Commercial Real Estate Attorney - Leasing | Sales | Acquisitions | Financing | Project Development | Public-Private Partnerships | Title
Very interesting read on the valuable real estate held by “dead” or “dying” anchor department stores. Everybody has a local mall they know needs a refresh - the redevelopment of shopping malls is going to be an exciting area for the foreseeable future. #cre #retaillaw #redevelopment https://lnkd.in/eS5JKFfs
"The purchase by the parent of Saks Fifth Avenue of rival Neiman Marcus Group is expected to create a $7 billion portfolio of luxury retail properties in upscale shopping areas across the United States that will get support from two technology giants."- CoStar Get breaking real estate headlines like this with our MarketTRAC subscriptions. https://lnkd.in/eB4CtrVa #realestatenews #otteau #otteaugroup #njrealestate #realestateNJ #realestate #realestatemarket #markettrac #NJrealestate #njrealestatenews
Industry News: New owner of rue21 assets begins reopening stores rue21 stores are reemerging from the retail chain's abrupt Chapter 11 bankruptcy filing in May. The website for what's long been a value-priced youth fashion store includes a message that it is under new ownership with a list of more than 50 store locations now open or soon to be open. "Under new ownership and management, rue21 is on an exciting journey," reads the message. "We're thrilled about our recent acquisition and are diligently working to revitalize the rue21 brand." ————————————————— ??Over 16 MILLION Square Feet Represented?? ?Visit https://lnkd.in/gKX9JcPy for exciting new property listings! ————————————————— #realestate #newenglandretail #property #forsale #retail #realestateinvesting #business #broker #realestatenews #properties #investor #investmentproperty #connecticut #nerp #newengland #connecticutnews #newenglandrealestatenews #rue21
Hard to get close on the exact valuation on Macy's properties as they are owned, leased, and under ground lease. The redevelopment of these properties in most cases will require lengthy entitlement process for reuse or redevelopment. For the leased properties not many tenants of that size to takeover so will require splitting up space and TI dollars. Many of these properties are well located in major cities or retail corridors. #redevelopment #landforsale #reuse
For years the Hudson Bay Company in Toronto has been ever changing, downsizing etc. But rumour has it that Hudson's Bay Co. has reached a deal to buy luxury department store chain Neiman Marcus, according to media reports. The Wall Street Journal and New York Times reported the deal will see Toronto-based HBC pay US$2.65 billion for the U.S. retailer. Did you see this coming… And how many of us knew that Neiman Marcus competes in the same segment of the retail market as HBC, which also owns Saks Fifth Avenue and Saks Off 5th. It wasn’t long ago that HBC spent years working to revamp its operations after closing Home Outfitters in 2019, the same year it sold Lord & Taylor. To my recollection HBC recently (May 2024) scaled back its staffing levels as part of a “realignment” of its organizational structure. As a result of realignment dozens of jobs were lost plus Hudson's Bay says it will not renew the expiring lease for its Regina store in the Cornwall Centre, opting instead to permanently close the location in April 2025 so this rumoured announcement of the purchase of Neiman Marcus caught many by surprise. You may recall Neiman’s acquisition by Hudson’s Bay comes four years after the luxury retailer filed for bankruptcy following debt struggles and temporary store closures brought on by the COVID-19 pandemic. HBC could not have accomplished this acquisition without the help of Amazon and Steve Bezos whose net worth is over $214 billion. Well by the time I make comment on this rumour it has become fact and our appraisal pencils will need to be sharpened. Come to think of it …when was the last time you literally drove your car to a mall to shop at the local HBC…..
New York's Fifth Avenue is witnessing a remarkable resurgence as luxury behemoths like Prada Group and Kering secure prominent spaces, heralding a renaissance in retail real estate. These acquisitions reflect a broader trend of recovery and optimism in the high-end market, underscoring the enduring allure of physical retail in prime urban locations.
