Deals

Walgreens' flagship Hawaii store in Honolulu is back on the market, months after a Los Angeles-based investment bank and wealth management firm paid $54 million to buy the property, the Pacific Business Journal reported.   Click here to read more. 

Simon Property Group reported a 5% drop in net income to $527 million for the second quarter, yet declared positive results based on other measures. Total portfolio net operating income, which tracks comparable property and new property growth, grew 7.4% over second quarter 2015 and growth in comparable funds from operations rose 9.1%.   The Simon board declared a 6.5% increase in its stock dividend for the quarter and raised its guidance for full-year 2016 net income to be within a range of $6.04 to $6.12 per diluted share.

Under Armour on Tuesday reported a drop in profit for the second quarter, related to the closing of The Sports Authority. The athletic wear brand also revealed plans to plant its banner on prime real estate in Manhattan.    

Avison Young announced completion of the sale of Shoppes at Vickery Village, a 77,794sq.-ft., 11-building center in Cumming, Georgia. The real estate services firm reports that the purchase price was 20% more than the seller paid for the property only 18 months ago.  

CBL & Associates announced it has completed a $66.5 million sale of two malls in Michigan — The Lakes in Muskegon and the Fashion Square Mall in Saginaw. The identity of the buyer was not disclosed.   CBL president and CEO Stephen Lebovitz said the Michigan sales were part of a long-term plan to move to a portfolio of higher quality, higher-growth portfolios.   

The Federal Trade Commission has given its blessing to a deal that creates the fourth largest supermarket company in the United States.   Delhaize Group, owner of Food Lion, and Royal Ahold NV, owner of Stop & Shop, on Sunday completed their $29 billion merger after they received regulatory clearance by the Federal Trade Commission.   

The 26-acre property of the Imperial Sugar Refinery in Sugar Land, Texas, has been purchased by a developer that intends to transform it into a mixed-use facility comprising a hotel, apartments, and a 290,000 sq. ft. retail and entertainment center.

Glen Valley Center’s taxable value had fallen to $776,221 since 2013, and the foreclosed, 35,775-sq.-ft. strip center in Caledonia, Michigan, had been the property of Wells Fargo Bank since 2007. So why did the bank walk away with $2.3 million for the center after a bidding war erupted among six buyers?   “We have a huge lack of product for investors to put their money in," explained Mark Ansara to mlive.com, which recently ran a report on the sale consummated at the end of June.  

Adhering to its company motto of “Quality Shopping Malls in Compelling Markets,” PREIT reached an agreement to sell the Washington Crown Center in Washington, Pennsylvania. At the same time, it announced it had put the Beaver Valley Mall up for sale.   In a press release, PREIT noted it had embarked on a portfolio optimization program focusing not just on new properties, but on new types of tenants that could fuel growth.  

Having brokered the sale of street-front retail real estate on 101st Street and Third Avenue in New York for $2.2 million, RKF declared the unofficial rule of placing prime retail locations below 96th Street in Manhattan to be null and void.