Land & Buildings Investment Management is teaming with fellow activist firm Orange Capital to push for changes at Macerich Co., the mall owner that rejected a $16.8 billion takeover bid from Indianapolis-based Simon Property Group Inc.
Sears will transfer 10 properties valued at $228 million to a company that it will own jointly with Indianapolis-based Simon Property Group, the companies said Monday.
The Indianapolis-based landlord will either purchase the shares on the open market or in privately negotiated deals, Simon said.
Simon’s acquisition offer is only 6.6 percent higher than Macerich’s average price in the previous 20 days. One reason the premium looks miniscule is because Macerich’s stock had already jumped 24 percent since November on takeover speculation fanned by Simon.
Macerich Co. shares had their biggest increase in three months Thursday morning after the Wall Street Journal reported that Simon Property Group Inc., the largest U.S. mall owner, has made approaches to buy the company.
Simon Property Group Inc. has approached Santa Monica, California-based Macerich Co. about an acquisition after taking a stake in the company last year, sources say. Macerich, with a market value of $13.3 billion, has a high concentration of West Coast properties.
RadioShack Corp. can start getting rid of its inventory right away, a judge said in approving the 94-year-old consumer-electronics chain’s request to begin store-closing sales. The list includes more than a dozen local stores.
Cache Inc., which has a store in the Fashion Mall at Keystone, has filed for Chapter 11 protection and might liquidate its inventory. Simon Property Group is the retailer’s largest creditor.
Lids replaces Indianapolis-based MainGate Inc., which has been with the team since it moved into Lucas Oil Stadium. The Colts store at Circle Centre mall has closed, but at least one new store is in the works.
The two centers are owned by Centre Properties and located on the east and west sides of Indianapolis. Meanwhile, in a separate case, a lender is seeking to foreclose on several industrial buildings.
The Circle Centre and Hamilton Town Center locations of struggling teen clothing retailer Wet Seal are among 338 stores that closed as of Wednesday.
Despite an early start, sales data show that stores may once again have to rely on procrastinators to save the holiday shopping season.
The Indianapolis-based real estate investment trust said the 81,000-square-foot shopping center was fully occupied and would build on its presence in the tourism mecca.
A bank claims the owner of Nora Corners, which is anchored by a Marsh supermarket, has defaulted on an $8.4 million loan.
Just five days after Simon Property Group spun off its strip centers and smaller malls into Washington Prime Group, executives began plotting a multibillion-dollar acquisition.
Deb Shops, a woman's clothing retailer with stores in three area malls, has filed for bankruptcy protection for the second time in three years and could close its stores.
The teen-fashion retailer has filed for bankruptcy and started close-out sales at all of its 92 locations, including in Carmel and downtown Indianapolis.
The future of malls looks quite bright despite the rise of online shopping.
Under terms of the deal, Carson Pirie Scott will save $300,000 annually through the next three years under a rent reduction at the downtown store.
The Indianapolis-based mall developer is planning to build on 50 acres near Interstate 65 and Whitestown Parkway in Boone County, sources say, and could have a deal finalized early next year.