The journey of this Five Guys flagship on the Strip spans 5+ years. We had a few starts and stops, getting to near lease execution on two sites, only to have Landlords pivot in late stage lease negotiations. Then Covid rears its ugly head...... The team at Five Guys stayed the course, and when Chris Brandon from Brookfield call about the former Sephora space at Grand Canal Shoppes coming to market, we immediately engaged. The deal took 14 months from LOI to lease execution, another story unto itself. Through hard work on all sides, we eventually got this lease signed. It was well worth the wait, 69' of Las Vegas Strip frontage, 10,000 SF single level space, on one of the most densely trafficked parts of the street, a rare conbination the Strip. The irony of the timing aspect of this transaction is we are at lease execution on a second flagship on the Strip, only 9 months after the first. Thanks to Chris Brandon Jeff Rubino Edward Pizzarello Brookfield Properties Sal Nappo Five Guys Enterprises #lasvegasstrip #retail #flagshipretail #lasvegas #cbre
A new generation of customers expect more from the places they shop and those experiences are not happening in the department store. When considering this for Legacy West alongside our partners at Open Realty Advisors, we knew we had to do something that's more fun and more interesting, resulting in a 20 stall Legacy Food Hall across from luxury tenants like Louis Vuitton, Tiffany & Co., and Gucci. Hear more about this shift in retail from Stenn Parton and Mark Masinter in the latest The Wall Street Journal article by Kate King. https://lnkd.in/gmnZ__Zg #retail #realestate #luxury #leasing
L Catterton has purchased Hammerson's interest in Value Retail for a reported $1.9B deal. You may not recognize L Catterton. The company is a P/E firm backed by LVMH. LVMH's portfolio of luxury brands include Louis Vuitton; Mo?t Hennessy; Tiffany & Co.; Christian Dior Couture and Fendi amongst others. Value Retail's outlet portfolio is comprised of 11 "Villages" including The Bicester Collection located outside of London. I've had stores in, worked on and/or shopped in most outlet centers in the United States. Internationally, I've visited a number of outlets in Europe and China. I rank Bicester Village as the best of the best! And why is this announcement relevant to the outlet sector in the United States? Value Retail is working on their first US project, Belmont Park Village, located adjacent to the Belmont Horse Track on Long Island. Having LVMH as your partner certainly provides advantages. In the United States, Simon Property Group; Brookfield Properties and Centennial have teamed up to by a number of fledgling retailers including JCPenney; Brooks Brothers; Forever 21; Aéropostale amongst others. A smart move but certainly on the other end the spectrum from having a partner that owns some of the top global luxury brands. The US market is ripe for more outlets with a larger percentage of luxury and near-lux brands. Competition is intense in all elements of retail and retail development. The real beneficiary is the customer. Fun times ahead for the outlet sector! #retail #retailnews #retailtrends #cre #outlet #outlets #TORG #dtc #dtcbrands #realestatedeals #globalretail #luxuryretail #luxury
Bed Bath & Beyond?had 480 stores when it filed for bankruptcy on this date last year But just 1 year later its real estate is filling quickly So what tenants have moved into the #BedBathandBeyond real estate? ??Burlington Stores, Inc. has already?taken?64?sites?and?wants?more ??ALDI USA, Barnes & Noble, Inc., Macy's‘s, Havertys Furniture, Ollie's Bargain Outlet, Inc. and TJMaxx have?all?opened?at?multiple #BigBox sites ??Several have?even been made into?indoor?#pickleball?centers?via adaptive reuse ? And as for the Bed Bath & Beyond?brand? Well it also hasn’t gone away Overstock - since re-named Beyond -?has re-launched the Bed Bath website for #ecommerce sales And on an earnings call earlier this year, Beyond’s CEO?Marcus Lemonis?even commented that people frequently ask him "Is Bed Bath & Beyond going to have stores again?" Lemonis indicated that there are no plans to open #retail stores any time soon But he made a point to not rule it out in the future ?
"$40.5M Sale of Richardson Retail Center" Read the full article below..
