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By Reuters Staff 2 Min Read (Reuters) -Shopping center owner Kimco Realty Corp said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy reopen with the rollout of COVID-19 vaccines. The deal will create a company with 559 open-air grocery-focused shopping centers one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items. The company’s tenants will include Kroger, Whole Foods and Walmart Inc, as well as discount retailers such as TJX Cos Inc, Ross Stores Inc and Burlington Stores Inc. ....
By Reuters Staff 2 Min Read (Reuters) -Shopping center owner Kimco Realty Corp said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy reopen with the rollout of COVID-19 vaccines. The deal will create a company with 559 open-air grocery-focused shopping centers one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items. The company’s tenants will include Kroger, Whole Foods and Walmart Inc, as well as discount retailers such as TJX Cos Inc, Ross Stores Inc and Burlington Stores Inc. ....
It looks like the expected closure of the Landmark River Oaks Theatre might be averted after all. It was announced earlier this week that Weingarten Realty had declined to respond to repeated attempts from Landmark to renew their lease or come to terms with outstanding rent after a year of coronavirus-induced poor business. The staff at the theater prepared to shut down the historic theater, which first opened in 1939, at the end of the month and has been run by Landmark for 30 years. Then suddenly – and possibly after Weingarten CEO Andrew Alexander was visited by three ghosts in the night – the realty company re-opened talks. According to the Houston Chronicle , Weingarten has offered to forgive past due rent from when the cinema was closed for business and work out a 24-month repayment plan for the remaining balance. Landmark has not yet responded to the offer. ....
Landlord suing Regal for unpaid rent at shuttered Fiesta 16 theater FacebookTwitterEmail The Regal Fiesta Stadium 16 at 12631 Vance Jackson Road is permanently closed.Madison Iszler / San Antonio Express-News After closing its theaters in March as the coronavirus pandemic took hold, Regal Cinemas allegedly stopped paying rent for its Fiesta Stadium 16 location at a North Side shopping center. The chain started reopening its locations in August before shutting down once more in October, but it’s unclear whether the Fiesta discount theater ever reopened. One year later, its landlord’s patience has run out. A subsidiary of Weingarten Realty Investors, a Houston-based real estate investment trust that owns the Fiesta Trails shopping center, is suing Regal for skipping out on nearly $408,000 in unpaid rent and other charges since April. ....