REAL ESTATE

Jack Wills Outfitters continues to expand

BY Staff Writer

New York — British clothing and accessories retailer Jack Wills Outfitters is opening a new store, in New Canaan, Conn.

The company has chosen builder and general contractor A&O Danner, Inc., of Plymouth, Mass., to complete the buildout. In 2010-11, Danner built two other Jack Wills stores in Connecticut, in Greenwich and Westport.

In 2010, Jack Wills executives chose A&O Danner to build their first U.S. stores, starting on the island of Nantucket, then in Edgartown on Martha’s Vineyard, and on Newbury Street in downtown Boston. Most recently, in time for the 2012 summer vacation season, Danner completed the sixth store buildout, in Chatham, Mass.

Counting New Canaan, Conn., the chain now operates 13 stores in the U.S.

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REAL ESTATE

GGP’s warrants acquired by Brookfield affiliates

BY Staff Writer

Chicago — General Growth Properties said Thursday it was informed by Brookfield Asset Management that affiliates of Brookfield acquired the GGP warrants held by affiliates of Pershing Square Capital Management.

The warrants represent the right to acquire 18.43 million shares of GGP stock at a value of $0.01 per share.

General Growth also said it has been offered by Brookfield the right to acquire the warrants, for the same price of $271.88 million paid by Brookfield, within the next 30 days.

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DDR acquires two power centers for $151 million

BY Staff Writer

Beachwood, Ohio — DDR Corp. on Thursday announced the acquisition of two prime power centers for $151 million during the fourth quarter.

DDR purchased Carolina Pavilion, located in Charlotte, N.C., from Blackstone Real Estate Partners for $106 million. The 94% leased, 852,000-sq.-ft. center is anchored by Target, Kohl’s, Nordstrom Rack, Ross Dress for Less, Buybuy Baby, Bed Bath & Beyond, Jo-Ann Fabric and Craft Stores and AMC Theatres.

The company also acquired Poyner Place, in Raleigh, N.C., for $45 million. The 434,000-sq.-ft. power center is 96% leased, and is anchored by Target, Ross Dress for Less, Old Navy, World Market, Shoe Carnival, and Pier 1 Imports.

Also during the fourth quarter, DDR disposed of seven non-prime operating assets for aggregate proceeds of $255 million. And it reached an agreement to recapture a 150,000-sq.-ft. store from Macy’s in Pasadena, Calif. Gaining control of the space will allow DDR to launch a significant redevelopment of Paseo Colorado, a 566,000-sq.-ft. shopping center.

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