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 …
property management
Addison, Texas — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The redevelopment is expected to be complete in early 2021. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood …
— By Chris Scheppmann — A smart, simple solution to a holiday nightmare. Retail executives across the United States recently had to face their annual holiday parking nightmare. Holiday sales represent about 20% of annual sales each year (with some stores reaching as much as 30%), and this increased business results in a corresponding increase in auto traffic to and from shopping centers. For retail executives, particularly those managing busier complexes, this increased traffic can cause a nightmare scenario of dozens of cars circling parking areas looking for a …
— By Scott Benson — No longer an afterthought, food and beverage is taking up more space in the retail landscape than ever before. The ways in which consumers choose to spend their time and money are changing and so must the industries that serve them, and the food and beverage industry is no exception. Food and beverage is flourishing in a time when many traditional retailers seem to be treading water. People are dining out more than ever — the average American household spends approximately $3,365 per year …
Los Angeles — Target Corporation has installed solar panels on the roof of its Napa, Calif., store, marking the 500th Target location to utilize solar energy. In 2015, Target had set a goal to install solar panels on 500 of its stores by 2020, and now it has achieved that goal with this Napa, Calif., installation. “At Target, we’re committed to making our operations even more sustainable to create a better future for our guests, team members and the planet,” says John Leisen, vice president of property management at Target. “Ambitious …
— By TJ Durham — Four keys to successful property management. Often flying under the radar, a trusted property manager is among the most valuable assets a retail owner can have in its corner. The role goes far deeper than landscape and curb appeal — it also includes managing the finances and operations of the asset, creating a budget and working within that budget to hire contractors for routine maintenance, fit-outs and overseeing basic improvements on the property. The ability to rely on a professional who can seamlessly maximize …
Chattanooga, Tenn. — CBL Properties has made significant year-end progress on its strategy to transform its properties through redevelopment and the addition of new uses. In 2019, CBL completed a dozen projects totaling approximately 650,000 square feet, with an additional five projects totaling approximately 490,000 square feet currently under construction. Each redevelopment plan is unique and customized based on market demand. Strategies range from repurposing expansive parking fields to add new uses such as hotels, restaurants and self‑storage facilities to backfilling anchor vacancies with exciting concepts that resonate with today’s …
Cincinnati — Phillips Edison & Company (PECO), an internally-managed real estate investment trust (REIT) and one of the nation’s largest owners and operators of grocery-anchored shopping centers, has released its insights on the top shopping center trends to watch in 2020 as part of ICSC’s New York Deal Making event. As experience continues to drive success, retailers are finding new and innovative ways to make it more fun to shop in-store. Moreover, the increasing demand for custom experiences is leading to a rise in the number of boutique specialty concepts …
Reading, Pa. — Ambius, the global leader in creating enhanced commercial spaces and North America’s largest interior landscape organization, has acquired Marshall Gardens of Lake Oswego, Ore., and Glenn’s Greenery of Ft. Lauderdale, Fla. These acquisitions expand the Ambius presence in the Pacific Northwest and Florida markets to better serve a growing customer base, and further cement Ambius as the nationwide provider of interior landscapes. The deals were finalized in August and September, respectively; terms were not disclosed. Marshall Gardens was founded in 2009 by Abigail Marshall and Patrick Alexander. …
Philadelphia — Global commercial real estate services firm Cushman & Wakefield has welcomed food, beverage and hospitality industry veteran Chef Michael Traud, J.D., Ed.D., to its national Specialty F&B, Entertainment & Hospitality Consulting team. In his new role as specialty food & beverage project management director, Traud will focus on food hall development, operations and programming, strategic restaurant curation, and music and special events procurement for real estate owner and investor clients across the U.S. He will be based in Philadelphia and will work directly with consulting team leaders Phil …