Deals

Warby Parker is making a big commitment to brick-and-mortar.    The hip eyewear retailer plans to open at least 25 stores this year, The Wall Street Journal reported.   The new locations, planned for Miami, Philadelphia, Los Angeles and other cities, are expected to bring Warby Parker’s total store count to about 70 by year end.    The stores will range in size and include freestanding as well as mall locations, the report said. 

The largest proposed mall and entertainment center in North America  has been granted its first approval.    The comphrehensive master plan of the massive,  6.2 million-sq.-ft.  American Dream Miami project won preliminary approval from the Miami-Dade County Commission, reported The Read Deal.  

Eastern Outfitters, the parent company of Eastern Mountain Sports and Bob’s Stores, has filed for Chapter 11 bankruptcy protection.     The company listed assets and liabilities in the range of $100 million to $500 million in its filing        British sporting goods retailer Sports Direct International has engaged in extensive talks with Eastern Outfitters to become a stalking-horse bidder in a bankruptcy auction, Reuters reported.    

A blockbuster deal in retail could be on the horizon. Or not.   Canada’s Hudson's Bay Company has approached Macy’s about a takeover, reported The Wall Street Journal, citing people familiar with the matter.   The talks between the companies are in the early stages and could lead to something other than an acquisition, according to the Journal, such as a deal for Macy’s real estate, which could be valued at roughly $14 billion. The talks could also go nowhere.

PriceSmart is ready to break ground on its newest locations.    The warehouse club retailer has acquired approximately 242,000 sq. ft. of land in Santa Ana, Costa Rica — the home of its newest warehouse club set to open in the fall. This will be the chain’s seventh club operating in Costa Rica.  

Vestar announced the close of a deal to acquire the Twin Creeks Marketplace in Allen, Texas, north of Dallas.   Opened in 2016, the 43,134-sq.-ft. center sits on five acres at the intersection of W. Exchange Parkway and Alma Drive. Tenants include Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles, and ATI Physical Therapy.  

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.