Development/Redevelopment

Indianapolis - Simon Property Group Inc. has withdrawn a roughly $22 billion offer to purchase California-based mall operator Macerich Co. In a brief statement, Simon said it decided to withdraw the offer, worth $95.50 per share, in light of the decision by the Macerich board of directors not to engage in discussions.

Hoffman Estates, Ill. – Sears Holding Corp. is forming a real estate investment trust (REIT) called Seritage Growth Properties, which will purchase 254 Sears and Kmart stores for more than $2.5 billion. Seritage will partially fund the transaction through a public rights offering.

Hoffman Estates, Ill. – Hendricks Commercial Properties LLC, a Wisconsin-based real estate firm, has reportedly purchased the lone Kmart store on the Hawaiian island of Maui, for $20.8 million. According to Pacific Business News, the 108,000-sq.-ft. building is part of a seven-acre parcel that had been on the market for $22.5 million.

Hendricks purchased the store from KM Maui Partners, who had been leasing the store back to Kmart.
 

Sears Holding Corp. is looking to raise more than $2.5 billion by selling its stores to a real estate investment trust.

The REIT, called Seritage Growth Properties, will purchase 254 Sears and Kmart stores for more than $2.5 billion and then lease back the Sears and Kmart stores to Sears Holdings. Seritage will partially fund the transaction through a public rights offering.

Phoenix – PetSmart Inc. has named six new executives to its senior leadership team.  The additions reflect the first major hires by PetSmart’s newly installed president and CEO, Michael Massey.

Joining the Company are: Eran Cohen, executive VP of customer experience; Ron Cooperman, executive VP of strategy, Initiatives and real estate; Ted Passig, executive VP of buying and sourcing; Phil Vostrejs, executive VP of merchandise planning allocation, distribution and supply chain; and Brian Amkraut, senior VP of real estate.

Santa Monica, Calif. -- Online fashion fave Nasty Gal has opened its second brick-and-mortar location, on Third Street Promenade in Santa Monica, California. At 6,500 sq. ft., the new store is nearly triple the size of the retailer’s first location, on Melrose Ave. in Los Angeles, and is filled with neon accents and kitschy-but-hip accents.

Cincinnati -- Macy’s announced that Bloomingdale’s plans to open a 150,000-sq.-ft., three-level location in fall 2018 in an all-new shopping, dining and entertainment center being developed in Norwalk, Connecticut, by General Growth Properties.

“This spectacular new shopping center will be a distinctive and upscale destination for Fairfield County and surrounding areas, prominently positioned at I-95 and Highway 7,” said Tony Spring, chairman and CEO of Bloomingdale’s.

Chicago -- Torrid, the edgy plus-sized apparel division of Hot Topic, will open a flagship on State Street in Chicago, on April 8. It’s part of 60 stores the retailer is planning to open across the country this year.

The 3,000-sq.-ft. store, located in The Loop, Chicago's historic shopping district, will be Torrid's tenth store in the Windy City.

New York -- Europe's largest home improvement retailer, Kingfisher, plans to close about 60 underperforming B&Q stores in Britain amid a 7.5% decrease in annual profit, Reuters reported.

Currently, B&Q operates some 360 stores.

In other news, Kevin O'Byrne, CEO for B&Q U.K. and Ireland, will leave the company on May 15, the report said.

PetSmart Inc. is looking to drive growth with six new executive appointments focused in the areas of customer experience, merchandise planning, strategy, initiatives, sourcing and real estate.

The additions to the senior leadership team reflect the first major hires by PetSmart’s newly installed president and CEO, Michael Massey.