Deals

Phoenix -- Big Shopping Centers USA and Red Development have announced a joint venture partnership to maximize market presence and performance of select U.S. retail properties in the Midwest and West. The alliance seeks to acquire established, first-tier community, lifestyle and power centers with strong tenant line-ups and sales figures that are well positioned in markets throughout the United States.

Chicago -- Tucker Development, in joint venture with Hutensky Capital Partners, announced the $57.25 million acquisition of Town Square Wheaton (TSW), a 200,000-sq.-ft. shopping, dining and office destination located in Wheaton, Illinois.
 

Toronto -- Canadian Tire Corp. has concluded an agreement to acquire 12 real estate leases formerly held by Target Canada for $17.7 million. The transaction is subject to the approval of the court in connection with Target Canada's CCAA proceedings.

Oak Brook, Ill. -- Retail Properties of America announced that it has closed on the off-market acquisition of a 38,000-sq.-ft. community center located in Tysons Corner, which is in the Washington, D.C./Baltimore corridor.

Recently renovated in 2012, the property is anchored by Golfsmith and shadow-anchored by Best Buy. It is also supported by national fast-causal restaurant offerings including Chipotle, Chick-fil-A and Roti. The property was purchased off-market for approximately $31.6 million.

New York -- Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, announced that Foot Locker has signed a 15-year lease to occupy the building’s entire 36,000-sq.-ft., four-level retail space which has been designated as 8 Times Square.

Mississauga, Canada – Target Corp.’s exit from Canada is reportedly not turning out as smoothly as the retailer had hoped. According to the Toronto Globe and Mail, Target is returning 55 leases it could not find a bidder for to their landlords.

Target is also returning 19 leases for office and warehouse space in Canada. The company operated a total of 133 stores in Canada; meaning about 40% of the store leases did not attract bidders.

Downtown LA’s South Park will emerge as a new retail district

It’s rare enough for any developer — or group of developers and brokers — to plan an entirely new retail district almost literally from the ground up. It’s utterly unique to do so in one of the largest cities in the world.

Yet, that’s exactly what’s happening in Downtown Los Angeles’ South Park neighborhood.

Liberty Center is Greater Cincinnati’s something-for-everyone development

There are mixed-use developments, town centers, and then there are PLACES, and Liberty Center is being designed to be just that when it brings 1.2 million sq. ft. of retail, restaurant, offices, residences, a hotel and three parks — including one inside the enclosed mall — to a young and affluent area of North Cincinnati.

Liberty Center, opening Oct.

Our fastest-growing acquirers bought fewer square feet than in 2013. But the deals may be even better.

Editor’s Note: The 26th annual Chain Store Age survey of Fastest-Growing Acquirers surveyed retail square footage purchased during the 2014 calendar year.

Retail real estate acquisitions slowed in 2014. The year’s five Fastest-Growing Acquirers purchased approximately 10 million fewer square feet than the top five bought in 2013.

That may be a deceptive observation.

Hoffman Estates, Ill. – Sears Holding Corp. and Santa Monica, California-based shopping mall operator The Macerich Co. are forming a 50/50 joint venture that will purchase nine Sears stores located in Macerich malls for $150 million. The venture will then lease the stores back to Sears or to other retailers.

Sears has entered two other similar leaseback joint ventures during April 2015, including deals with General Growth Properties and Simon Property Group. According to Macerich, the stores have average in-line sales of $680 per square foot.