live to see another day.   Sportsman’s Warehouse Holdings Inc. is planning to bid for as many as 80% of Gander Mountain’s stores, Bloomberg reported. Gander Mountain filed for bankruptcy on March 10.