Property Types Retail
Mervyns Announces New Store Openings
May 20, 2008

Mervyns, the mid-tier department store chain in California and the Southwest, plans to open five new store locations, sell certain other store locations, and launch an e-commerce Web site, the company announced today. Mervyns' plans to open five new stores in its core markets in 2009 brings the total number of new Mervyns stores to 17 since the company was acquired by its private equity owners three years ago. Concurrently, Mervyns reported it has engaged DJM Realty L.L.C. to sell 5-10 underperforming stores. The real estate portfolio transition is expected to generate $25 to $50 million in cash to fund operations and new growth initiatives.

Additionally, the company will launch a fully integrated The site presents a new growth vehicle and multi-channel opportunity for existing and new customers nationwide, and forecasts that the online platform could quickly grow into a $50 million business.

 
Recent Retail Headlines
H&R Sells 11 in Canada
July 03, 2008
H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on sale.
Carlton Arranges $630M Equity, Debt Recapitalization of Manhattan Retail Complex
July 03, 2008
Carlton Advisory Services announce the $630 million equity and debt recapitalization of the retail condominium at 666 Fifth Avenue in New York City.
Orlando's First Nordstrom Rack to Anchor New 100,000SF Shopping Center
July 03, 2008
Millennia Crossing, a 100,000-square-foot shopping center scheduled to debut in Orlando, Fla. next spring, will become the home of the city's first Nordstrom Rack and the State of Florida's second such store.
Commission to Consider Lavonia Mall Redevelopment Plan
July 03, 2008
With most of Livonia Mall's tenants having negotiated lease terminations, the road has been paved for a massive remake of the shopping center just outside of Detroit, Mich., and the Livonia Planning Commission intends to give the plan the once-over on July 15, according to Crain's Detroit Business.
Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage REIT.
 

 

$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
July 03, 2008
By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
July 03, 2008
By Tonie Auer, Southwest Correspondent -- Less than a year after entering the Las Vegas market with the acquisition of the Lady Luck Hotel and Casino, Los Angeles-based CIM Group won a deal with the city to develop land adjacent...

Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
By Barbra Murray, Contributing Editor Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage...

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