Retail

NKF Capital Markets Arranges $59.3 Million Sale of Elk Grove Commons Near Sacramento

by Amy Works August 9, 2018

ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but the Sacramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe’s, HomeGoods and Kohl’s.

August 9, 2018

Colorado Development Retail Western

Kimco Unveils $14.5 Million Redevelopment Plans for Village on the Park in Colorado

by Amy Works August 9, 2018

AURORA, COLO. — Kimco Realty Corp. has unveiled plans for its $14.5 million redevelopment of Village on the Park, a 179,862-square-foot shopping center in Aurora. As part of the redevelopment, Kimco will demolish and reconstruct the four currently vacant retail spaces located south of Ross Dress for Less. The company has signed a lease with Old Navy to occupy a 13,800-square-foot space in the new section. America’s Best Contacts & Eyeglasses will fill a 3,515-square-foot space located on the pad adjacent to TJ Maxx. Kimco will break ground on the redevelopment this fall, with completion scheduled for summer 2019. America’s Best Contacts & Eyeglasses is expected to open this year.

August 9, 2018

Company News Idaho Northeast Pennsylvania Retail Top Stories Western

Rite Aid, Albertsons Terminate $24B Merger Amid Stockholder Pushback

by Camren Skelton August 9, 2018

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 …

August 9, 2018

Acquisitions Michigan Midwest Net Lease Retail

Encore Arranges Sale of Retail Property Net Leased to Advance Auto Parts in Kalamazoo, Michigan

by Kristin Harlow August 8, 2018

KALAMAZOO, MICH. — Encore Real Estate Investment Services has arranged the sale of a single-tenant retail property net leased to Advance Auto Parts in Kalamazoo. The sales price was not disclosed. Advance Auto Parts has 2.5 years left on its lease at the 8,016-square-foot standalone building. Evan Lyons and Joe Lopez of Encore represented both the Michigan-based buyer and California-based seller in the transaction. The buyer completed a 1031 tax-deferred exchange.

August 8, 2018

Acquisitions Nevada Retail Western

ShopOne Acquires 113,376 SF Shopping Center in Reno for $18M

by Amy Works August 8, 2018

RENO, NEV. — ShopOne Centers REIT has entered the Nevada market with the purchase of Caughlin Ranch Shopping Center, a 113,376-square-foot shopping center located within the Caughlin Rancho master-planned community in Reno. An undisclosed seller sold the property for $18 million. A 50,451-square-foot Raley’s Supermarket anchors the property. ShopOne has already improved the property by increasing occupancy from 88 percent to 91 percent and securing a long-term lease with Raley’s to replace the previous tenant, Scolari’s Warehouse Markets. This purchase further advances the company’s strategy of owning well-located shopping centers in densely populated, fundamentally strong markets across the country.

August 8, 2018

Acquisitions Kentucky Retail Southeast

RJ Thieneman, Seay Properties Acquire 140,000 SF Shopping Center in Lexington

by Camren Skelton August 8, 2018

LEXINGTON, KY. — RJ Thieneman, in partnership with Seay Properties and a group of private investors, has acquired Regency Centre, a 140,000-square-foot shopping center located at 2325 Nicholasville Road in Lexington. The sales price and name of the seller were not disclosed. Regency Centre is home to tenants such as Kroger, T.J. Maxx, Five Below, Pet Supermarket, Title Boxing Club, IHOP and BB&T. The acquisition marks the third purchase in Central Kentucky for RJ Thieneman, which also owns and manages Franklin Square in Frankfort and Kroger Plaza in Winchester.

August 8, 2018

Development Florida Retail Southeast

Topgolf to Open Second Miami-Area Location on Friday

by Camren Skelton August 8, 2018

DORAL, FLA. — Golf entertainment concept Topgolf will open its second Miami-area location on Friday, Aug. 10. The three-level, 65,000-square-foot venue is located at 11850 N.W. 22nd St. in Doral, roughly 15 miles northwest of Miami. Topgolf features food and beverage options, big screen TVs, private event spaces and music in climate-controlled hitting bays. The entertainment concept has four existing locations in Florida in Jacksonville, Miami Gardens, Orlando and Tampa. The Doral location marks the brand’s 45th venue worldwide.

August 8, 2018

Acquisitions Retail Texas

SHOP Cos. Arranges Sale of 22,327 SF Retail Center in Metro Dallas

by Taylor Williams August 7, 2018

CARROLLTON, TEXAS — SHOP Cos. has arranged the sale of Hebron Crossing, a 22,327-square-foot retail center located in the northern Dallas metro of Carrollton. Shadow-anchored by Kroger, the property was 100 percent leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon Wireless and Sylvan Learning. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the Los Angeles-based seller in the transaction. The buyer was a private partnership also based in California.

August 7, 2018

Acquisitions Florida Retail Southeast

HFF Brokers Sale of 178,557 SF Retail Center in Florida Panhandle

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — HFF has brokered the sale of Tradewinds Shopping Center, a 178,557-square-foot retail center in Pensacola. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the undisclosed seller. Hackney Real Estate Partners acquired the asset. Tradewinds Shopping Center was 91.8 percent leased at the time of sale to a T.J. Maxx/HomeGoods combination store, Jo-Ann Fabric & Crafts, Shoe Station, Tuesday Morning, Dollar General, Sprint, Massage Envy, GNC and Advanced Dental Care.

August 7, 2018

Company News New Hampshire Northeast Retail

Brookstone Files for Chapter 11 Bankruptcy, Will Close All Remaining U.S. Mall Stores

by David Cohen August 7, 2018

MERRIMACK, N.H. — Brookstone Co. Inc. has filed for bankruptcy and will close its remaining 101 mall locations. The Merrimack-based retailer filed for Chapter 11 protection on Thursday, Aug 2., the second time it has done so in the last five years. The company first filed for bankruptcy in 2014 and was sold to a Chinese investment group for more than $173 million. The retailer cited the “extremely challenging” retail environment at malls as a factor in its struggles. Brookstone’s 35 airport stores, along with its e-commerce and wholesale divisions, will continue to operate as the company attempts to find a buyer. Brookstone has secured a $30 million loan to finance operations during the sale. According to a bankruptcy filing, Brookstone had liabilities totaling up to $500 million and assets between $50 million and $100 million.

August 7, 2018

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