ARC Retail completes Tiffany Springs purchase
New York — American Realty Capital – Retail Centers of America, Inc. ("ARC Retail") closed its acquisition of the Tiffany Springs MarketCenter, located in Kansas City, Mo., on Sept. 26, for a contract price of $53.5 million, exclusive of closing costs. The purchase of the Tiffany Springs MarketCenter represents ARC Retail’s third acquisition of a retail power center with multiple credit tenants.
ARC Retail’s portfolio now exceeds $107 million in purchased assets. The Tiffany Springs MarketCenter contains approximately 240,000 rentable sq. ft. and is 88% leased to 29 tenants. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48% of the annualized rental income of the property and are rated by major credit rating agencies.
The lease to Best Buy contains approximately 46,000 rentable sq. ft. and has a 10-year lease term, which expires in January 2019. The lease to The Sports Authority contains approximately 42,000 rentable sq. ft. and has a 10-year lease term, which expires in January 2019. The lease to PetSmart contains approximately 25,000 rentable sq. ft. and has a 10-year lease term, which expires in July 2018.
"ARC Retail’s acquisition of Tiffany Springs MarketCenter, our third property, remains consistent with our sector specific investment focus of buying attractive power centers and lifestyle properties in the U.S.,” said Nicholas S. Schorsch, ARC Retail’s chairman and CEO. “We continue to accelerate the momentum from previous acquisitions, always looking for opportunities to buy well-positioned centers, in growth markets with a strong tenant base. We continue to take advantage of attractive big-box investment opportunities while increasing our geographic and tenant diversity."
Report: Young Halloween shoppers seek low prices
Los Angeles – Halloween shoppers age 18-34 are seeking online promo and coupon codes. According to the new Trend Report on the shopping behavior of young adults for the upcoming Halloween holiday from BluePromoCode.com, 49% of young adult Halloween shoppers use promo codes when purchasing costumes online and 57% stated their decision to purchase a costume was effected by the availability of a retailer’s coupon code.
In addition, 26% of young adults plan to buy a costume online this year. The most important factors when buying a costume online were overall price (85%) and free shipping offers (71%). Uniqueness of the costume was most important general factor for buying a costume (42%). Consumers are planning to spend $38 for costumes, on average, and $27 on decorations this year. The study also shows that 59% of consumers wait until the final week to purchase their costumes and most complaints were about costumes were too expensive and were of poor quality.
“This report continues to support how consumer behavior is dramatically changing,” said Michael Quoc, founder and CEO of BluePromoCode.com. “Consumers are more price-conscious even on lower-priced and more disposal items such as Halloween costumes.”
Report: Billionaire buys Tokyo Tiffany Building
New York — Masayoshi Son, billionaire founder of tech/telecom company SoftBank Corp., has reportedly won bidding for the Tiffany Building in the Ginza shopping district of Tokyo. According to Forbes, Son paid about $36 million for the 10-story glass building.
The Tiffany Building houses the flagship Japanese store of Tiffany & Co. Son did not comment on why he bought the building.