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AcquisitionsKentuckyRetailSoutheast

Fimiani Development Buys 85,000 SF Pennyrile Marketplace Shopping Center in Hopkinsville, Kentucky

by John Nelson

HOPKINSVILLE, KY. — Fimiani Development Corp. has acquired Pennyrile Marketplace, an 85,000-square-foot shopping center located at 3010 Fort Campbell Blvd. in Hopkinsville. Seritage KMT Finance sold the property to the Boca Raton-based retail investment firm for $3.8 million. Built in 1978, Pennyrile Marketplace sits on 12 acres near Fort Campbell Army base and houses tenants including Harbor Freight Tools, Bargain Hunt and Farmers Home Furniture. Mike Fimiani represented the buyer in the transaction on an internal basis, and Marc Ozburn and Ross Robison of Berkeley Capital Advisors represented the seller. Fimiani Development plans to make renovations to Pennyrile Marketplace, including landscaping, improved signage and resurfacing of the parking lot.

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Champions-Village-Houston
AcquisitionsCompany NewsRetailTop Stories

Kroger Agrees to Acquire Albertsons in $24.6B Merger of Grocery Giants

by Jeff Shaw

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger under which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both companies’ boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on Oct. 12, and 29.7 percent to the 30-day volume-weighted average price. The exact motivation for the merger was not stated in the press release, but The Wall Street Journal notes that by combining, the companies would have greater leverage in negotiations with vendors and compete better with companies such as Walmart and Amazon. Together, Boise-based Albertsons and Cincinnati-based Kroger currently operate a total of 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies and 2,015 fuel centers. The two companies employ a combined 710,000 associates. On a combined basis, the companies delivered approximately $210 billion in revenue and $3.3 billion in net earnings in the fiscal year 2021. The …

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Dal-Rich-Towne-Square-Dallas
DevelopmentRetailTexas

Weitzman Completes Renovation of 162,925 SF Retail Center in Metro Dallas

by Taylor Williams

RICHARDSON, TEXAS — Weitzman has completed the renovation of Dal-Rich Towne Square, a 162,925-square-foot retail center located in the northeastern Dallas suburb of Richardson. A 50,000-square-foot Cottonwood Market anchors the center, and other tenants include Jason’s Deli, Little Caesars and McDonald’s. Weitzman upgraded various aesthetic components and amenity spaces at Dal Rich Towne Square, which was originally built in 1965, and implemented a new digital marketing program for the center and individual tenants.    

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AcquisitionsOfficeTexas

JLL Negotiates Sale of 101,056 SF Office Building in The Woodlands, Texas

by Taylor Williams

THE WOODLANDS, TEXAS — JLL has negotiated the sale of Parkwood II, a five-story, 101,056-square-foot office building located north of Houston in The Woodlands. Kevin McConn led the JLL team that represented the undisclosed seller in the transaction. Bryant Lach and Jeff Horton, also with JLL, represented the buyer, The Woodlands Financial Group, which plans to renovate the building to serve as its new headquarters.

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LoansMultifamilySeniors HousingTexas

Colliers Mortgage Arranges $38M Loan for Refinancing of Seniors Housing Property in Bryan, Texas

by Taylor Williams

BRYAN, TEXAS — Colliers Mortgage has arranged a $38 million loan for the refinancing of an undisclosed seniors housing property in the Central Texas city of Bryan. The property, which is situated within a larger master-planned community, offers 159 assisted living, independent living and memory care units. Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged the three-year loan on behalf of the undisclosed borrower.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 66,385 SF Eastside Business Park in North Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has brokered the sale of Eastside Business Park, a 66,385-square-foot industrial property located at 4343 Sigma Road in North Dallas. The property was built on 5.3 acres in 1972. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, a private investment group, in the transaction. The duo also procured an undisclosed, Tennessee-based investor as the buyer. Eastside Business Park was 97 percent leased at the time of sale.

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LoansMultifamilyStudent HousingTexas

iBorrow Provides $11.2M Acquisition Loan for Austin Student Housing Property

by Taylor Williams

AUSTIN, TEXAS — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided an $11.2 million acquisition loan for a 140-bed student housing property located at 900 W. 23rd St. near the University of Texas at Austin. According to Apartments.com, the property features three-bedroom units with an average size of 1,104 square feet. The borrower, Hawkwood Ventures LLC, plans to use a portion of the proceeds to fund capital improvements.

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AcquisitionsMassachusettsMultifamilyNortheastSeniors Housing

Blueprint Arranges Sale of 165-Bed Skilled Nursing Facility in East Boston

by Taylor Williams

BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, a 165-bed skilled nursing facility. The five-story building was originally constructed in 1952 and expanded in 1965. The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. The name of the New York-based buyer was not disclosed.

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AcquisitionsConnecticutNortheastOffice

Colliers Brokers Sale-Leaseback of 21,940 SF Office Building in Manchester, Connecticut

by Taylor Williams

MANCHESTER, CONN. — Colliers has brokered the sale-leaseback of a 21,940-square-foot office building located at 160 Chapel Road in Manchester, an eastern suburb of Hartford. The property traded for $1.4 million. Bob Pagani and Christian Dietz of Colliers represented the seller, MMNT Certified Public Accountants, in the transaction. Nick Morizio of Colliers represented the buyer, private investor Dan Sullivan.

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AcquisitionsNew JerseyNortheastOffice

Private Lender Law Acquires 20,000 SF Office Building in Marlboro, New Jersey

by Taylor Williams

MARLBORO, N.J. — Locally based firm Private Lender Law has acquired a 20,000-square-foot office building in the Northern New Jersey community of Marlboro with plans to relocate from nearby Freehold. The firm will occupy approximately half of the two-story building, which was constructed in 1988 and previously housed the Marlboro Medical Annex. The relocation will begin in December. The seller and sales price were not disclosed.

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