Tag: owners

Real-Estate Losers in 2020, Like Hotel and Mall Owners, Starred in the First Quarter

Shares of companies that own shopping centers, hotels and New York office buildings were decimated most of last year but mounted a first-quarter comeback, as investors bet that a vaccine rollout can revitalize these hard-hit businesses.

Real-estate investment trusts overall rose 9% during the three months, beating the S&P 500’s 6% gain, according to data-analytics firm Green Street. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners.

The real-estate recovery was part of a broader market surge that lifted many beaten-down sectors starting late last year, when

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American Dream sours for owners of US mega-mall amid ‘significant’ cash crisis | Retail industry

The owner of the American Dream, the mega-mall in New Jersey once billed as the future of retail, has put up nearly half of the ownership of its two largest malls to stay in business.

In March last year, just five months after it opened, American Dream was forced to shut its doors as Covid-19 surged in the US. It stayed closed until October, when some of its attractions and stores reopened.

The 3m-sq-ft mall was regarded as a litmus test for the future of brick-and-mortar shopping at a time when Amazon and online retail are taking an ever

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Plaza clothing store closing after 40 years, owners looking forward to retirement

A clothing store on Kansas City’s Country Club Plaza is closing its doors after four decades in business. Owners Jackson Ring and Trent Slusher said Pinstripes will close Dec. 31.Ring and Slusher said in a statement that the closure is so they can enjoy the fruits of their labors. “It has been a pleasure to serve the community, and our many loyal customers, many of whom we now call dear friends,” the statement read. “We thank each of you for your support and for allowing us to live the life we imagined. It is also incredibly hard to say goodbye … Read More

Amazon revealed as prospective tenant in Worcester as new owners of Greendale Mall work to build distribution center

Weeks after the new owner of the Greendale Mall in Worcester filed plans demolish the facility, Amazon revealed itself as the proposed tenant in plans for a distribution warehouse on the site.

While global e-commerce giant is the proposed tenant, a lease has not been signed, a city spokesperson said. Discussion on the topic will continue at the planning board’s next meeting on Dec. 30.

Finard Properties LLC of Boston purchased the mall last December. Last month, it filed plans with the city to demolish the 300,000 square-foot-building.

Plans for distribution center in Worcester

Plans revealed at a planning board meeting in Worcester on

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Wandering Wardrobe owners put vintage clothing shop up for sale

PORT TOWNSEND — The Wandering Wardrobe, for the past couple of decades, has been a place for earth-conscious style and the occasional bottle of Champagne.

Now the owners, Beverly Michaelsen and her daughter Kaiya Lily Hubbard, are “ready to pass the torch along to someone more computer-savvy,” Michaelsen said this week.

The vintage clothing business is on the market for $50,000. The building itself, in the Fountain District at 936 Washington St., is priced at $450,000.

Michaelsen, who first opened in 1998, said the time has come for a new proprietor to put those retro dresses and suits on a

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