Activist investor takes increased stake in Macerich
An activist hedge fund has purchased a 5% stake in Macerich, according to a CNBC report, sending the company’s shares up 12% and fueling talk it could push for a sale of the mall owner.
Third Point LLC, which took the position in Macerich, is headed by billionaire Dan Loeb, who recently made headlines for buying a $3.5 billion-dollar stake in Nestle and attempting to place a member on the Swiss company’s board.
Macerich has previous experience with activist investors. In 2015, Land & Buildings Investment Management and Orange Capital built a position in the company as it fought off a takeover by Simon Property Group.
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RPAI breaks ground on downtown Towson project
The transformation of downtown Towson, Md., is underway.
Baltimore County Executive Kevin Kamenetz joined with representatives of RPAI and Avalon Bay yesterday to break ground on a $125 million mixed-use makeover of a key intersection in Towson.
When completed, the areas surrounding Towson’s traffic circle will become known as Circle East, a 371-unit apartment community with 240,000 sq. ft. of street level retail.
“The existing site wasn’t configured right from the start; it featured one side of the street as a hole with lower level parking and retail entrances that ran under the road,” said Greg Goldberg, RPAI’s eastern division leasing director. “We’re moving the retail up to the street to create a double-sided retail presence and redeveloping the existing space to better serve pedestrian traffic.”
At the groundbreaking ceremony, Kamenetz lauded developers that have brought a billion-dollars-worth of new projects to the Baltimore County seat. “With Circle East starting construction, downtown Towson continues its dynamic growth as a vibrant place to live, work, and enjoy life,” he said.
Adjoining Circle East are Towson Square, anchored by a Cinemark theater and restaurants, and Towson Town Center, a GGP-owned regional mall housing Nordstrom, Macy’s, Tiffany & Co., Burberry, and Louis Vuitton.
Estimated completion date for Circle East is the fourth quarter of 2019.
Target closing 12 underperforming stores
Even as it continues to expand, Target Corp. keeps its eye on stores that aren’t living up to its expectations.
The discounter will close 12 stores across several states on Feb. 3 of next year, reported CNBC.
“We have a rigorous process in place to evaluate the performance of every store on an annual basis, closing or relocating underperforming locations as needed,” a spokeswoman for Target told CNBC. “Typically, a store is closed as a result of seeing several years of decreasing profitability.”
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