Target unveiled a new store prototype this week that will accommodate both leisurely shoppers and quick-trip customers. The redesigned stores will have a 10-minute parking area and a separate entrance for customers picking up online orders, as well as brand boutiques and curved center aisles designed to encourage browsing.
Sears Holdings Corp. has substantial doubt it can continue as a going concern, according to the annual report it filed with the Securities and Exchange Commission, despite the numerous steps it has taken to shore up its operations. Last year Sears posted a $2.2 billion loss and tapped its investments and financing to fund operations.
Monmouth Real Estate Investment Corp. has been able to build up substantial cash flow through its acquisitions of fully occupied build-to-suit properties, said CEO Michael Landy. "We've been on a virtuous cycle and generating double-digit per-share earnings growth for the last several years," Landy said.
Starwood Capital Group has increased its offer to buy Milestone Apartments REIT after proxy advisory firm ISS recommended shareholders vote against the $1.3 billion deal that was proposed earlier this year. The new offer price represents a 2.1% premium.
Brookfield Asset Management and American Tower are competing for Idea Cellular's and Vodafone Group's wireless towers, which are expected to price at $1.5 billion, according to sources. The two Indian wireless companies announced their merger this week but are negotiating the sales separately -- although the final deal may be with one entity.
Alexandria Real Estate Equities and Uber have changed the terms of the joint venture they announced two years ago in which they would build a headquarters in San Francisco, according to a new regulatory filing. Alexandria has paid $90.1 million to Uber for its 49% stake in the joint venture, while Uber has signed a 75-year lease.
General Growth Properties is working to bring KidZania, a 60,000-square-foot indoor children's activity center, to the US after seeing its success at a major mall in Dubai. The operator will debut the concept at malls in Dallas and Chicago in the next two years, in a push to give families new reasons to visit suburban shopping centers.
Lincoln Place, a 272,000-square-foot shopping center in Fairview Heights, Ill., has been sold to Acadia Strategic Opportunity Fund IV for $35.4 million by seller Spirit Realty Capital. The 17-acre property is 99.6% leased, with tenants including Kohl's and Ross Dress for Less.
Developers behind the proposed $400 million expansion of Bal Harbour Shops in Miami Beach, Fla., are offering up a new proposal that doesn't require the purchase of public land but does offer a public benefits package worth $100 million. The pitch includes funds for a new municipal building and park, as well as potential revenue from rental payments.
Van Houten Farms Shopping Center, a 36,500-square-foot shopping center in New York, has been sold for cash and a mortgage assumption worth $3.5 million. Urstadt Biddle purchased the property and plans to update it.
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