CINCINNATI AND BOISE, IDAHO — A judge in the Oregon federal court has blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. U.S. District Judge Adrienne Nelson agreed with the Federal Trade Commission’s argument that Kroger would become the dominant player in traditional supermarkets if the deal passed, and rejected the companies’ counterargument that selling 579 stores to C&S Wholesale Grocers would replace the lost competition. In a press release issued today, Albertsons announced that it has exercised its right to terminate its merger agreement with Kroger. Additionally, Albertsons has filed a lawsuit against Kroger in the Delaware Court of Chancery. Albertsons states that Kroger refused to offer an adequate divesture package and repeatedly ignored regulators’ concerns, causing the merger to be blocked. Boise-based Albertsons operates 2,267 retail food and drug stores across 34 states and the District of Columbia under more than 20 banners such as Safeway, Jewel-Osco, Shaw’s, Acme and Tom Thumb. Cincinnati-based Kroger operates nearly 2,800 stores in 35 states under two dozen banners such as Mariano’s, Harris Teeter and Pick ‘n Save.
BROOK PARK, OHIO — Haslam Sports Group (HSG) and the Cleveland Browns have selected Lincoln Property Co. as the development partner for the Browns’ 176-acre mixed-use entertainment district in the suburb of Brook Park. The development, designed by HKS, will be anchored by a new enclosed stadium for the 80-year-old NFL franchise, which is owned by Haslam. Located adjacent to Cleveland Hopkins International Airport, the 67,000-seat stadium will also host concerts, sports tournaments, events and conferences year-round. The entertainment district surrounding the stadium will be developed across multiple phases and will ultimately include 300,000 square feet of retail space, two upscale hotels, 1,100 apartments and 500,000 square feet of office space. Phase I, which is planned to deliver along with the stadium in 2029, will include 450 hotel rooms, 575 apartment units, 96,000 square feet of traditional retail and 137,000 square feet of experiential retail.
MINOOKA, ILL. — MDH Partners has purchased Minooka Interstate Logistics Portfolio, a 2.2 million-square-foot industrial portfolio in Minooka, about 60 miles outside Chicago. The purchase price was undisclosed. The portfolio is comprised of three Class A facilities that are fully leased. Houston Hawley of MDH Partners sourced the deal. Adam Tyler, Jim Carpenter and Mike Tenteris of Cushman & Wakefield represented the undisclosed seller. The building at 200 International Parkway South totals 473,280 square feet and is fully leased to BMW of North America, which utilizes the facility to service hundreds of dealerships located between Colorado and Michigan. The building at 1460 Cargo Court is 705,661 square feet and is fully leased to Kellanova, which distributes Kellogg’s global snacks and international cereals. The 1 million-square-foot facility at 6225 E. Minnoka Road is fully leased by WK Kellogg, which distributes Kellogg’s U.S. breakfast cereals and is the largest distribution center for WK Kellogg in the Midwest. The buildings were constructed in 2002 and 2008.
TROY, MICH. — Continental Realty Corp. (CRC) has sold Oakland Plaza, a nearly 167,000-square-foot shopping center in Troy, for $25.6 million. Atlanta-based RCG Ventures LLC was the buyer. CRC acquired the asset as part of a two-property portfolio in 2021, signaling its entry into the Michigan real estate market and its first acquisition on behalf of Continental Realty Opportunistic Retail Fund I LP. Ben Wineman, Daniel Stern and Patrick Corrigan of Mid-America Real Estate Corp. represented CRC in the disposition. During its hold period, CRC improved occupancy of the center from 71 percent to 97 percent. New leases with DSW, Kids Empire, Rally House, Paris Banh Mi, Mochinut and Witch Topokki total 53,000 square feet. CRC also repainted the entire center, resurfaced columns, repaved the surface parking lot and replaced common area light fixtures. Completed in 1979 and renovated by the previous ownership group in 1994 and 2014, Oakland Plaza consists of two buildings anchored by TJ Maxx, Michaels and Planet Fitness. The asset is across the street from the 1.5 million-square-foot Oakland Mall.
ST. CHARLES, ILL. — Marquette Cos. has acquired Ascend St. Charles, a 400-unit apartment community in the western Chicago suburb of St. Charles. The seller and sales price were undisclosed. Located at 100 Lakeside Drive, the property offers a mix of one-, two- and three-bedroom units with monthly rents starting around $1,600. Amenities include a 4,838-square-foot clubhouse that was recently renovated and includes remote workspaces, an upgraded fitness center, a residents’ lounge and game room, swimming pool and sundeck. Marquette plans to reposition the property by renovating residences with modern finishes and adding upgrades to the clubhouse and amenities.
FISHERS, IND. — Thompson Thrift has opened Fishers Event Center, a 7,500-seat arena within The Crossing at Fishers District in the Indianapolis suburb of Fishers. The venue will serve as a home to three professional sports teams — Indy Fuel Hockey Club of the ECHL, Indy Ignite of the Professional Volleyball Federation and Fishers Freight of the Indoor Football League. The arena will also host a variety of community events and concerts. The event center marks a $200 million investment by the city within Thompson Thrift’s $750 million Fishers District mixed-use development. Once completed, the 123-acre project will incorporate multifamily, townhome, hotel, office, dining, shopping and entertainment offerings. Thompson Thrift is actively leasing space for The Union at Fishers District, another phase expected to break ground in the first quarter of 2025. The Union will feature 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment homes, 135 luxury boutique hotel rooms and 70,000 square feet of Class A office space. Thompson Thrift first began work on the Fishers District development in 2015.
CHICAGO AND MILWAUKEE — Berkadia has arranged the sale of three upscale senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas. Heartis of Orland Park in suburban Chicago features 96 assisted living and memory care units. Opened in 2018, the property is the newest majority assisted living community in the Southwest Cook County submarket. Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wis., opened in 2019 and total 210 assisted living and memory care units. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia arranged the sale on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. A publicly traded REIT was the buyer.
CHICAGO — Summit Design + Build has broken ground on 537 W. Drummond, a seven-story apartment building with 84 market-rate units in Chicago’s Lincoln Park neighborhood. The 80-foot-tall development will feature a fitness room, conference and coworking spaces, 84 bike parking spaces and 52 car parking spaces. The project site is the historic Covent Theater, which was situated behind the Covent Hotel. Moyer Properties is the developer, ParkFowler Plus is the architect, Catapult Real Estate Solutions is the owner’s representative, Cross Street is the broker and Principal Asset Management provided construction financing. A timeline for completion was not provided.
DEKALB, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 57,832-square-foot retail center in DeKalb for an undisclosed price. The center was 63 percent leased at the time of sale to tenants such as Ollie’s, GNC and Little Caesars. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, GW Properties. The buyer was a private group based out of Miami.
JANESVILLE, WIS. — Marcus & Millichap has negotiated the $2.3 million sale of Interstate Secure Storage, a 233-unit self-storage facility in the Milwaukee suburb of Janesville. Built in 2015, the property totals 44,250 rentable square feet. There are expansion plans for two additional buildings totaling 25,950 square feet. Dan Bowar of Marcus & Millichap represented the buyer, Hastings Property Group LLC. The seller was undisclosed.