Parkway is selling a stake in a 52-acre master-planned, mixed-use complex with 11 office buildings in Houston to the Canada Pension Plan Investment Board, which is partnering with TH Real Estate and Silverpeak Real Estate Partners, for $141 million. The transaction, which leaves Parkway with a 51% interest, values the portfolio at $1.045 billion.
Mitsui & Co. is entering the US real estate asset management market via a strategic partnership with CIM Group in which Mitsui acquires a 20% interest in the US urban real estate and infrastructure fund management company. Mitsui will invest a total of $450 million to $550 million in the venture through a newly established special purpose entity.
Alibaba Group has formed a strategic partnership with Chinese retailer Bailian Group, which owns 4,700 outlets in 200 cities, as part of its larger push into the brick-and-mortar side of the business. Their initial steps include cooperating on supply chain technology and integrating Alibaba's payment platform into Bailian Group's membership program.
Wal-Mart has dropped plans to open two stores in Michigan as part of an ongoing effort to streamline operations and invest more in existing stores and e-commerce efforts, said spokeswoman Anne Hatfield. The retailer remodeled 500 stores last year and plans to do 500 more in 2017, and it will also open more employee training academies.
Hershey Towne Square, in Pennsylvania, will get a new restaurant and retail complex in a redevelopment of a city block at a cost of $28 million. The developers of the "Main on Main" project, RVG Management & Development and TONO Architects, will renovate a two-story, 56,000-square-foot structure and add a three-story, mixed-use building of 21,000-square-foot multitenant retail space and a multilevel parking structure to the area.
Parrish, Fla., will be getting a 300,000-square-foot shopping center built by Benderson Development. The property, which will have a Walmart Supercenter, will offer several sit-down restaurants.
The city of Elyria, Ohio, is looking to sell the 1.1 million-square-foot Midway Mall for redevelopment. A study from Jeff Green Partners and the Hoffman Group recommends demolishing most of the 92-acre site to create a mixed-use shopping center with condos or apartments and reducing the retail space to 530,000 square feet.
An affiliate of Ilbak Investments has purchased 554,973 square feet of the 950,000-square-foot Oviedo Mall, in Orlando, Fla., for $15.3 million. The acquisition includes 54 of the property's 95 acres.
Ventas is in talks to acquire part or all of Brookdale Senior Living after Blackstone Group lost interest in a similar deal, sources say. It is possible a deal will not happen given the multiple owners of Brookdale's real estate.
American Finance Trust and American Realty Capital-Retail Centers of America, two public non-listed REITs that are part of AR Global, received approval from their shareholders for a merger announced last September.
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