management

Levin Management Promotes Senior Property Manager to Portfolio Manager

by Katie Lee July 13, 2021

North Plainfield, N.J. — Denise Ciaravino has been promoted to portfolio manager at Levin Management Corporation (LMC), according to Erika Toscani, vice president of property management. Ciaravino joined the North Plainfield, N.J.-based commercial real estate services firm in 2006 as property manager and was named senior property manager in 2009; for the past decade she has overseen the day-to-day operation of a shopping center portfolio totaling approximately 1 million square feet. In her new role as portfolio manager, Ciaravino will also be the single point of contact for a 9-property, …

July 13, 2021

management News property management

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Katie Lee June 15, 2021

Columbus, Ohio — Washington Prime Group, an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar …

June 15, 2021

construction and design management News retailers

Midwood to Open $100 Million Shops at Sportsmen’s Lodge in Studio City, CA

by Katie Lee April 29, 2021

Studio City, Calif. — Midwood Investment & Development is nearing completion on The Shops at Sportsmen’s Lodge, a $100 million retail redevelopment of land formerly occupied by a meeting and convention center in Studio City, Calif. A rolling opening for the 90,000-square-foot property is scheduled to begin in June. The Shops at Sportsmen’s Lodge will be anchored by Erewhon, a Los Angeles-based market and café known for its selection of organic, healthy foods. Other tenants will include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, …

April 29, 2021

management News property management retailers

Kimco Realty and Weingarten Realty Plan to Merge

by Katie Lee April 15, 2021

Jericho, N.Y., and Houston — Kimco Realty Corp., one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, and Weingarten Realty Investors, a grocery-anchored Sun Belt shopping center owner, manager and developer, have entered into a definitive merger agreement under which Weingarten will merge with and into Kimco, with Kimco continuing as the surviving public company. The transaction will create the preeminent open-air shopping center and mixed-use real estate owner in the country. The combined company is expected to have a pro …

April 15, 2021

management News people property management

William S. Taubman Promoted to President & COO of The Taubman Company LLC

by Katie Lee March 4, 2021

Bloomfield Hills, Mich. — The Taubman Company LLC has promoted William S. Taubman to president of the company; he will also retain his role as chief operating officer. Taubman will continue to report to Robert S. Taubman, chairman and chief executive officer, while leading the company’s development, center operations, leasing and strategic communications functions. “Billy grew up in our business and is a creative, extremely well-respected thought leader within the retail real estate industry,” says Robert Taubman. “He has deep and productive relationships throughout retailing, and particularly with our luxury …

March 4, 2021

construction and design management News property management retailers

Liberty University to Redevelop Portion of Mall Near Campus

by Katie Lee January 12, 2021

Lynchburg, Va. — The first week of January, River Ridge outlined the next phase of its redevelopment, beginning with the demolition of the former Macy’s building on the West End of the property scheduled for first quarter 2021. The revitalized West End is envisioned as River Ridge’s restaurant and entertainment hub along with traditional retail and personal services options. It will provide a contemporary, open-air shopping experience with higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family themed community events. “Now that updates to the …

January 12, 2021

construction and design management News property management restaurants

New Food Hall, Politan Row at Colony Square, Coming to Midtown Atlanta

by Katie Lee September 11, 2020

Atlanta — A new food hall is coming to Colony Square, the 50-year-old mixed-use destination undergoing a massive $400 million transformation at the corner of 14th and Peachtree Street in Midtown Atlanta. The food hall will open this spring and is being carefully crafted to align with the way people want to dine post-pandemic. Politan Group will operate the food hall known as Politan Row at Colony Square, according to project developer North American Properties (NAP). The founder and CEO of Politan Group, Will Donaldson, launched the company in 2014 …

September 11, 2020

management News property management

Mall Owner CBL Plans for Chapter 11 Filing After Losing $215.3M in First Half of 2020

by Katie Lee August 19, 2020

Chattanooga, Tenn. — CBL Properties has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows the company’s August 18 second-quarter earnings call, where CBL revealed that it had drawn down its entire revolving credit …

August 19, 2020

management News property management

Pacific Retail Capital Partners to Manage Crabtree Valley Mall in Raleigh

by Katie Lee April 28, 2020

Raleigh, N.C. — Pacific Retail Capital Partners (PRCP) has been hired to take over the management and leasing of the popular 1.3 million-square-foot Crabtree Valley Mall in Raleigh, N.C. In the midst of the national coronavirus pandemic that caused shopping centers to shut down all over the country, Pacific Retail Capital Partners has well prepared and helped its clients, like Crabtree Valley Mall, to not only endure but also to thrive. “Amidst this unprecedented time when shopping centers across the country are closed due to COVID-19, we are adapting, leading …

April 28, 2020

management News property management retailers

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6 Billion

by Katie Lee February 17, 2020

Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …

February 17, 2020

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