REAL ESTATE

Kimco Realty buys 10 shopping centers for $276 million

BY Dan Berthiaume

New Hyde Park, N.Y. – Kimco Realty Corp. has acquired a portfolio of 10 shopping centers from its joint venture with SEB Asset Management for $275.8 million, including $193.6 million of mortgage debt. Kimco, which previously held a 15% ownership interest in the properties, paid approximately $69.8 million for the remaining 85% equity interest held by SEB Asset Management, the group’s specialist real estate manager.

The 1.4 million-sq.-ft. portfolio is located in mature markets in the Mid-Atlantic region that have high barriers to entry and strong household income levels. The predominately grocery-anchored portfolio is 95.4% occupied and its anchors include Giant Food, Harris Teeter, Weis Markets, Safeway, and Food Lion, with Kroger and Sam’s Club as shadow anchors. The properties also feature national retailers including Ross Stores, Bed Bath & Beyond, Marshalls, Kohl’s, PetSmart, and Michaels, with Target and Lowes as shadow anchors.

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FINANCE

Report: Actor settles discrimination suit with Macy’s

BY Dan Berthiaume

New York – Rob Brown, an actor best known for his role on the HBO series “Treme,” has reportedly settled a discrimination lawsuit against Macy’s and the city of New York. According to Reuters, Brown’s suit accused three Macy’s security guards in a New York store of handcuffing him, publicly accusing him of credit card fraud, and marching him through the store before harassing and mocking him in a detention cell for an hour in a June 2013 incident.

The incident happened following Brown, who is African-American, presenting his mother with a $1,300 gold watch he had just purchased in the store. Brown’s suit also alleged that once the guards learned who he was they changed tone and offered to get him a police escort to his mother’s college graduation. The suit also charged New York City with racial profiling violations.

Settlement was for undisclosed terms. Three other similar discrimination suits are currently pending against Macy’s. In a statement, the company said it has zero tolerance for racial profiling by its personnel.

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OPERATIONS

Rally replaces Market Basket walkout

BY Dan Berthiaume

Tewksbury, Mass. – Although no promise has been made to rehire ousted CEO Arthur T. Demoulas, a rally at the corporate headquarters of Demoulas Super Markets Inc. is replacing a previously planned employee walkout. Employees of Demoulas’ Market Basket chain had threatened to stage a walkout on July 18 in protest of Demoulas’ removal as CEO in June.

However, the group Save Market Basket, which initially planned the walkout, said in a Facebook post there will be a rally at Demoulas headquarters the morning of July 18. In an open letter to employees, new co-CEOs Felicia Thornton and Jim Gooch said they will bring employee concerns to the Demoulas board of directors but cannot make any decision to rehire Demoulas. The letter also said that any employee who leaves their job or refuses to work a scheduled shift will be fired, meaning some participants could potentially lose their jobs.

Arthur T. Demoulas had been waging a public battle with his cousin Arthur S. Demoulas, a stakeholder and director of the company, about finances when he was fired in June. He remains a company shareholder.

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