REAL ESTATE

Mind-Body Studio takes 7th Manhattan location

BY Michael Fickes

New York — An ~exhale MINDBODYSPA has leased 3,027-sq.-ft. location in Manhattan’s Flatiron District, where Flatiron and Chelsea meet. It is a strong retail neighborhood with national fashion and specialty retailers along Fifth Avenue including Anthropologie, J.Crew, Club Monaco, kate spade, Nike, Intermix and Sephora. There are larger format retailers in the area, too: Bed Bath & Beyond, The Container Store, Sports Authority, Staples, Men’s Wearhouse, Trader Joe’s and Marshalls along Sixth Avenue.

The ground floor will house the spa’s seventh Manhattan location. RKF represented ~exhale in the transaction, which involved a sublease with the existing tenant and a lease extension from the landlord, Fifth Partners.

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REAL ESTATE

DDR sell all of its Brazil holdings for $344 miilion

BY Michael Fickes

Beachwood, Ohio — DDR has signed a letter of intent to sell its 50% ownership interest in Sonae Sierra Brazil BV Sarl, a Luxembourg company, to Alexander Otto and his affiliates for $343.6 million. DDR’s interest in SSB BV Sarl represents the company’s entire investment in Brazil. The gross proceeds of $346.6 million include $283 million from the negotiated price of R$26.00 per share of SSB, a 67% premium to the closing price on the IBOVESPA as of March 7, and DDR’s stake in Parque Dom Pedro, valued at $60.7 million. Plans call for the sale to close within the next 30 days.

The SSB portfolio consists of ten regional malls totaling 4.6 million sq. ft. During DDR’s period of investment, four of the ten malls were developed, three of which were recently opened. DDR’s original investment in 2006 was $147.6 million, with an additional $52.6 million funded from 2007 through 2009. At the expected sale price, DDR’s IRR on its investment in Brazil is in excess of 10%. As a result of the sale, DDR’[s pro rata share of NOI from consolidated assets will increase from 89% to 93%.

DDR intents to use the proceeds from the sale for general corporate purposes, including reinvestment in prime shopping center acquisitions and redevelopments in major U.S. markets.

As a result of the timing difference between this transaction and the reinvestment of the proceeds, as well as an acceleration of domestic disposition plans, DDR is lowering 2014 operating FFO guidance from $1.17 to $1.21 per diluted share, to $1.14 to $1.18 per diluted share, representing year-over-year growth of 5% at the midpoint.

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Ross Stores opens 37 locations, plans 95 new stores

BY Dan Berthiaume

Dublin, Calif. — Ross Stores recently opened a total of 30 Ross Dress for Less and seven DD’s Discounts stores in 14 different states. These openings are part of the off-price retailer’s 2014 expansion plans for about 95 new stores, which will include continuing to build presence in existing markets and grow in the newer markets initially entered in 2011.

Ross believes that long-term expansion opportunities include 2,000 Ross Dress for Less stores and 500 DD’s Discounts stores.

"We remain on track to open a total of approximately 95 new locations in 2014, comprised of about 75 Ross Dress for Less and 20 DD’s Discounts," said Jim Fassio, president and chief development officer. "Today, Ross Dress for Less is the largest off-price apparel and home fashion chain in the U.S. Including these newest openings, Ross now operates 1,173 stores in 33 states, the District of Columbia and Guam.”

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