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

Industry Voices property management

Retail in the COVID Era

by Katie Lee February 18, 2021

— By Gary Glick — Top 3 lease provisions negotiated by landlords and tenants. Almost a year into this pandemic, retailers are still facing uncertainty in light of the recent spike of COVID-19 cases accompanied by a new wave of lockdowns and regulations across the nation. Eager to protect themselves from ever-changing governmental restrictions and closures, retail tenants, whether traditional retailers, restaurants, fitness centers or theaters, are now requesting a variety of specific lease provisions in almost every newly negotiated retail lease. In addition, prior to the COVID-19 outbreak, …

February 18, 2021

News property management restaurants

New Restaurant Concept, Loaded Elevated Nachos, Now Open

by Katie Lee February 15, 2021

St. Charles, Mo. — Streets of St. Charles, already home to Narwhal’s Crafted, has welcomed Loaded Elevated Nachos, a fun new food concept from Narwhal’s owners Brad Merten and Brandon Holzhueter. Loaded is the newest addition to 1450 Beale St., the building that houses Narwhal’s Crafted, Yoga Six and the recently opened Napoli III. The 1,400-square-foot space has a fun, upbeat atmosphere that feels much like a food truck without wheels. The menu boasts 10 different elevated nacho dishes that aim to change the perception of what people think nachos …

February 15, 2021

News property management restaurants

Westfield Valley Fair Joins Kitchen United to Unlock New Off-Premise Restaurant Experience

by Katie Lee February 3, 2021

Pasadena, Calif. —A first-of-its-kind partnership between Westfield Valley Fair, the largest retail destination in Northern California, and Kitchen United, a ghost kitchen industry leader, will bring Kitchen United’s to-go operations and MIX multi-concept ordering technology platform to the shopping center format. Kitchen United is known for its concept that houses multiple restaurant brands under one roof for delivery and takeout orders. “MIX unlocks incremental off-premise demand for the restaurants at this Westfield location that are faced with indoor dining limitations amid the pandemic,” says Atul Sood, chief business officer of …

February 3, 2021

News people property management

Taubman Names New Chief Financial Officer

by Katie Lee January 22, 2021

Bloomfield Hills, Mich. — The Taubman Company LLC’s executive vice president and chief financial officer, Simon Leopold, will leave the company effective January 31. Taubman’s vice president, capital markets and treasurer, Benjamin Meeker, will be promoted to senior vice president, CFO and treasurer. Meeker will report to Taubman’s chairman, president and CEO, Robert Taubman. Leopold will remain an advisor to the company to assist with the transition. “Since joining the company in 2012, Simon Leopold has had a very positive impact on our business,” says Taubman. “During his tenure, he …

January 22, 2021

exterior services/landscaping Industry Voices property management snow and ice management

Before the Fall

by Katie Lee January 14, 2021

— By Jessica Schultz — Don’t slip up this winter and let your patrons down. Preventing and managing slip-and-fall accidents at your locations is just as important as all other exterior and interior maintenance items. Being in the middle of winter, the main concern right now is slippery snow and ice, as well as unavoidable hazards underneath the snow and ice. In areas without snow, handling and fixing property defects is important year-round. There are many key things to consider when managing risks on your properties and preventing injuries …

January 14, 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

News property management retailers

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

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