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IPA Brokers $76 Million Sale of Shopping Center Portfolio in Central Ohio

by Hayden Spiess

Dublin and Reynoldsburg, Ohio — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $76 million sale of a shopping center portfolio located in central Ohio. The portfolio includes Tuttle Crossing in Dublin and Taylor Square in Reynoldsburg. Walmart anchors both properties. Other tenants at Tuttle Crossing, which totals 226,718 square feet, include Best Buy, Morris Home Furniture, Ross Dress for Less, Golf Galaxy and Cost Plus. Taylor Square totals 395,074 square feet and was 99 percent leased at the time of sale. Tenants at the property …

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Company newsIdahoNewsOhio

Federal Judge Blocks Kroger-Albertsons Merger

by Hayden Spiess

Cincinnati and Boise, Idaho — A judge in the Oregon federal court has blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. U.S. District Judge Adrienne Nelson agreed with the Federal Trade Commission’s argument that Kroger would become the dominant player in traditional supermarkets if the deal passed, and rejected the companies’ counterargument that selling 579 stores to C&S Wholesale Grocers would replace the lost competition. In a press release issued today, Albertsons announced that it has exercised its right to terminate its merger agreement with Kroger. Additionally, Albertsons has filed …

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LeasingNewsOhio

10 New Tenants Sign Leases at Easton Town Center in Columbus, Ohio

by Hayden Spiess

Columbus, Ohio — 10 new tenants have signed leases at Easton Town Center, a retail center located within the 1,300-acre Easton mixed-use development in Columbus. CHANEL Fragrance and Beauty Boutique, David Yurman, Louis Vuitton, Hollister, Mugsy, Bluemercury, Tecovas, Rowan, BoxLunch and Mikey’s Late Night Slice are now open at the property, with gorjana, Faherty, Bar Italia and Altar’d State scheduled to open soon. Diamond Cellar will also expand its footprint at the center. Steiner + Associates manages and leases Easton Town Center. 

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Company newsFinanceMassachusettsNewsOhio

Gordon Brothers Provides $150 Million Debtor-in-Possession Financing to Big Lots

by Hayden Spiess

Boston — Boston-based Gordon Brothers has provided a $150 million debtor-in-possession (DIP) loan to Big Lots Inc. The financing will support the Columbus, Ohio-based company’s going-concern sale and stalking horse bid as it continues Chapter 11 bankruptcy proceedings. Gordon Brothers previously provided a $200 million delayed draw term loan to Big Lots. “As the liquidation agent for the non-go-forward store closures, distribution centers and furniture, fixtures and equipment, we will continue to support the company during the sale process,” says Kyle Shonak, senior managing director, transaction team and head of North …

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Fresh Encounter
Company newsIndianaInvestment salesKentuckyMichiganNewsOhio

SpartanNash Acquires 49-Store Fresh Encounter Supermarket Chain

by Hayden Spiess

Grand Rapids, Mich. — Michigan-based food solutions company SpartanNash has acquired Fresh Encounter Inc. (FEI), a 49-store supermarket chain with locations in Ohio, Indiana and Kentucky. This move expands SpartanNash’s retail footprint by 33 percent and marks the company’s second retail acquisition this year, following its purchase of Metcalfe’s Market in April. FEI stores operate under the banners Community Markets, Remke Markets, Chief Markets and Needler’s Fresh Market and have been a food distribution customer of SpartanNash for 58 years. The transaction is expected to close in late November, subject to …

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FinanceNewsOhio

BWE Secures $31.8 Million Refinancing for Shopping Center in Ohio

by Hayden Spiess

Fairlawn, Ohio — BWE has secured a $31.8 million loan for the refinancing of Market Square at Montrose, a shopping center located in Fairlawn, roughly 30 miles outside Cleveland. Totaling 506,870 square feet, the property was 88 percent leased at the time of financing. The Home Depot anchors the center, and other tenants include Dick’s Sporting Goods, Staples, Cost Plus World Market, Steak ‘N Shake and Golf Galaxy. Brian Bruening of BWE arranged the floating-rate financing on behalf of the undisclosed borrower. 

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DevelopmentMixed-useNewsOhio

AV Cincinnati Acquisition LLC to Redevelop 76-Acre Tri-County Mall Site

by Hayden Spiess

Springdale, Ohio — An entity doing business as AV Cincinnati Acquisition LLC has announced plans for the redevelopment of the 76-acre former Tri-County Mall site in Springdale, approximately 20 miles outside Cincinnati. The entity, which acquired the property in July, will act as the master developer of the project, dubbed City Center Springdale. Upon completion, the development will feature 600,000 square feet of retail, entertainment and restaurant space; 750,000 square feet of office space; 2,600 multifamily residential units; 200,000 square feet of fitness facilities; and 400 rooms of hospitality space. 

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FinanceNewsOhio

BWE Secures $31.8 Million Refinancing for Shopping Center in Fairlawn, Ohio

by Hayden Spiess

Fairlawn, Ohio — BWE has secured a $31.8 million loan for the refinancing of Market Square at Montrose, a shopping center located in Fairlawn, roughly 10 miles outside Akron. Home Depot anchors the property, which totals 506,870 square feet and was 88 percent leased at the time of sale. Other tenants at the center include Dick’s Sporting Goods, Staples, Cost Plus World Market, Steak ‘n Shake and Golf Galaxy. Tesla also recently signed a lease at the property. Brian Bruening of BWE arranged the floating-rate loan on behalf of the borrower. 

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Big-Lots-Inglewood-California
Company newsFinanceNew YorkNewsOhio

A&G to Sell 296 Big Lots Store Leases in Connection with Bankruptcy Proceedings

by Hayden Spiess

Melville, N.Y. — A&G Real Estate Partners will market 296 Big Lots store leases for sale in connection with the retailer’s bankruptcy proceedings and restructuring. Columbus, Ohio-based Big Lots filed for Chapter 11 bankruptcy on Sept. 9 of this year to facilitate a sale of substantially all of its assets and operations to an affiliate of Nexus Capital Management. Big Lots has already received approval to commence a sale process of 144 store leases and will seek approval in the coming weeks for the sale process of the additional 152 leases. …

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Big-Lots-Inglewood-California
Company newsFinanceNewsOhio

Big Lots Files for Chapter 11 Bankruptcy, Enters into Sale Agreement with Nexus Capital

by Hayden Spiess

Columbus, Ohio — Big Lots has filed for voluntary Chapter 11 bankruptcy protection and has entered into a sale agreement with Los Angeles-based private equity firm Nexus Capital Management, a deal that would that the Ohio-based discount retailer private. Under the terms of the agreement, Nexus will serve as the “stalking horse bidder” (the approved investor that sets the low-end bar for a bankrupt company) in a court-supervised auction to acquire “substantially all” of Big Lots’ physical assets and ongoing business operations. Big Lots expects to keep the majority of its …

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