GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.
JACKSONVILLE, FLA. — Southeastern Grocers Inc., the Jacksonville-based parent company of grocery brands Winn-Dixie, BI-LO, Fresco y Mas and Harveys Supermarket, is moving forward with its initial public offering (IPO) that it filed in mid-October. Founded in 1924, Southeastern Grocers operates 638 grocery stores, pharmacies and liquor stores across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. According to Market Watch, the company has 36,000 employees and its expected listing date for its shares of common stock is next week under the symbol “SEGR” on the New York Stock Exchange (NYSE). Southeastern Grocers is launching its IPO for 8.9 million shares of its common stock to be sold at an anticipated price between $14 and $16 per share. BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the IPO. Deutsche Bank Securities Inc., BMO Capital Markets and Wells Fargo Securities are acting as book-running managers for the IPO. Truist Securities is acting as co-manager for the offering.
HOUSTON — Apparel and accessories retailer Francesca’s has received approval from the U.S. Bankruptcy Court for the District of Delaware to enter into a sale agreement with TerraMar Capital and Tiger Capital Group. Under the new ownership, the Houston-based retailer will keep about 275 stores, or roughly half its total count, open for business and retain its current management team, according to The Wall Street Journal. Under the terms of the agreement, known as a stalking horse asset purchase agreement, the buyers have agreed to purchase substantially all of the Francesca’s assets for approximately $17 million in cash. Francesca’s declared bankruptcy in December, prompting reports of a buyout offer from TerraMar Capital; the retailer subsequently entered into a letter of intent with the Los Angeles-based investment firm. According to investopedia.com, a stalking horse bid is an initial bid on the assets of a bankrupt company that sets a minimum price threshold for subsequent bids.
BLOOMFIELD HILLS, MICH. — The Taubman Co. LLC has announced that Executive Vice President and CFO Simon Leopold will depart the company effective Jan. 31. Benjamin Meeker, who currently serves as vice president, capital markets and treasurer, will be promoted to senior vice president, CFO and treasurer. Meeker will report to Robert Taubman, who is chairman, president and CEO. Leopold will remain an advisor to the company to assist with the transition. Taubman is engaged in the management and leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. The Taubman Realty Group LLC is a joint venture between affiliates of Simon Property Group and the Taubman family and is headquartered in Bloomfield Hills, Mich.
WATERLOO, IOWA — Marcus & Millichap has arranged the sale of Crossroads Commons in Waterloo for $8.1 million. The 85,987-square-foot retail property is located at 1403 Flammang Drive. It was fully leased at the time of sale to tenants such as Dick’s Sporting Goods, Party City and Five Below. Zach Turner, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Patton-Wiles-Fuller Group marketed the property on behalf of the undisclosed seller. The team also secured the buyer, a limited liability company.
NEW YORK CITY — Madison Realty Capital, a New York-based real estate private equity firm, has provided a $73.5 million loan for the refinancing of a portfolio of eight commercial properties in New Jersey. The portfolio consists of an 8.7-acre residential, commercial and self-storage development site in Harrison; three industrial assets in Harrison, Kearny and Boonton; a Class A industrial flex building; a net-leased retail property in Harrison; and two parcels totaling 8.1 acres in Kearny and Brick. Glenn Thomas and Thomas Ravert of Pathway Capital Corp. arranged the loan. The borrower was not disclosed.
PITTSBURGH — American Eagle Outfitters, Inc. (NYSE: AEO) has announced plans to close hundreds of its flagship American Eagle stores over the course of the next few years, while seeking to grow the company’s more successful lingerie and active-wear brand, Aerie, into a $2 billion business. The Pittsburgh-based company’s chief financial officer, Michael Mathias, announced plans to close 200 to 225 of the company’s 880 existing American Eagle locations over the next two to three years during a virtual investor meeting held Thursday, Jan. 21. “Our primary focus for the next few years with American Eagle will be to build on our large cashflow base by focusing on inventory efficiency, improving merchandise margins, managing expenses and closing stores to strengthen profit flow-through,” said Mathias. The company’s American Eagle banner anticipates roughly flat growth compared to 2019, with an expected revenue of approximately $3.5 billion. By contrast, Aerie revenue is anticipated to grow at a mid-20 percent compounded annual growth rate. The company hopes to open 60 to 75 brick-and-mortar Aerie locations each of the next several years, with Houston and Los Angeles listed as targeted growth markets. “Plans for the Aerie brand through 2023 include doubling revenue to $2 billion, …
TUCSON, ARIZ. — Cushman & Wakefield has negotiated the sale of Shoppes at Cortaro Ranch, a newly constructed retail property located at 5660 W. Cortaro Farms Road in Tucson. Colorado-based Sonoma Heights acquired the asset from Terry Haute, Indiana-based Cortaro Commercial JV LLC for $5.2 million. Built this year, Shoppes at Cortora Ranch features 10,617 square feet of retail space. At the time of sale, the property was fully leased. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a former Food 4 Less grocery store located at 109 N. McKinley St. in Corona. Expert Hardware Flooring acquired the property for $4.8 million. The buyer plans to use the 55,000-square-foot building as a showroom and wholesale distribution center for its commercial flooring. Built in 1989, the building features an open floor plan, two loading docks and bay doors, pylon signage along McKinley Street and expansive parking. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, a West Los Angeles-based private investor group, while Barrett Woods with Lee & Associate represented the buyer in the deal.
OMAHA, NEB. — The 98,837-square-foot 72nd Crossing Shopping Center in Omaha has traded hands for $12.7 million. Situated in the 72nd Street Corridor, the property was fully leased at the time of sale to tenants such as Michaels, PetSmart, Big Lots and Dunkin’. Ember Grummons of Investors Realty represented the seller, NewStreet Properties. Jason Taylor of Equity Management Group represented the buyer, Kentucky-based LVP Center LLC.