Azad acquires Alabama power center
Houston-based Azad Commercial Realty has acquired Oxford Exchange, a market-dominant power center in Oxford, Alabama. The sale was brokered by JLL, which did not disclose the sale price or identity of the seller.
The 333,975-sq.-ft. center houses a range of top retail brands including, TJ Maxx, Hobby Lobby, Dick’s Sporting Goods, Old Navy, Bed Bath & Beyond, and Ross Dress for Less. It is shadow-anchored by Target, Kohl’s, Home Depot, and Sam’s Club.
“The property is strategically located along I-20, providing excellent visibility in a highly trafficked corridor between Atlanta and Birmingham, serving a 30-mile trade area in all directions,” said JLL managing director Margaret Caldwell, who directed the transaction.
Christie looks to lure Amazon to New Jersey with $5 billion in tax breaks
Chris Christie, the outgoing governor of New Jersey, has made a bold Hail Mary pass in hopes of winning his state Amazon’s new headquarters.
Gov. Christie, who leaves office on Tuesday, January 16, has signed a tax incentive package worth as much as $5 billion, complete with tax breaks and other promises — a move to encourage Amazon to establish its new North American headquarters in the city of Newark. The deal easily sailed through the Democrat-led Legislature with strong support on both sides of the aisle.
“Today’s bipartisan action proves that nobody in any other state wants Amazon’s HQ2 more than New Jersey and the city of Newark, and there is nowhere better for this tremendously innovative job creator to grow and thrive,” Christie said in a statement. “It shows we deliver on our promises.”
The $5 billion proposed incentive from New Jersey is one of the biggest moves in a race that has seen nearly all 50 states try to attract Amazon with tax breaks and other offers. The new headquarters, called HQ2, is a $5 billion investment that promises to create 50,000 jobs. The online giant will announce its choice later this year.
Amazon has received 238 bids from cities and regions across the United States, Canada and Mexico. Only seven U.S. states did not bid: Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont and Wyoming, reported Politico.
Kohl’s looks to lease space to traffic-generating merchants
Kohl’s Corp. wants to partner with other retailers to lease unused space in its “right-sized” stores.
Kohl’s, which has made about 300 of its stores operationally smaller, plans to partner with retailers, ideally grocers or convenience stores, to lease the available white space in its downsized stores, CNBC reported.
“If we had our preference, we are going first after well-capitalized companies, and preferably ones that have high traffic in grocery and convenience,” Kohl’s CEO Kevin Mansell told CNBC.
Kohl’s may partner with several retailers in group rollouts and it could also partner with some merchants as a one-off, the report said.
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