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Shopping Centers Today -> November 1999
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DEAL OF THE MONTH Saying the company is "prepared to do everything it can to get fair market value,'' Toronto-based property owner and manager Cadillac Fairview is exploring the sale of some or all of its 102 retail and office properties covering 151 million square feet. About half of the space is retail, including leading malls in Toronto and Montréal, and projects under construction in London and Atlanta. "We felt the public market value wasn't reflecting the inherent value of the assets considering our track record, growth and dominance in the market,'' Cadillac Fairview CFO Jon Hagen said. |
Longs Drug Stores has agreed to acquire 38 Rite Aid units in California (five in metro Los Angeles, 33 in Northern California) for $186 million. Camp Hill, Pa.-based Rite Aid is said to be exploring the sale of up to 200 drugstores.
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Talks break down in Federal-Regency deal
Federal Realty Investment Trust's plan to sell 59 grocery-anchored centers to Regency Realty was shelved in late September after talks broke down. Federal, which was seeking around $725 million for the centers, said it would re-evaluate its plan to sell the centers and subsequently spin off its Main Street properties into a separate company.
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Pan Pacific Retail buys two centers for $31.6M
Pan Pacific Retail Properties has acquired the 179,000-square-foot Rancho Las Palmas, Rancho Mirage, Calif., and the 104,000-square-foot Canyon Square Plaza, Santa Clarita, Calif., for a combined price of $31.6 million.
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Elder-Beerman sells 55-unit shoe chain
The Elder-Beerman Stores Corp. said it would sell its 55-unit Bee-Gee Shoe Corp. to an investment group formed by Albertine Industries and Ark Capital. Elder-Beerman said it sold Bee-Gee as part of an ongoing corporate move to focus on its core department stores business.
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Cambridge's Surrey Place sold for C$40 million
Cambridge Shopping Centres Ltd., Toronto, said it sold Surrey Place, a retail property in Surrey, British Columbia, to a subsidiary of the Insurance Corporation of British Columbia for the price of $40 million. The deal was part of Cambridge's strategy to divest smaller retail properties.
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Horizon Group ponders liquidation of 13 centers
Horizon Group Properties, the Chicago-based owner of 13 outlet centers, said in a statement in late September that it had hired an advisor to explore the sale of some or all of its factory outlet centers. Horizon also completed the transfer of its interests in the 291,000-square-foot Bellport (N.Y.) Outlet Center to an affiliate of Prime Retail for $7.5 million in cash and 95 acres of undeveloped land near Muskegon, Mich.
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RioCan sells noncore RealFund properties
RioCan Real Estate Investment Trust, Toronto, sold nine industrial and office properties to five different purchasers for more than C$40 million. The properties were acquired as part of RioCan's May 1999 purchase of RealFund.
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Marks & Spencer plans to sell Kings grocery chain
British apparel retail giant Marks & Spencer has put its U.S. grocery chain Kings Super Markets on the selling block. Estimates value Kings, which operates 25 stores in New Jersey, at about $194 million. The firm will retain and expand its Brooks Brothers U.S. clothing division.
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