Deals

New York has unseated Hong Kong for the dubious distinction as the world’s most expensive shopping destination, according to a fascinating new report examining 330 markets worldwide.

New York - It appears that Hudson’s Bay Co. got itself quite a deal when it purchased Saks Fifth Avenue in 2013 for the sum of $2.9 billion, including debt. Saks’s signature  Fifth Avenue flagship has recently been appraised at an whopping $3.65 billion—significantly more than Hudson’s Bay paid for the entire chain.  As much as anything, however, the appraisal reflects the strength of Manhattan’s retail real estate market.

With the value of its flagship store on New York City’s Fifth Avenue appraised at an astonishing $3.7 billion, Saks parent Hudson’s Bay Co. has taken out a $1.25 billion loan to pay down debt and finance a $250 million renovation in 2015.

Boston - X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S. and Canada, released third quarter transactional volumes totaling $746 million, bringing its year-to-date transactional volume to more than $2.24 billion.   

Redmond, Washington - Retail Properties of America, Inc. announced the purchase of Avondale Plaza, a 39,000-sq.-ft. neighborhood shopping center in Redmond, Washington (Seattle MSA). The center is located on Avondale Road, and is anchored by PCC Natural Markets.   The purchase price was approximately $15 million.  

Goodlettsville, Tenn. - Dollar General Corporation isn’t giving up. The deep discounter on Wednesday  affirmed its commitment to the acquisition of rival Family Dollar Stores. Dollar General’s comments followed the news that Family Dollar has delayed its shareholder vote on its $8.5 billion deal to be bought by Dollar Tree Inc. from Dec. 11 to Dec. 23.

Canton, Mass. –- Dunkin’ Donuts has signed a multi-unit store development agreement with existing franchisees ABDD Arizona to develop seven restaurants in Phoenix. The group's first restaurant from this franchise agreement opened Oct. 27.  

Houston -- Marcus & Millichap announced the sale of The Villagio at Cinco Ranch, an 111,963-sq.-ft. lifestyle shopping center in Katy, Texas. The asset had a list price of $31,290,000; however, the terms of the sale of were not released.   Derek Hargrove, senior associate, and Justin Miller, vice president investments, had the exclusive listing to market the property on behalf of the seller, The Marcel Group.