Ohio

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

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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Market-Square-Montrose_Fairlawn-Ohio

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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City-Center-Springdale_Springdale-Ohio

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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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

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

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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GetGo-Cafe-Market

Laval, Quebec and Cranberry Township, Pa. — Alimentation Couche-Tard Inc., the Canadian parent company of Circle K, has agreed to acquire GetGo Café + Markets from Giant Eagle Inc., a supermarket chain based in Pennsylvania. GetGo’s portfolio includes 270 gas station and convenience store locations in Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The company staffs approximately 3,500 employees. “We are excited to welcome GetGo into the Couche-Tard family,” says Brian Hannasch, president and CEO of Couche-Tard. “We look forward to growing together as we learn from and continue GetGo’s innovative …

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Big-Lots_Inglewood-CA

Columbus, Ohio — Discount retailer Big Lots plans to close 35 to 40 stores this year, according to an SEC filing submitted by the company. Big Lots saw a 10.2 percent year-over-year decrease in net sales in the first quarter of 2024. In addition to the closures, the company announced plans to open three stores this year, though the filing cites “substantial doubt about the company’s ability to continue.” In a June press release, the retailer attributed declining sales to a “challenging consumer environment.”

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Robersonville, N.C. and West Chester, Ohio — Bernard Financial Group (BFG) has arranged a $5.5 million loan to finance a retail portfolio located in North Carolina and Ohio. Dan Duggan of BFG secured the financing through Symetra Life Insurance Co. on behalf of the borrower, an entity doing business as FND OHIO LLC & DGMKT IOWA LLC. The portfolio totals 85,957 square feet across two properties in Robersonville, North Carolina, and West Chester, Ohio. 

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