Phillips Edison acquires Bridgewater Falls
Cincinnati Phillips Edison’s Strategic Investment Fund said Tuesday it has acquired Bridgewater Falls, a 600,000-sq.-ft. regional shopping center located in Fairfield Township, Ohio.
The shopping center, which is anchored by TJ Maxx, Best Buy, Bed Bath & Beyond, Pet Smart, Dick’s Sporting Goods, Michaels and Target, was acquired with all cash.
“This is a significant purchase not only due to the fact that it is one of the few REO assets to close this year but also because very few companies have the ability to close something of this magnitude at a time of severe market contraction,” says David Birdsall, chief development officer for Phillips Edison.
The nearly 54 acres sold also includes ground leases to J.C. Penney, Chili’s, Max & Erma’s and Huntington Bank.
Macy’s named exclusive retailer of Ellen Tracy sportswear
NEW YORK Macy’s Inc. announced that it has signed a strategic alliance agreement with the Ellen Tracy owner, Brand Matter LLC, and its sportswear licensee, RVC Enterprises, under which Macy’s will be the exclusive department store retailer of Ellen Tracy branded women’s sportswear, beginning in spring 2010.
Under this agreement, Macy’s will offer its customers an exclusive array of Ellen Tracy sportswear that will include jackets, shirts, pants, sweaters, woven tops, knit tops and bottoms. Price points, for example, will be in the range of $99 to $149 for jackets and $50 to $99 for pants.
The exclusive sportswear will launch in more than 100 Macy’s stores and online at macys.com in March 2010, with plans for additional rollout over time to additional stores. The launch will include new Ellen Tracy shops in Macy’s largest flagship stores – Herald Square in New York, Union Square in San Francisco, State Street in Chicago and Dadeland in Miami.
“Ellen Tracy is a legendary brand that is well-known to our customers and backed by an outstanding design team. In particular, Ellen Tracy delivers exceptional value to women who expect quality and want a relevant look for today’s world at work and on the town,” said Jeff Gennette, Macy’s chief merchandising officer. “And coming next year, Ellen Tracy will provide another powerful reason for customers to shop at Macy’s. Ellen Tracy will join other exclusive brands at Macy’s, including Tommy Hilfiger, Martha Stewart Collection, Rachel Rachel Roy and Donald Trump.”
Store openings set for this week
Target is set to complete its 2009 store expansion plans this week with the opening of 26 new stores nationwide in 18 different states.
California is home to the most new stores with six units slated to open there on Oct. 7, in the communities of Culver City, Bakersfield, Sunnyvale, Davis, Rancho Cordova and Brea. Other states with multiple openings included Texas (Mesquite and Kyle), Kentucky (Middletown and St. Matthews) and Massachusetts (Lowell and Hanover).
Following the opening of 26 additional units Target is set to end the year with approximately 1,745 stores.