REAL ESTATE

Ross Stores signs leases at two Phillips Edison properties

BY Al Urbanski

Phillips Edison & Company, one of the nation’s largest owners and operators of grocery-anchored centers, will be adding value-fashion and home goods stores at two of its centers in Illinois.

Ross Stores has signed leases for a 30,110-sq.-ft. Ross Dress for Less location at Fresh Market Shopping Center in Normal and a 20,475-sq.-ft. dd’s Discount store at Burbank Plaza in Burbank.

“These deals help enhance our mission to provide the local communities we serve with a diverse mix of retail brands that meet their needs,” said PECO VP of redevelopment Greg Clough.

Fresh Market Shopping Center features 176,230 sq. ft. of retail space and is located in a heavily traveled corridor between U.S. Route 55 and Illinois State Highway 9. The shopping center also includes Michael’s, Petco, Office Depot, and Bed Bath & Beyond.

The 99,453 sq. ft. Burbank Plaza is anchored by Jewel-Osco and recently added a 6,000-sq.-ft. building housing Firehouse Subs and Rita’s Italian Ice.

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REAL ESTATE

Hudson Yards erects West’s highest outdoor observation deck

BY Al Urbanski

Construction has begun on an outdoor observation deck that will jut out 65 ft. from 30 Hudson Yards in Manhattan at an elevation of 1,000 ft. According to Related Companies, developers of the luxe new neighborhood near the Javits Center, the attraction will be the highest outdoor human aerie in the Western Hemisphere and the fifth highest in the world.

“The Hudson Yards Observation Deck will serve as the new focal point for the west side skyline…whether you’re interested in a cocktail, a celebratory dinner, or just want to see what the city looks like from 1,000 feet up in the sky,” said Related Companies president L. Jay Cross.

The deck, which features a 10,000-sq.-ft. restaurant, bar, and event space run by the hospitality group Rhubarb, is scheduled to open in late 2019.

Hudson Yards will add more than 18 million sq. ft. of mixed-use GLA to the West Side, including more than 100 stores. Neiman Marcus will open its first New York City store there.

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Bon-Ton Stores
REAL ESTATE

Mall owners team up to buy bankrupt Bon-Ton

BY Marianne Wilson

The Bon-Ton Stores has been thrown a lifeline.

An investor group made up of two mall owners — Washington Prime Group and Namdar Realty Group — and alternative asset manager DW Partners have signed a letter of intent to acquire the department store as a going concern in a Bankrupt Court-supervised sale process.

In teaming up to save Bon-Ton, the two mall owners would be following in the footsteps of Simon Property Group and General Growth Properties. In fall 2016, the two companies teamed up to buy bankrupt teen apparel retailer Aeropostale.  The deal is credited with keeping 229 Aeropostale stores open.

Bon-Ton, which is saddled with about $1.1 billion in debt, filed for Chapter 11 bankruptcy protection in February. In early April, it said it was in “active discussions with interested parties” who may be interested in buying the company, and received approval from its lenders to extend the deadline for submitting qualified bids. An auction is now set for April 16.

“We are pleased to have received this signed letter of intent and are advancing our discussions with the investor group to complete an asset purchase agreement as we proceed toward the court-supervised auction,” said Bill Tracy, president and CEO, Bon-Ton. “With the help of our advisors, we will evaluate all qualified bids and are committed to maximizing value and pursuing the best path forward for the company and our stakeholders.”

Bon-Ton Stores operates 250 stores in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.

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