BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …
GREENSBORO, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls for $130.5 million. The four centers are located in Nags Head, N.C.; Ocean City, Md.; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states and Canada. The company is planning to build a mall in downtown Nashville. The buyer(s) was not disclosed. Tanger Outlets’ stock price opened at $20.64 per share Monday, down from $22.16 per share one year ago.
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit multifamily community in Haltom City, located northwest of downtown Fort Worth. The property was built in 1969 and features amenities such as a pool, playground, picnic area and volleyball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a California-based private investment group, in the transaction. The duo also procured the buyer, a Florida-based investment firm. The new ownership will invest $2.5 million in capital upgrades to the property.
LONGVIEW, TEXAS — A subsidiary of Fort Worth-based Mitchell Asset Group Inc. (MAG) has closed the sale-leaseback of the M. Roberts Media corporate headquarters and production facilities, two buildings totaling 124,000 square feet in Longview, about 130 miles east of Dallas. Andy Rogers of Kelly Hart & Hallman LLP represented MAG in the transaction. Old Capital Lending arranged acquisition financing for the deal.
ATLANTA — FCP has acquired Ashford Gardens, a 164-unit garden-style apartment community in Atlanta, for $23.1 million. Ashford Gardens offers one-, two- and three-bedroom floor plans and community amenities such as a swimming pool, barbecue and picnic area and a playground. Situated at 2203 Plaster Road NE in northeast Atlanta, FCP will rebrand the property as Mirador at Peachtree. Andrew Mays and Matt White of Berkadia represented the undisclosed seller in the transaction.
BONITA SPRINGS, FLA. — Marcus & Millichap has arranged the $14.2 million sale of North Bay Village, a 114,545-square-foot retail property in Bonita Springs. North Bay Village was 73 percent occupied at the time of the sale, and the buyer, a private investor through a 1031 exchange, signed long-term leases with Hertz, Emaint and Keller Williams Real Estate to bring the asset to 98 percent occupancy. Other tenants include Bonefish Grill, Mattress Firm and Edible Arrangements. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, a private investor, in the transaction.
HARTFORD, CONN. — Chozick Realty has arranged the $14.3 million sale of Willington Oaks, a 128-unit student housing complex at the University of Connecticut in Hartford. The property includes 64 one-bedroom flats and 64 two-bedroom townhouses. Willington Oaks has recently undergone extensive updates including new boilers, roofs, windows, septic systems and connection to municipal water. The property routinely maintains occupancy close to 100 percent. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Willington Oaks LLC, in the transaction. The buyer was TC NY Associates LLC.
HARRINGTON PARK, N.J. — NAI James Hanson has brokered the $6.6 million sale of an office building in Harrington Park. Located at 200 Old Hook Road, the asset is the former headquarters of water service company United Water, which vacated the building in 2014. The property was constructed in 1977. Andrew Somple and Greg James of NAI James Hanson represented the seller, SUEZ Water, formerly United Water, in the transaction. Allegro Senior Living acquired the property and plans to reposition the property as a senior living facility. The location will be Allegro’s first facility in New Jersey. Allegro and joint venture partner, United Way, have received approvals to construct 83 independent living apartments and 92 assisted living units, of which 25 are memory care units.
CHICAGO — Marcus & Millichap has arranged the sale of the third and fourth floors of the Museum of Broadcast Communications (MBC) building in Chicago’s River North neighborhood for $6 million. The property, located at 360 N. State St., is a four-story, mixed-use condo building totaling approximately 54,000 square feet. Until the sale, the MBC utilized the upper three floors, but will now consolidate operations on the second floor. STK Chicago, a restaurant, occupies the ground floor. Kyle Stengle and Stephen Lieberman of Marcus & Millichap marketed the floors on behalf of the museum. Fern Hill Co., a privately held real estate development and investment firm in Chicago, was the buyer.
ELK GROVE VILLAGE, ILL. — ML Realty Partners has acquired a 218,000-square-foot industrial building located at 701 Devon Ave. in Elk Grove Village for an undisclosed price. The property features a clear height of 24 feet and 16 exterior docks. Steve Stone of Cushman & Wakefield represented ML Realty in the sale. The seller was not disclosed.