Insights

Studio Movie Grill to open at Town Center Colleyville

BY Michael Fickes

Dallas, Texas — Studio Movie Grill has acquired two leases for a 51,935-sq.-ft. building at the Town Center of Colleyville in Colleyville, Texas, according to Venture Commercial, the broker on the lease sale and assignment transaction.

Following extensive renovations to the former Colleyville Cinema, the new Studio Movie Grill plans to open in late May.

Venture Commercial provides leasing and property management for the 258,000-sq.-ft. center, which is owned by an investment partnership formed by Velocis Partners.

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Insights

Forever 21 to open at new NYC enclosed fashion mall

BY Michael Fickes

New York City — Forever 21 has taken space at the Mall at Bay Plaza, which is scheduled to open on August 14. The new store will span about 15,000 sq. ft.

A new 166,000-sq.-ft. Macy’s and an existing 150,000-sq.-ft. J.C. Penney will anchor the new mall. Forever 21 will join more than 100 retailers at Bay Plaza, including Kay Jewelers, Victoria Secret, H&M and Michael Kors.

The mall will be first enclosed fashion mall built in New York City in more than 40 years. During the mall’s development, Prestige Properties created more than 2,000 construction jobs. When the mall opens, it will create more than 1,700 permanent jobs.

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Express adopts poison pill after Sycamore makes acquisition move

BY CSA STAFF

It looks like Sycamore Partners, which owns approximately 9.9% of Express’ outstanding shares, is interested in acquiring the retailer.

Express confirmed that it has received a letter from Sycamore and has established a special committee of the board to determine a course of action that serves the best interest of all stockholders. The retailer has also engaged Perella Weinberg Partners LP and Sullivan & Cromwell LLP as advisers to itself and the special committee.

Express has also adopted a Stockholder Rights Plan that it says is intended to, among other things, provide the board with sufficient time to consider alternatives to an offer and which does not prevent the board from considering or accepting an offer, if the board believes such action is fair, advisable and in the best interests of its stockholders.

Similar to the rights plans of other public companies — such as Family Dollar, which adopted a poison pill earlier this week — Express’ comes with a 10% trigger that would prevent any investor from gaining a controlling interest of the company without board approval. The plan will remain in effect until June 12, 2015, unless ratified by a majority vote of the company’s stockholders (in which case it would expire June 12, 2017) or unless earlier redeemed or terminated by Express. Stockholders who already have a 10% stake or greater in the company are grandfathered to the extent of their June 12, 2014 ownership levels.

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