Deals

Chicago -- Englewood Construction announced Wednesday that its retail group has begun work on four new projects, including three in the Chicago market and one in Columbus, Ohio.
 

Boca Raton, Fla. -- Office Depot largest shareholder Starboard Value said Wednesday it sent a letter to the office supply retailer’s board, urging it to sell its 50% joint-venture interest in the Office Depot de Mexico business as soon as possible.

Starboard, which owns a 14.8% stake in Office Depot, said it believes the value of the JV interest is not fully reflected in the retailer's stock price.

NEW YORK — Barnes & Noble founder and chairman, Leonard Riggio, has notified the company's board of directors of his intentions to purchase the company's retail business. 

Cherry Hill, N.J. -- Conshohocken, Pa.-based Fameco Real Estate announced that Red Robin has signed a lease at the Plaza at Cherry Hill, Cherry Hill, N.J.

The 6,000-sq.-ft. restaurant will join anchors LA Fitness, Raymour & Flanigan, Guitar Center, Sam Ash and Bottom Dollar at the 450,000-sq.-ft. power center.

Atlanta -- Cincinnati-based Phillips Edison–ARC Shopping Center REIT has announced the acquisition of Macland Pointe, a 79,699-sq.-ft. shopping center anchored by a Publix grocery store and located in the Greater Atlanta, Georgia Metro Area.  

The acquisition of Macland Pointe brings the company's total portfolio to 34 properties anchored by 13 grocers in 15 states.

Macland Pointe is 92.8% occupied and anchored by a 55,999-sq.-ft. Publix.

New York -- Winick Realty Group announced that it is exclusively representing Chipotle Mexican Grill in its leasing efforts throughout Northern New Jersey, Long Island and all five boroughs of New York City.

The Winick team is seeking 1,600-sq.-ft. to 2,300-sq.-ft. sites in these markets. Since opening its first Manhattan location in 2003, Chipotle has grown to 60+ locations in New York City, Long Island and Northern New Jersey.

Las Vegas -- MGM Resorts International CEO Jim Murren said Wednesday that the company is considering selling parts of its $8.5 billion CityCenter project on the Las Vegas Strip, including the Crystals Mall.

The sell-off would be a move to reduce CityCenter’s $1.85 billion in debt, which has been paid down from $2.5 billion last year.

CityCenter also houses the 4,000 Arai hotel casino which, said Mullen, is not part of any potential sale.

New York -- A Friday report by Bloomberg said that Office Depot is considering selling the remaining 50% of its Mexican unit to Grupo Gigante SAB, which currently owns the other half.

Citing unnamed sources, Bloomberg reported that Grupo Gigante is in talks with local banks to fund the acquisition of Office Depot de Mexico.
 

North Bergen, N.J. -- The Vitamin Shoppe announced that it has closed on the previously announced purchase of Super Supplements, a specialty retailer of vitamins, minerals and supplements for approximately $50 million. The acquisition was funded with available cash. 

The transaction was structured as a purchase of Super Supplements' assets by a wholly-owned subsidiary of the Vitamin Shoppe. Super Supplements is headquartered in Seattle, Washington and operates 31 stores in the Pacific Northwest.
 

New York -- Richard Schulze, founder of Best Buy Co., may abandon a buyout bid and instead line up investors to take a minority position in the electronics retailer, Reuters reported.
 
Schulze informed the Best Buy board in August that he was interested in partnering with private equity partners to buy the struggling consumer electronics company. But he has been unable to get enough support from banks to finance a deal that would allow him to take it private, the report said.