"They seem to be operating in the best intent of the merchandising," says Daniel Hurwitz, senior executive vice president and chief investment officer at Beachwood, OH-based owner Developers Diversified Realty, pointing out that his firm usually sees few negative results when a major tenant is taken private or acquired. Sometimes those chains, which might have been struggling in the public markets, perform better under private ownership, he says.

"A lot of it has to do with who is the group executing the buyout," says Adam Ifshin, president of developer DLC Management Corp., of Tarrytown, NY. Some buyers, like the consortium that bought Michaels Stores, look to run the business as an operating company. Others want to purchase chains simply for their real estate or to use the leverage of potential store closures to get better leasing rates from landlords, he says.

But the threat of store closures isn't likely to impact larger real estate owners as long as they have a quality portfolio, Hurwitz says. "Every one of us is at historical highs in occupancy," he says. "There's plenty of tenants to fill space in good shopping centers."