Mills Corp. Buys Two Big Malls
Arlington, Va., The Mills Corp. will purchase a portfolio of two regional shopping malls, Southdale Center in suburban Minneapolis, and Southridge Mall in suburban Milwaukee, Wis., and related development components from a joint venture comprised of Blackstone Real Estate Advisors affiliates and Polaris Capital. The total consideration is approximately $452 million before transaction costs.
Specialty tenant sales at the two centers averaged $418 per square foot in 2004. Excluding vacant anchors, the properties are 88% leased.
May-Federated Reportedly Differ Over Price
New York City, Price has emerged as the primary sticking point as Federated Department Stores explores the possible takeover of May Department Stores, The Wall Street Journal reported today. The newspaper said that while Federated’s CEO Terry Lundgren met recently with May’s acting CEO John Dunham, there are no signs suggesting a deal is upcoming, and the two differ over the price May would accept.
Fred Meyer Launches New Loyalty Card
Portland, Ore., Fred Meyer announced the launch of its new Fred Meyer Rewards Card. Under the program, customers will receive a rebate for using the card when they shop Fred Meyer, earning one “point” for every five dollars. If a customer earns at least 100 points during a 13-week period, he or she qualifies for a rebate. The rebate will be mailed to customers at the end of the 13-week period.