Real Estate

Brookfield Asset Management announced the completion of its deal to acquire Rouse Properties at a price of $18.25 per share.   Rouse will be merged with Brookfield’s BSREP II Retailing Pool LLC affiliate and the acquired company’s stock will be delisted from the New York Stock Exchange.  

Alex Cesar, who had been running JLL’s retail department in Brazil, has been hired by RKF to head up its Miami office.   “Alex will be a crucial driver of our expansion in South Florida and will strengthen the bridge between the Latin American and U.S. retail markets,” said RKF CEO Robert Futterman in announcing the move.  

With nearly 1,300 locations spread across 34 states, Ross Dress for Less makes the claim that it is the nation’s largest off-price apparel and home fashion chain. With a mass grand opening of 24 more stores set for July, the chain clearly intends to hold on to that distinction.   New Ross locations will spring up in 14 states, with Wisconsin hosting four of them -- in Brown River, Onalaska, Racine, and West Green Bay.   

Walgreens Boots Alliance may not have to shutter as many stores in the wake of its planned merger with Rite Aid as it once thought.   

Petco will not be taking it easy this summer.   As part of a 2016 growth plan which includes 26 new Petco stores and one new Unleashed by Petco location, the specialty pet supplies retailer will open five new Petco stores across the country in July. In addition to the five new stores, the company is also remodeling 12 stores in Seattle, one in San Diego, expanding one store in Heath, Ohio, and relocating one store in Middleburg Heights, Ohio.  

Wilder Companies executives have an image upgrade in mind for the Nod Brook Mall in Avon, Connecticut, a 100,000-sq.-ft. open shopping center they bought this week. The affluent bedroom community outside Hartford boasts an average household income of almost $160,000, according to Wilder, which will recast the center as The Shops at Nod Brook.  

Amazon Books is headed to Hudson Yards, the massive redevelopment underway on New York’s west side, according to a report in the New York Post.   The online retailer debuted its bricks-and-mortar retail format last November, at University Village in Seattle, and is set to open a second location, in San Diego, this summer. A third location, at Washington Square Mall, in Tigard, Oregon, is expected to open this fall. The Hudson Yards location would be Amazon’s East Coast beachhead.  

  Photo: Matt Middlebrook   Heralding it as first for real estate development companies, Caruso Affiliated CEO Rick Caruso announced the formation of a Strategic Development and Innovations division focused on helping retailers harness new technologies serve a complex and fluid customer base.  

Amazon is bringing its bookstore concept to one of the largest retail projects to ever open in Manhattan.   The online giant is planning to open a bookstore and cafe at Hudson Yards, the massive retail, commercial and residential space being developed by Related Cos. and Oxford Properties Group, the New York Post reported.     Click here to read more.

The South has an abundance of entertainment developments popping up, possibly more than anywhere else in the country, thanks to its climate and land availability. The milder climate enables developers to incorporate more outdoor elements like amphitheaters, children’s play areas, trail systems and concepts such as Topgolf, as well as experiences like free yoga or movies being displayed in gathering spaces.