Deals

Alpharetta, Ga. - McAlister's Deli has signed three development agreements with new and existing franchisees to open restaurants in Southern Georgia and North, Central and Southwest Florida.

Existing franchisee DMAC 81 LLC, based in Summerville, South Carolina, plans to open several new restaurants between southern Georgia and northern Florida.

New York -- Surging rents in Manhattan have claimed another victim, and this time it's one of the city's most iconic retail establishments. F.A.O. Schwarz will close its legendary toy store on Fifth Avenue this summer, citing the high and rising costs of operating a store on one of the city's most pricey blocks of real estate. Toys "R" Us, which acquired F.A.O. Schwarz in 2009, said it will close the 45,000-sq.-ft.

Surging rents in Manhattan have claimed another victim, and this time it's one of the city's most iconic retail establishments.

On the heels of Walmart's decision to acquire 13 Target locations in Canada comes an announcement from Lowe's, which has also decided to acquire 13 Target Canada leases as well as distribution center in Ontario.

The deal is worth about $125 million.

About a year and a half ago, I wrote the following about Sears in an article that appeared in this space: “the company has been run less like a retail operation and more like a REIT for many years now.”

Dallas - Corner Bakery Cafe is focusing franchising efforts in the Southeastern markets of Birmingham; Charleston; Charlotte; Columbus; Jackson; New Orleans; Raleigh; and Tampa. Corner Bakery Cafe is looking for best-in-class franchise operators who have relevant multi-unit restaurant/retail experience in the market to be developed.

In targeting the Southeast region, Corner Bakery Cafe, which has more than 390 locations in development commitments, plans to strengthen its presence.
 

New York -- Commercial real estate services firm DTZ, which is backed by private-equity firm TPG, has entered into a deal to acquire rival Cushman & Wakefield Inc. for $2 billion.

The combined company will have 43,000 employees, annual revenues of more than $5.5 billion and manage more than 4 billion square feet of real estate globally.  It will operate under the Cushman & Wakefield name.

Chicago -- JLL is getting a big boost to its retail business by acquiring Wilson Retail Group, an independent retail brokerage and capital markets firm in Southern California.

The transaction will enable JLL, the nation’s largest third-party retail property manager, to provide a broader range of brokerage and investment sales services to retailers and investors in a core urban gateway. The transaction closed for an undisclosed sum.

Toronto - Lowe's Canada has reached an agreement to acquire the leases of 13 former Target Canada locations and to purchase Target's distribution center in Milton, Ontario, for a total purchase price of about $125 million. This acquisition came as part of a real estate auction following Target's decision to cease operations in Canada.

Mississauga, Ontario - Walmart Canada has reached agreements to acquire one distribution center, 12 store leases and one owned property formerly held by Target Canada, for an aggregate of approximately $165 million Canadian ($136.3 million).