Real Estate

A men’s grooming shop that provides hand and foot care, haircuts and shaves in a “man cave nirvana” has ambitious designs for expansion.   

The Outlet Shoppes at Oklahoma City was acquired this week by an unnamed buyer, reported CBL & Associates, which co-owned the center with Horizon Group Properties.   "The Outlet Shoppes at Oklahoma City was the first project we developed with Horizon and has been a huge success,” said Stephen Lebovitz, CBL’s president & CEO. “We are pleased to demonstrate the value of our outlet portfolio and provide additional liquidity to reduce leverage and help fund our redevelopment program."  

The Lone Star state is set to get a big dose of Crayola color.    The iconic brand will open a Crayola Experience at The Shops at Willow Bend, Plano, Texas, in spring 2018. This is the fourth location for the attraction, which also has locations in Orlando, Fla., Bloomington, Minn. (at Mall of America), and its hometown of Easton, Pa.      

Same property net operating income during the first quarter was up 3.2% at Brixmor Property Group thanks to aggressive redevelopment efforts, said the company’s CEO.    "While the overall retail environment brought an increase in announced retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand, resulting in 1.9 million sq. ft. of new and renewal leases executed in the first quarter at blended comparable rent spreads of 16.4%," said James Taylor in a statement.

Hudson’s Bay Company is losing its finance head.   The retailer said that CFO Paul Beesley has made the decision to resign in order to return home to Canada to be closer to his family. Beesley will continue in his role over the next two months to ensure a smooth transition. His last day with HBC will be July 7. HBC has engaged an executive search firm to assist in recruiting a new CFO.  

The battle for Walgreens to acquire Rite Aid may be entering its final stage.     Walgreens is expected to certify compliance within days, giving the Federal Trade Commission 90 days to either clear the $9.7 billion deal or sue to block it, reported the New York Post. The newspaper added the certified compliance period would expire roughly the same day as the Walgreens-Rite Aid merger agreement terminates on July 31. The proposed transaction was first announced in October 2015.  

Indochino is growing its fledgling store footprint and has the U.S. market in its sights.   The Vancouver, Canada-based online retailer has opened its 13th store, at Metropolis in Metrotown in Burnaby, a suburb of Vancouver. The approximate 2,000-sq.-ft. store follows the recent openings of additional locations at West Edmonton Mall, Edmonton, and Chinook Centre, Calgary.   

Macy’s has put part of its iconic State Street store in Chicago’s Loop district on the selling block.   The top half of the building, floors eight through 14, is on the market, the Chicago Tribune reported. Altogether, the space for sale takes in some 650,000 sq. ft., the report said Macy's plans to continue owning the lower floors, which include retail space.