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Hayden Spiess

True Value
Company newsFinanceIllinoisInvestment salesNews

Hardware Retailer True Value Files for Bankruptcy, Enters Into $153 Million Sales Agreement with Do it Best Corp. 

by Hayden Spiess

Chicago — Hardware retailer True Value Co. LLC has initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.  The Chicago-based retailer has also entered into an agreement to sell substantially all of its business operations to Do it Best Corp., another entity within the home improvement retail sector and former rival. According to Reuters, Do it Best will serve as the stalking horse bidder for True Value with an acquisition price set at $153 million in cash and the assumption of $45 million in contracts and …

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Walgreens
Company newsIllinoisNews

Walgreens Announces Plans to Close 1,200 Stores Over Three Years

by Hayden Spiess

Deerfield, Ill. — Walgreens Boots Alliance Inc. (Nasdaq: WBA) unveiled in its fiscal year 2024 earnings report that it plans to close 1,200 stores over the next three years, with roughly 500 of the closures scheduled for the 2025 fiscal year. “In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” says Tim Wentworth, chief executive officer of Walgreens. “Fiscal 2025 will be …

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Grocery-anchoredInvestment salesNewsTexas

JLL Brokers Sale of 114,982-Square-Foot Shopping Center in Houston

by Hayden Spiess

Houston — JLL has brokered the sale of Little York Plaza, a 114,982-square-foot shopping center located in Houston. Hispanic grocer Sellers Bros. anchors the property, which was built in 1987. Other tenants at the center include Dollar Tree, Melrose Family Fashions and Aaron’s Appliances. Ryan West and John Indelli of JLL represented the undisclosed seller in the transaction. The buyer was The Criterion Fund. 

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CaliforniaInvestment salesNews

Faris Lee Investments Arranges $5.3 Million Presale of Single-Tenant Retail Property in Fresno, California

by Hayden Spiess

Fresno, Calif. — Faris Lee Investments has arranged the $5.3 million presale of a newly constructed, single-tenant retail property in Fresno. The Learning Experience daycare occupies the property on a long-term 20-year net-lease basis. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the undisclosed seller in the transaction. 

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Turkey-Lake-Plaza_Orlando-Fla
FloridaInvestment salesNews

Marcus & Millichap Brokers $10.8 Million Sale of Retail Center in Orlando, Florida

by Hayden Spiess

Orlando, Fla. — Marcus & Millichap has brokered the $10.8 million sale of Turkey Lake Plaza, a retail center located in Orlando. Built in 2010, the property totals 19,719 square feet. Turkey Lake Plaza was leased to 12 tenants at the time of sale, including Gyu-Kaku Japanese BBQ. Tarek Chbeir of Marcus & Millichap procured the buyer, a local investor, in the transaction. The seller was also not disclosed.

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Company newsNewsTexas

7-Eleven to Close More Than 400 North American Convenience Stores, According to Reports

by Hayden Spiess

Irving, Texas — Global convenience store operator 7-Eleven will close more than 400 of its North American stores, according to reports from multiple news outlets including NPR and CBS News. Both news outlets noted that the announcement to shutter some 440 stores throughout the United States and Canada was delivered on Thursday, Oct. 10, during a conference call held by Seven & I Holdings, the Japan-based parent company of 7-Eleven. The company’s U.S. operations are headquartered in Irving, Texas. CBS states that the locations to be shuttered represent roughly 3 percent of 7-Eleven’s total North American …

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H-E-B
DevelopmentNewsTexas

H-E-B Breaks Ground on 101,000-Square-Foot Store Near Austin, Texas

by Hayden Spiess

Manor, Texas — H-E-B has broken ground on a new store in Manor, roughly 15 miles outside Austin. Upon completion, the store will total approximately 101,000 square feet and feature pharmacy pick-up spaces, a large curbside service area, seven-pump fuel station and a car wash. The opening is scheduled for late 2025. 

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Waynesboro Town Center
Investment salesNew YorkNewsVirginia

Chase Properties Acquires Two Retail Centers Totaling 350,810 Square Feet in New York, Virginia

by Hayden Spiess

Ithaca, N.Y. and Waynesboro, Va. — Chase Properties has acquired two retail centers — Creekside Plaza in Ithaca, New York, and Waynesboro Town Center in Waynesboro, Virginia. Built in 2001, Creekside Plaza comprises 180,000 square feet. Tenants at the property, which was 95 percent leased at the time of acquisition, include Dick’s Sporting Goods, HomeGoods, Barnes & Noble and O’Reilly Auto Parts. Waynesboro Town Center was built in 2007 and was 98 percent leased at the time of acquisition. Tenants at the 170,810-square-foot property include Ross Dress for Less PetSmart, Burlington …

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