Land & Buildings Investment Management is teaming with fellow activist firm Orange Capital to push for changes at Macerich Co., the mall owner that rejected a $16.8 billion takeover bid from Indianapolis-based Simon Property Group Inc.
The 6,000-square-foot facility in North by Northeast Shopping Center will not interfere with Sun King’s hopes to open a much larger brewery and event center about a half-mile away. The bigger facility is on hold while legislators debate a bill over brewery production limits.
An affiliate of PK Partners purchased the property at the southeast corner of 46th Street and College Avenue that for decades housed a Double 8 Foods store and is searching for a restaurant or retail tenant.
Groveland Capital, which wants to oust Sardar Biglari, failed to get support from the influential advisory firm Institutional Shareholder Services. But ISS agreed Biglari Holdings has serious governance problems.