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.
NEW YORK CITY — Cushman & Wakefield has brokered the $61 million sale of a 95,000-square-foot development site in the Gowanus neighborhood of Brooklyn. Located at 313-331 Bond St., the property’s M2-1 zoning regulations allows for 185,040 of buildable square feet, according to Cushman & Wakefield. Stephen Palmese, Winfield Clifford, James Berluti and William Barrett of Cushman & Wakefield represented the undisclosed seller in the transaction. All Year Management purchased the property and plans to build a mixed-use project on the site.
SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.
NORTH STONINGTON, CONN. — Electric Boat Corp. has signed a 125,000-square-foot lease at a flex building located at 25 Norwich Westerly Road in North Stonington. The building consists of 53,376 square feet of office space and 72,439 square feet of warehouse space. Electric Boat Corp. will occupy the entire building based on their expansion requirements. Colliers International represented the landlord, Mashantucket Pequot Tribal Nation, in the transaction. CBRE/New England represented the tenant.
NYACK, N.Y. — Harborview Properties and WRA Properties have acquired Waldron Heights Apartments, a 29-unit apartment complex in Nyack, along the Hudson River north of New York City, for $4.3 million. Located at 16-18 Waldron Ave., the community consists of two- and three-bedroom apartment units. The property was acquired from the original owner, a local family that built it in the 1970s. HarborView plans to make capital improvements to the property including building-wide improvements and individual apartment renovations. The community was renamed The Residences at Riverhill 59. Eastern Consolidated brokered the transaction. Meridian Capital arranged acquisition financing.
FRISCO, TEXAS — Hunt Realty Investments Inc. has acquired 2,544 acres in Frisco for the development of a mixed-use project that will include office, retail, single-family, multifamily and educational components. Hunt Realty, along with investors such as Chief Partners LP and Cross-Tie Capital Ltd., acquired the site, known as Headquarters Ranch, from the estate of Bert Fields Jr. Development is expected to begin in 2019. Hunt Realty will serve as master developer alongside Plano-based The Karahan Cos.
HOUSTON — Transwestern Development Co. (TDC) has sold Westway Plaza, a 313,420-square-foot office building located at 11330 Clay Road in northwest Houston. The five-story, Class A building was built in 2015 and features a full-service deli and a fitness center with locker rooms. General Electric Co. is the anchor tenant at the property, which was fully leased at the time of sale. Jeff Hollinden and Dane Petersen of HFF represented TDC in the transaction. The buyer was The Aztec Fund Inc., a Mexico-based private equity fund.
HOUSTON — CBRE has arranged the sale of Madison Park Apartments, a 576-unit multifamily community located in the Westchase area of Houston. Floor plans comprise one-, two- and three-bedroom units ranging in size from 758 to 1,428 square feet. Amenities include four pools, two fitness centers, two playgrounds, onsite laundry facilities, a dog park and a large central park. Clint Duncan and Matt Phillips of CBRE represented the seller in the transaction. Michael Thompson of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between TRI Consulting, Next Investments and TPEG.
HOUSTON — Houston-based Hilltop Residential has purchased Villas at Bunker Hill, a 398-unit multifamily property located in the Memorial City area of Houston. The Class A community offers one- and two-bedroom units averaging 963 square feet. Amenities include two pools, outdoor grilling areas, a fitness center, game room, business center and a demonstration kitchen. Chris Curry, Todd Marix and Estee Ibanez of HFF represented the seller, SouthStar Communities, in the sale. Cortney Cole and Jett Lucia of HFF arranged a three-year, floating-rate acquisition loan for the transaction on behalf of Hilltop Residential.