property management

Simon Property Group Completes Acquisition of Taubman Centers, Inc.

by Katie Lee January 4, 2021

Indianapolis — Simon Property Group, Inc. has completed its acquisition of an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers, Inc. (TCO) common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG. “We are very pleased to complete this transaction and to add …

January 4, 2021

News property management

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800 Million

by Katie Lee November 17, 2020

Indianapolis and Bloomfield Hills, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80% interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of …

November 17, 2020

News property management

Mall Owners CBL & Associates, PREIT File for Chapter 11 Bankruptcy Protection

by Katie Lee November 5, 2020

Chattanooga, Tenn. and Philadelphia — Against headwinds brought on by the COVID-19 pandemic, CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust (PREIT) filed for Chapter 11 bankruptcy protection on Nov. 1. PREIT Philadelphia-based PREIT owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business …

November 5, 2020

Industry Voices parking lots property management

What to Know: On the Go

by Katie Lee November 2, 2020

— By Michelle Egan — What you need to know when adding or updating curbside pickup service. Prior to the pandemic, it could be argued that many (if not most) restaurants offered takeout while some actually had curbside pickup. The same could be said about some retailers that, in an effort to outpace competitors with stellar customer service, had already introduced online or phone ordering with in-store pickup or in-car delivery. However, curbside pickup today has shifted from being a nice-to-have to a must-have as consumers continue to seek …

November 2, 2020

Industry Voices property management

Common Area Costs During COVID

by Katie Lee October 30, 2020

— By Dan Villalpando — Key retail lease provisions to revisit in light of COVID-19. The outbreak of the COVID-19 pandemic forced many retailers to close their doors to customers beginning in March 2020, just as the overall economy was pushed into unprecedented disarray. Because of these circumstances and questions surrounding the unusual situation where municipalities were ordering stores to close, landlords and tenants looked to the four corners of their leases to determine their rights and obligations. Certain key lease provisions, like force majeure clauses, insurance provisions and …

October 30, 2020

green news News property management

URW Now Generates Clean Energy at 7 Westfield Shopping Centers in the U.S.

by Katie Lee October 20, 2020

Paris — As part of its “Better Places 2030” strategy to reduce carbon emissions 50% by the year 2030, Unibail-Rodamco-Westfield (URW) now generates clean, renewable energy at seven of its Westfield shopping centers in the U.S. Westfield Valley Fair in Silicon Valley, Calif.; Westfield UTC in San Diego; and Westfield Garden State Plaza in Paramus, N.J., are now among the country’s most environmentally conscious retail destinations. The shopping centers’ parent company, Unibail-Rodamco-Westfield (URW), has completed installation of, and started generating power from, new solar panel arrays at the centers — …

October 20, 2020

construction and design News property management remodels

Lionstone to Renovate 1.4 Million-Square-Foot Mixed-Use Destination in Metro Houston

by Katie Lee October 19, 2020

Sugar Land, Texas — A development team by Houston-based Lionstone Investments will renovate Sugar Land Town Square, a 1.4 million-square-foot mixed-use destination located on the southwestern outskirts of Houston. Lionstone is partnering with Dallas-based creative real estate firm Rebees and Planned Community Developers on the project, which will upgrade landscaping and outdoor common areas to allow for social distancing and more public seating as part of Phase I. In addition, the team will add new signage and tenant storefronts and revamp the tenant roster to include local entrepreneurs with original …

October 19, 2020

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

News people property management

Trademark Property Company Hires New Vice President of Experience

by Katie Lee July 13, 2020

Fort Worth, Texas — Trademark Property Company, the Fort Worth, Texas-based retail and mixed-use development, investment and institutional services firm, is taking its focus on experiential retail and guest experiences to the next level with hire of Chuck Steelman as vice president of experience. Steelman will use his near decade of expertise in event and VIP client experience management for the Neiman Marcus Group to elevate and lead Trademark’s experiential retail and guest experience platforms. “In order to thrive, brick-and-mortar retail must offer customers an experience that e-commerce can’t give …

July 13, 2020

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