Regency Centers has acquired 13.09 acres of land in Portage, Ind. (35 miles southeast of Chicago), selling 7.7 acres of it to Kohl’s. The site will be developed as the first phase of Airport Crossing shopping center and will include an 89,911-sq.-ft. Kohl’s along with 12,000 sq. ft. of small shops and two outparcels.
The Mills Corp. and Brookfield Asset Management Inc. have announced an agreement under which Brookfield will acquire The Mills for about $1.35 billion in cash and assume another $7.5 billion in debt and preferred-stock liability. As part of the agreement, The Mills will merge into a newly formed subsidiary of Brookfield, and The Mills common stockholders will receive $21 in cash for each share of The Mills common stock.… Morgan Stanley has acquired five properties from Woolbright Development for $281 million. The five centers—Oak Grove Shoppes, Sea Ranch Centre, River Bridge Centre, Murdock Carrousel and Galt Ocean Marketplace—are all located in Florida.… Primestor Development has acquired Bell Gardens Marketplace, a 159,831-sq.-ft. grocery-anchored center in Bell Gardens, Calif.
Property Works, Decatur, Ga., has been selected as the lease-management service provider for BCSE, which operates Just Brakes of Dallas. The 140-unit chain will use a blend of Property Works’ software and lease-management services.
CBL & Associates Properties announced an agreement with Bain Capital to invest in subsidiaries of Jinsheng Group, amall operator and real estate development company based in Nanjing, China. CBL and Bain Capital will acquire a significant minority equity interest through an initial investment of $60 million. Jinsheng Group owns or operates two home-decor shopping malls and two general retail shopping centers in Nanjing, and two home-decor shopping malls in Shanghai, totaling 7.1 million sq. ft. The company also has several development projects currently under way.
The Pantry Acquires 16 Angler’s Convenience Stores
Sanford, N.C., The Pantry, Inc. has completed the acquisition of 16 Angler’s Mini-Mart convenience stores in the Charleston, S.C., market. The stores generated revenues of approximately $73 million in 2005.
Separately, the company has also completed the previously announced acquisition of a convenience store in Sanford, N.C. The Pantry has also entered into definitive agreements to acquire single stores in the Myrtle Beach, S.C., and Naples, Fla., markets. The Naples store will be the company’s second in that market.
All of these transactions have been or will be financed with a combination of cash on hand and lease financing. Terms were not disclosed.
Circuit City to Open New Prototype
New York City, Circuit City Stores Inc. will be rolling out a new prototype store in June, according to a report by Reuters. John Mulleady, VP for real estate and construction at Circuit City, announced the prototype at the National Retail Federation’s (NRF) annual conference in New York City on Sunday.
Although he did not give many details, Mulleady said the prototype would build on the consumer electronics retailer’s efforts to continually test new store types to better appeal to today’s shoppers. Mulleady said Circuit City is working on building 300 new stores in the next two years.
While Circuit City has stores in Canada, Mulleady said “not today” when asked if the retailer was looking at additional international expansion.