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 …
PORTLAND, ORE. — Waterton has completed the sale of Axcess 15, an apartment property located at 1500 NE 15th Ave. in the Lloyd District of Portland. MG Properties Group acquired the property for $66 million. Ira Virden and Carrie Kahn of HFF represented the seller in the deal. Charles Halladay, Scott Gilson and Rick Salinas, also of HFF, arranged financing through Freddie Mac’s CME Program for the buyer. The four- and five-story property features 202 units in a mix of one- and two-bedroom layouts, averaging 851 square feet, with open layouts, breakfast bars, in-unit washers and dryers, and balconies or patios. Additionally, the community features 18,000 square feet of ground-floor retail space. On-site amenities include a 24-hour fitness center, business center, resident lounge, landscaped courtyards and controlled access parking.
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.
CULVER CITY, CALIF. — California Landmark Group has purchased a development site located at 3812-3818 Dunn Drive in Culver City. Napa Industries sold the property for $7 million. The 10,040-square-foot property is zoned LAR5 allowing for the development of multifamily and residential space. Fariba Kavian and Sam Monempour of NAI Capital’s West Los Angeles office, along with Arthur Arejian of Vanguard Investments, handled the transaction. Kavian and Monempour represented the seller in the deal.
SAN LUIS OBISPO, CALIF. — Colliers International has arranged the $6.4 million sale of Icon SLO, a 26-bed student housing community located near California Polytechnic State University in San Luis Obispo. The property offers six four-bedroom units and one two-bedroom unit. Each unit is fully furnished. The building also features ground-floor retail occupied by tenants including Soul Yoga and Tiki Hut, a Caribbean restaurant. Dorothy Jackman and Jamie Swick of Colliers’ National Student Housing Group worked with Pat Swanson and Brett Bayless of Colliers Los Angeles to represent the undisclosed seller in the transaction. The buyer was also undisclosed.
TIJUANA, MEXICO — Atisa Industrial has completed construction of Diamante, multi-tenant industrial property located in Tijuana, approximately 20 miles from the San Diego border. Situated within Pacific Industrial Park, the 219,571-square-foot property features 3,892 square feet of office space and a 266-square-foot security booth Additionally, the building features 28-foot clear heights, 14 docks, two drive-in ramps, 152 car parking spaces and 11 trailer sparking stalls. The Class A property is divisible for up to two tenants.
BURBANK, CALIF. — BKM Capital Partners has acquired Backlot Burbank, a 12-building industrial business park located at 4100-4210 W. Vanowen Place, 2303-2333 N. Valley St. and 4400-4510 W. Vanowen St. in Burbank. A joint venture between Shubin Nadal Associates and Penwood Real Estate Investment Management, through its Penwood Select Industrial Partners IV value-added investment vehicle, sold the property for $85 million. At the time of sale, the 302,869-square-foot asset was 100 percent occupied by 16 tenants with unit sizes ranging from 6,000 square feet to 100,217 square feet. BKM Capital Partners plans to implement a series of capital improvements to the property, including new roofs, paint and tenant and monument signage. CBRE represented the seller in the deal.
SURPRISE, ARIZ. — Christian Care Cos. has opened Fellowship Square Surprise, a 313-unit independent living, assisted living and memory care community in the Phoenix suburb of Surprise. The nonprofit community is located on 15 acres. Development costs were estimated at $84 million. The finished campus features a koi pond, fire pits, gazebos, sitting areas, fenced dog park, multiple dining options, 22,000-square-foot clubhouse with multiple meeting rooms, fitness/therapy rooms, library, billiards room, gift shop, swimming pool, woodworking shop, putting green, bocce ball court and pickle ball courts. Christian Care has created a fund to partially subsidize up to 20 percent of its residents earning no more than 80 percent of area median income. This is Christian Care’s sixth Fellowship Square community, all located in Arizona. The full portfolio totals 2,382 units.
SCOTTSDALE, ARIZ. — NKF Capital Markets has arranged the sale of The Quad, a creative office campus located on 13.4 acres at 6200-6390 E. Thomas Road in Scottsdale. A joint venture between EverWest, George Oliver Cos. and WHI Real Estate Partners sold the property to Vancouver-based City Office REIT for $51 million. Built in 1982, the 14-building, 166,606-square-foot campus recently underwent a $23 million renovation. The property features a connected design, efficient floor plans, fitness center with showers, on-site restaurant and coffee bar, community lounge/conference center, pet-friendly environment, walking/biking paths and accessible Wi-Fi throughout the campus. At the time of sale, the multi-tenant property was 98 percent leased. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.
SAN LEANDRO, CALIF. — Terreno Realty Corp. has purchased a multi-building industrial asset located at 2700 Merced St. in San Leandro. An undisclosed seller sold the property for $36 million. Situated on 14.8 acres, the asset consists of three distribution buildings totaling 209,000 square feet, a 16,000-square-foot office building and an improved land parcel. The property features 12 dock-high and four grade-level loading positions and parking for 374 cars. At the time of acquisition, the asset was 81.6 percent leased to seven tenants, four of which have no renewal options and leases that will expire on or before Dec. 31, 2020. Depending on the leasing outcomes over the next year, Terreno Realty may choose to redevelop part of all of the property.