Real Estate

In a strategic move to bolster its logistics network, Amazon will build an air cargo hub in Kentucky.   The online retailer agreed to a 50-year lease for approximately 900 acres of property from Cincinnati/Northern Kentucky International Airport. The project site, which rivals the size of global hubs of top cargo airlines — is estimated to cost $1.49 billion, ReCode said.  

Kristin Grove, most recently director of leasing for GGP, has joined JLL as VP of National Retail Leasing. Grove will be based in Los Angeles and oversee leasing efforts and merchandising strategy for retail space on the West Coast.  

Chain Store Age has launched our annual search for 10 individuals in retail real estate we call “retail stars;” all will be featured in the May 2017 issue of CSA with bonus distribution at the International Council of Shopping Centers’ RECon event in Las Vegas!     The award recognizes people under the age of 40 who are making an impact in retail real estate – whether from the tenant (retail) or the landlord (shopping center company) side.  

An Evercore ISI analyst maintained his “buy” rating on Walgreens Boots Alliance stock, stating that although its proposed deadline for a deal with Rite Aid has been delayed, “there is still a chance of a reasonable outcome for both parties.”   The companies pushed back the deadline for merger from Jan. 27 to July 31 and trimmed the purchase price paid to Rite Aid to $6.50 to $7 per share — based upon the number of store divestitures the FTC requires — from $9 per share.  

Fred’s Pharmacy confirmed its agreement to purchase divested stores remains in effect following Monday’s news that Walgreens Boots Alliance and Rite Aid extended the deadline for their potential merger agreement.  

Walgreens Boots Alliance and Rite Aid on Monday morning extended their previously announced definitive merger agreement under which Walgreens Boots Alliance will acquire all outstanding shares of Rite Aid.   The retail pharmacy operations also restructured a new deal that would value Rite Aid at between about $6.8 billion and $7.4 billion, depending on required store divestitures, down from an initial acquisition cost of $9.4 billion.  

Groundbreaking on a 500,000-sq.-ft. shopping center in Southern California has been postponed due to changes in the developer’s plan ‘and a need for improvements to the surrounding roadway.   The 50-acre site in Murrieta, a town of 103,000 people located halfway between Los Angeles and San Diego, was purchased by a limited partnership last year for $18 million. The owners are working with Caltrans for improvements needed on nearby Winchester Road.  

Planet Hollywood has taken the wraps off its Orlando, Florida flagship, which has been totally transformed with a dazzling, multi-million dollar renovation.