REAL ESTATE

Christie looks to lure Amazon to New Jersey with $5 billion in tax breaks

BY CSA Staff

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.

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Kohl’s looks to lease space to traffic-generating merchants

BY CSA Staff

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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Beaton named VP Real Estate at Rent-A-Center

BY Al Urbanski

Ross Beaton has been named VP of Real Estate at Rent-A-Center, a rent-to-own retailer with more than 2,500 locations in North America.

Beaton joined the Plano, Texas-based company’s business development department in 2001. He led the creation of data-driven processes to improve real estate strategy and delivered significant annual cost savings, according to the company.

A graduate of the United States Naval Academy, Beaton previously led international business development at Fed Ex Office.

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