Real Estate

Activist investor Carl Icahn has offered to buy Pep Boys-Manny, Moe & Jack in a deal valuing the U.S. auto parts retailer at about $837 million, trumping Bridgestone's offer of $810 million in October.

Rockville, Md. -- Federal Realty Investment Trust announced the addition of Ramsey D. Meiser to the newly created position of senior VP of mixed-use development reporting to executive VP of development Donald Briggs.

San Juan, Puerto Rico -- Taubman announced eight new shopping and dining options will debut at The Mall of San Juan located in San Juan, Puerto Rico, before the end of 2015, seven of which are exclusive to the market. Additional more than 20 stores and restaurants are scheduled to open in 2016.

“We’re bringing a taste of New York, Tuscany and Florence to the island with the addition of three new dining experiences,” said Marnie Marquina, marketing and sponsorship director for The Mall of San Juan.

Saks Fifth Avenue Off 5th continues to expand north of the border.

The off-price retailer and Ivanhoé Cambridge announced an agreement to bring four new Saks Off 5th locations to Canada. The stores, the brand’s first in their respective markets, will open in four Ivanhoé Cambridge shopping centers: Tsawwassen Mills, Tsawwassen, B.C., Outlet Collection Winnipeg; Place Ste-Foy, Quebec City; and Montreal Eaton Centre, Montreal.

Here are the details on the four locations:

Dallas -- Trademark Property Co. begins construction on the unfinished parking garage at Victory Park in Dallas.

The construction is part of phase I redevelopment efforts and will add an additional 22,030 sq. ft. of street-level retail and restaurant space to Victory Park, as well as, a 2,600-sq.-ft. second-floor covered patio connected to a signature restaurant at the northeast corner of the garage, making two sided retail on Victory Park Lane a reality with in downtown Dallas. Completion is slated for summer 2016.

Sears Holdings Corp. is doing a much better job at cutting costs than at stopping its sales decline.

The retailer’s total revenue in the third quarter, ended Oct. 31, fell 20% to $5.75 billion, from $7.21 billion in the year-ago period, amid store closings and divestitures and a drop in apparel and consumer electronics sales. (Sears had 1,687 stores at the end of the quarter, down from 2,249 a year earlier.)

Total same-store sales were down 8.6%. Kmart same-store sales declined 7.5%. Sears domestic same-store sales fell 9.6%.

Sears Holdings Corp. is doing a much better job at cutting costs than at stopping its sales decline.

Saks Fifth Avenue Off 5th continues to expand north of the border.

Phoenix-Mesa-Scottsdale, Ariz. -- Kimco Realty Corp. announced that it purchased Christown Spectrum power center in the Phoenix-Mesa-Scottsdale, Arizona for $115.3 million. The property is an 850,000 sq. ft. center situated one mile east of Interstate 17 and lies adjacent to the second-busiest light rail station in Phoenix.

Virginia Beach, Va. -- Wheeler Real Estate Investment Trust announced that the company has entered into a contract to acquire 13 properties located in South Carolina and one property located in Georgia from a private third party. The company expects to close on the properties in first quarter 2016 and will use a combination of cash, debt and operating partnership units to acquire the assets.