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Rite Aid to Sell 92 Store Leases

by Hayden Spiess

Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …

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Cedar Fair, Six Flags Agree to Merge in $8 Billion Deal

by Hayden Spiess

Sandusky, Ohio and Arlington, Texas —Sandusky-based Cedar Fair Entertainment Co. (NYSE: FUN) and Arlington-based Six Flags Entertainment Corp. (NYSE: SIX) have entered into a definitive merger agreement to combine in a merger of equals transaction. The all-stock deal values the combined company at approximately $8 billion, including debt. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cedar Fair investors will receive one share of common stock for each unit they own, and Six Flags shareholders will receive .58 shares for …

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The Sembler Co. Founder Mel Sembler Dies at 93

by Hayden Spiess

St. Petersburg, Fla. — Florida-based developer and founder of The Sembler Co. Mel Sembler has passed away at the age of 93, according to a statement from the company.  Sembler founded his eponymous real estate company in 1962. To date, it has completed more than 350 developments totaling 29 million square feet. Additionally, the company manages and leases 10 million square feet of real estate and has offices in St. Petersburg, Florida, Atlanta and Puerto Rico. Currently, The Sembler Co.’s portfolio includes Belmont Shopping Center in Ruskin, Florida, and North Macon …

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Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Hayden Spiess

San Diego and Dallas — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of …

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VICI Acquires 38 Bowling Entertainment Centers for $432.9 Million

by Hayden Spiess

New York City — VICI Properties Inc. has acquired 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located in 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer term for VICI to purchase Bowlero real estate. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel …

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Bagels & Co. to Open 20 Stores in Florida and Pennsylvania

by Hayden Spiess

Philadelphia — Philadelphia-based brand Bagels & Co. has announced plans to open 20 new stores throughout Florida and Pennsylvania. Scheduled to open by 2024, the shops will offer bagel and cream cheese varieties, as well as other deli fare. Restaurant group Glu Hospitality owns the brand, which currently operates four outposts in Philadelphia, with three new stores scheduled to open in the city this year. New locations will also include Fort Lauderdale and Wilton Manors in South Florida. 

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Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4 Billion for Debt Restructuring

by Hayden Spiess

Philadelphia — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring …

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Target to Close Nine Stores Across Four States

by Hayden Spiess

Minneapolis — The Target Corp. has announced plans to close nine stores in four states. Scheduled to close Oct. 21, the stores are located in New York City; Seattle; Portland, Oregon; San Francisco; and Oakland, California. In a statement, the brand attributed the closures to the fact that “theft and organized retail crime are threatening the safety of [its] team and guests and contributing to unsustainable business performance.” 

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Kroger, Albertsons Agree to Sell 413 Stores in Connection with $24.6 Billion Merger

by Hayden Spiess

Cincinnati and Boise, Idaho — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington D.C. as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties …

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Company newsInvestment salesNewsWashington DC

NRF Acquires Reverse Logistics Association 

by Hayden Spiess

Washington, D.C. — The National Retail Federation (NRF) has acquired the Reverse Logistics Association (RLA), a global trade association for the returns and reverse industry. “Retailers understand the importance of sustainability practices and the environmental, economic, social and consumer benefits that accompany them,” says Matthew Shay, president and chief executive officer of the NRF. “RLA’s reverse logistics expertise will help our members to ‘close the loop’ and accelerate the emergence of the circular economy,” he adds. The circular economy constitutes the efforts to reuse or recycle useful products, materials and resources. 

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