Deals

DLC Management announced several promotions within its national leasing team, chief among them the naming of Chris Ressa as senior VP of the department.   A one-time Sherwin Williams real estate rep, Ressa joined DLC as a leasing rep in 2007 and rose through the ranks to become VP of the Midwest region and senior VP of the Northeast/Midwest region before being put in charge of nationwide leasing for this major owner and operator of open-air shopping centers.  

Sales and purchases of shopping center assets at Kimco Realty Corp during the second quarter of 2016 exceeded $1 billion dollars, according to details released by the company.   The Hyde Park, New York-based Kimco sold 22 Canadian shopping centers totaling 28 million sq. ft. for $474.4 million, which included the assignment of $213.5 million of existing mortgage debt. It also disposed of 12 unencumbered U.S. properties totaling 1.5 million sq. ft. for $220.5 million.  

Nordstrom remains in expansion mode with its Nordstrom Rack division.   A 26,000-sq. ft. Nordstrom Rack is scheduled to open in spring 2017, at CityPlace, a 100-acre, master-planned development in Woodbury, Minn.   The property is owned and managed by Elion Partners, a Florida-based real estate investment firm.     

Alex Cesar, who had been running JLL’s retail department in Brazil, has been hired by RKF to head up its Miami office.   “Alex will be a crucial driver of our expansion in South Florida and will strengthen the bridge between the Latin American and U.S. retail markets,” said RKF CEO Robert Futterman in announcing the move.  

Brookfield Asset Management announced the completion of its deal to acquire Rouse Properties at a price of $18.25 per share.   Rouse will be merged with Brookfield’s BSREP II Retailing Pool LLC affiliate and the acquired company’s stock will be delisted from the New York Stock Exchange.  

Amazon Books is headed to Hudson Yards, the massive redevelopment underway on New York’s west side, according to a report in the New York Post.   The online retailer debuted its bricks-and-mortar retail format last November, at University Village in Seattle, and is set to open a second location, in San Diego, this summer. A third location, at Washington Square Mall, in Tigard, Oregon, is expected to open this fall. The Hudson Yards location would be Amazon’s East Coast beachhead.  

Dick’s Sporting Goods was the victor on Thursday at the bankruptcy auction for former rival Sports Authority Holdings.    Dick’s bid $15 million for the brand name and other intellectual property, beating British-based Sports Direct International PLC’s $13 million bid, according to the Wall Street Journal.      Dick’s also had the winning bid at the auction for 31 Sports Authority store leases, for an additional $8 million, the report said.  

New Century Commons, a shopping center in Delray Beach, Florida, has been purchased by Menin Development for $33 million, according to a report in the Sun Sentinel.

Seller of the 84,551-sq.-ft. center was Linton 510 LLC, which faced uncertainty over the future of one of its anchors, Sports Authority, which filed for bankruptcy in March. Questions about cash flow going forward complicated the closing of the sale, though a Menin spokesman told the South Florida newspaper that several retailers have inquired about the Sports Authority space.