CAMP HILL PA. AND BOISE, IDAHO — Rite Aid Corp. (NYSE: RAD) announced Wednesday it has called off its previously announced merger with Boise-based grocery chain Alberstons Cos. The $24 billion deal, first announced in February, would have allowed Albertsons to go public. Under the terms of the transaction, Rite Aid shareholders would have held a 29 percent stake in the combined company. The integrated company would have operated about 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C. “While we believe in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said John Standley, chairman and CEO of Rite Aid, in a prepared statement. The merger has faced pushback from a number of stockholders and investors in the months leading up to a shareholder vote over the deal, which was originally scheduled for Thursday, Aug. 9, but has since been called off. In June, Highfields Capital Management, an investment management firm that holds approximately 47 million Rite Aid shares, said it would vote against the merger, claiming it did not offer compelling value …
PHILADELPHIA — Southern Land Co. and project partner Redwood Capital Investments have sold 3601 Market, a 28-story, 363-unit apartment tower in Philadelphia for $140 million. FPA Core Plus Fund IV purchased the property. The LEED Silver-certified project opened in 2015 and features a rooftop pool and 13,600 square feet of restaurant and retail space.
ALLENTOWN, PA. — HREC Investment Advisors has negotiated the sale of the Wingate by Wyndham, a 105-room hotel in Allentown. The sales price was undisclosed. Ketan Patel and Mark von Dwingelo of HREC represented the seller, JPMCC 2007-LDP12 Spring Street Limited Partnership, in the transaction. The buyer was Humboldt Hotel LLC. The property is located directly off the Pennsylvania Turnpike, approximately 60 miles north of Philadelphia and 71 miles south of Scranton.
SCRANTON, PA. — Geisinger Health Systems has acquired the Mt. Pleasant Medical Center, a 30,750-square-foot medical office building in Scranton for $6.4 million. Geisinger purchased the property from a private partnership. Healthcare Real Estate Group, Marcus & Millichap and Hinerfeld Commercial RE represented both parties in the transaction. Located at 521 Mt. Pleasant Drive, the property was built in 2011 and is fully occupied by a tenant roster that includes Commonwealth Health Physician Network, LabCorp and Valley Oral & Maxillofacial Surgery PC.
CANONSBURG, PA. — HFF has arranged the $90 million refinancing of Zenith Ridge Corporate Campus, a 486,000-square-foot, three-building office park in Canonsburg. HFF represented the borrower, Quattro LP, in securing a 10-year, fixed-rate loan through Starwood Mortgage Capital. Burns Scalo Real Estate currently manages the property. Amenities at the office campus include walking trails, outdoor exercise stations, ping pong tables, communal fire pits, outdoor patios and outdoor meeting areas. Zenith Ridge Corporate Campus is fully leased.
HEMPFIELD TOWNSHIP, PA. — CBL Properties, in partnership with Stadium Casino LLC, has unveiled plans to develop a 100,000-square-foot casino and entertainment complex at CBL’s Westmoreland Mall in Hempfield Township. Stadium Casino LLC is a joint venture between The Cordish Cos. and Greenwood Gaming & Entertainment. The new casino will backfill space currently occupied by Bon-Ton, which will close in early August. The project, which is expected to create 600 jobs, is subject to the review and approval of the Pennsylvania Gaming Control Board. A construction timeline will be released upon approval.
HAVERTOWN, PA. — Marcus & Millichap has brokered the sale of a 2,735-square foot, retail property located at 800 N. Eagle Road in Havertown. The net-leased property, which was renovated in 2017, sold for $2.4 million or approximately $877 per square foot. Mark Taylor, Shannon Bona and Derrick Dougherty of Marcus & Millichap represented the seller, a partnership, in the transaction. The undisclosed buyer acquired the property as part of a 1031 exchange. The current tenants at the property are convenience store Swiss Farms and Tony Roni’s, a pizzeria.
PHILADELPHIA — Binswanger has negotiated the sale of a 247,447-square-foot industrial facility in Philadelphia for $14.3 million. The Trustees of the University of Pennsylvania purchased the property, located at 3250 S. 76th St., from seller GMIP South 76thStreet LP. Chris Pennington of Binswanger represented the buyer in the transaction.
Cherry Hill, N.J. — PREIT has signed 1776 to a lease at Cherry Hill Mall, a 1.3 million-square-foot shopping center in Cherry Hill, located nine miles east of Philadelphia. Founded in 2013, 1776 is a public benefit corporation that scouts and funds business startups focused on sectors like education, energy, transportation and financial services. The incubator will occupy more than 11,000 square feet of space at the property for its local member community, which will focus on retail and e-commerce initiatives and will be home to corporate and startup members in the retail and e-commerce industries. This will be the first mall location for 1776, which joins tenants including Nordstrom, Apple, Zara, Hugo Boss, The LEGO Store, The North Face Seasons 52 and Maggiano’s.
WARMINSTER, PENN. — NKF Capital Markets has negotiated the $11.2 million sale of County Line Commerce Center, a 427,421-square-foot office building in Warminster. Mike Margolis, Dave Dolan and Dave Garonzik of NKF Capital Markets represented the seller, Crossroad Partners, in the transaction. The buyer was a joint venture between Corvest Realty Group and Balashine Properties. County Line Commerce Center is currently occupied by tenants ABB and Advanced Coatings with an additional 275,000 square feet of vacant space. The new owners plan to install a full suite of amenities including a fitness center, on-site food service and conference facilities. The property also offers a shuttle service to and from the Warminster Regional rail line.