Wednesday, December 16, 2020

MALL NEWS

 Rug merchant Safavieh has purchased the Stamford Town Center mall in Stamford, CT from Taubman for $20.15 million. The 750,000 s/f property now becomes part of Yaraghi Realty, a Safavieh unit that owns or is developing nearly 15 million s/f of commercial property... J.C. Penney has entered into an asset purchase agreement with Brookfield Asset Management, Simon Property Group, and a majority of the company’s first lien lenders. Penney expects to operate outside of Chapter 11 before the holiday season. Under the agreement, Brookfield and Simon, Penney’s two biggest landlords, will acquire substantially all Penney’s retail and operating assets through a combination of cash and new term loan debt. The agreement includes the formation of separate holding companies, made up of 160 of Penney’s real estate assets and all of its owned distribution centers, which will be owned by a group of the company’s lenders. Brookfield and Simon will enter into master leases with the lenders for the properties and distribution. The deal is still subject to court approval and other conditions...Mall owner PREIT has filed for Chapter 11 protection to gain access to an additional $150 million to extend its debt maturity schedule and allow it to follow through with planned strategic moves...Wayfair’s first-ever retail store, in the Natick (MA) Mall, is closing after 1 ½ years.

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