Cole and RED form joint venture
Phoenix –Cole Real Estate Investments announced the formation of a joint venture with RED Development to focus on future acquisition opportunities, recapitalizations and note purchases in the retail real estate sector.
The primary acquisition target, according to the companies, is high-quality, multi-tenant retail properties, including power centers and grocery-anchored shopping centers, with upside potential through the implementation of asset management and capital improvement programs to reposition the properties and maximize operational efficiencies.
The newly formed joint venture of the two Phoenix-based firms will target investments in the $15 million to $100 million range, primarily in the Midwest and Western United States.
“Cole’s partnership with RED will enhance our access to core-plus and value-added retail opportunities that continue to meet our disciplined acquisition criteria,” said Charles Vogel, senior VP, real estate joint ventures for Cole.
“Given the current economic climate and the evolution of our respective business strategies, this is an ideal time to capitalize on market opportunities and create a pipeline of future investments, and we look forward to working together to acquire, reposition and operate quality retail projects,” said Mike Ebert, RED’s managing partner of development.
Five Guys Burgers and Fries to open at Vista Village
Vista, Calif. –Jacksonville, Fla.-based Regency Centers said it has leased retail space in Vista, Calif., at Vista Village to Five Guys Burgers and Fries.
The restaurant leased 2,611 sq. ft. of retail space at the 232,543-sq. ft. Vista Village, which is anchored by Krikorian Premiere Theatre and Frazier Farms.
Toys “R” Us expands layaway and payment options
Wayne, N.J. –Toys "R" Us Inc. will expand its layaway program and incorporate flexible payment options in order to spur holiday sales.
The chain’s layaway program, offered at its Toys "R" Us and Babies "R" Us stores nationwide, in conjunction with a limited-time Bill Me Later service, will enable customers to make a series of smaller payments over time.
The layaway program debuted in 2009 for big-ticket items such as bicycles and swing sets. On Oct. 15, Toys "R" Us said it will expand the program to include playthings – Barbies, Legos, etc. – in 450 of its 600 stores.
The in-store layaway option gives customers 90 days to pay for their item(s), with a 20% down payment. Layaway orders for toys must be paid in full by December 4 in order to guarantee Christmas availability.
As part of its expanded services, Toys "R" Us is offering online customers a Bill Me Later option to make flexible payments over time as an alternative to the in-store layaway program. As well, the retailer is debuting its first online catalog, highlighting many of the big-ticket items that can be put on layaway in all stores nationwide, or purchased online using the Bill Me Later payment option.