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The firm currently has two locations in Auburn Hills, MI and one in Farmington Hills, MI. The company is planning a staggered move-in to begin in late 2020, with full occupancy expected by March 2021.
Four of the U.S. Whirlpool sites are located in Ohio—Marion, Findlay, Ottawa and Clyde—and one is in Cleveland, TN. Two properties are in Fabriano, Italy.
A total of more than a dozen tenants will open in the next six months at its Woodland Mall, Willow Grove Park, Plymouth Meeting and Valley Mall properties.
The Marina Thermal Facility is a combined heat and power generation facility that provides electricity and hot and chilled water to both the Borgata Hotel Casino & Spa and The Water Club.
The locally-based REIT states that sales during that prime selling period set up their recently opened redevelopments—Fashion District Philadelphia, Woodland Mall and Plymouth Meeting Mall—for a strong holiday season.
Four Corners Property Trust has signed a definitive agreement for the purchase of 14 outparcel properties from PREIT for $29.9 million, priced at a 6.5% going-in cash cap rate, exclusive of transaction costs.
Philadelphia now joins San Francisco, New York City, Cleveland and Newark, NJ in the right to counsel movement. Similar legislation is advancing in Detroit, Los Angeles, Denver, and other cities across the country.
The sale is part of an initiative announced by Taubman in February to sell its 50% interest in three Asian shopping centers—Starfield Hamam, CityOn.Xi'an (Xi'an, China) and the CityOn.Zhengzhou (Zhengzhou, China).
The deal has an enterprise value of $152.25 million. The acquisition, which is expected to close in October, includes a substantial corporation tax value of more than $13 million.