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 …
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.
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.
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.
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.
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.
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.
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.
NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.
COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew McCormack of HFF arranged two separate loans for the acquisition. Morgan Stanley Bank NA provided the 10-year, fixed-rate loans. The portfolio was 99 percent occupied at the time of purchase.