Merger Monday: Heritage, Pan Pacific bought for combined $7.2B; Deals raise pricing questions
Jul 10, 2006
Ending a lull in the retail REIT merger and acquisition market, Kimco Realty Corp. and Centro Properties Group today each announced big deals, with Kimco grabbing West Coast shopping center REIT Pan Pacific Retail Properties Inc. for $4 billion and Centro landing East Coast shopping center REIT Heritage Property Investment Trust for $3.2 billion. What has raised observers’ eyebrows on both deals is that neither Kimco or Centro seems to be paying a premium, which could be a sign that the market for retail real estate is slowing. ...
Is Liquidation the Next Step for Lord & Taylor?
Jun 28, 2006
The official word from NRDC Equity Partners, which agreed to buy Lord & Taylor for $1.2 billion last week, is that it will give the storied chain a badly needed makeover and move it back upscale. But, the word on the street in the retail business is that the joint venture between National Realty & Development Corp. and Apollo Real Estate Advisors is sure to dismantle the 48-store chain....
NAREIT panel: More Privatizations En Route
Jun 7, 2006
The big buzz during the NAREIT conference this week has been the proposed $8.9 billion buyout of Trizec Corp. by The Blackstone Group and Brookfield Property Corp. According to speakers at a NAREIT panel on Tuesday, the REIT sector can expect more such deals and in all property types. ...
Merger Mania
May 1, 2006
Jones Apparel Group and Michaels Stores are the latest retailers on the block. Here's how recent retail deals have priced out. It also details the massive...
Propping Up C-Stores
Apr 1, 2006, By Jennifer Popovec
Investors are braving risky convenience store investments for better returns...
Going. Going. Gone. Online Auctions Sell Real Estate
Feb 15, 2006
Imagine a world where wining and dining and months-long real estate negotiations are a thing of the past. Imagine if deals got signed, sealed and money delivered quicker than it takes to play a game of golf. Welcome to the nascent world of online retail real estate auctions, the latest twist in the growing auction market. “It's an interesting concept,” says David Birnbrey, chairman and co-chief executive of the Shopping Center Group, an Atlanta-based retail real estate firm that represents big box tenants. “You're seeing it with homes — there isn't any difference.” Birnbrey says he would try the concept. “It might be the best way to maximize your investment,” he says. ...
Retail Condos Come Of Age
Feb 1, 2006, By David Koch
Could the 300,000-square-foot Los Angeles Fashion Center (or L.A. Face) be the future of retail development? Located in the city's Downtown Fashion District,...
Private Equity Firms Likely Buyers for Lord & Taylor, Parisian
Jan 19, 2006
It's that time of year again, when, following the success or failure of the critical holiday season, retailers evaluate their future strategies. That often leads to big changes and this year is no exception: Saks Inc. and Federated Department Stores Inc. both have decided to lighten their loads, putting the Parisian and Lord & Taylor chains, respectively, up for sale. ...
