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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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Nassimi Realty Acquires Two Retail Centers Totaling 500,000 Square Feet in Ohio and Illinois

by Hayden Spiess

Garfield Heights, Ohio and Niles, Ill. — Nassimi Realty has acquired two retail centers totaling 500,000 square feet in Ohio and Illinois for a combined $30 million. Located in Garfield Heights, Ohio, the first property, Turney Town Plaza, is leased to tenants including Dave’s Market, Advance Auto Parts and Sherwin Williams. Four Flaggs in Niles, Illinois, is anchored by Fresh Farms, Marshalls, Ashley Furniture and Old Navy.

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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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Midland Atlantic Properties, Next Realty Acquire 160,000 Square-Foot Shopping Center in Cincinnati

by Hayden Spiess

Cincinnati — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The property was fully leased at the time of sale. Tenants at the center include Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

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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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Wendy’s to Open 200 New Restaurants

by Hayden Spiess

Dublin, Ohio — The Wendy’s Co. has announced plans to open more than 200 new restaurants through 2024. The new restaurants will feature the brand’s Global Next Gen design, which features a dual-sided kitchen, self-order kiosks and a dedicated delivery pick-up window and parking spaces. “The Global Next Gen future-forward design unlocks 400 times the capacity for digital orders, accelerating the system’s digital growth,” says Abigail Pringle, president of international and chief development officer with the company. 

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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess

New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL. 

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Cooper Group Arranges $2 Million Sale of Retail Center in Salem, Ohio

by Hayden Spiess

Salem, Ohio — The Cooper Commercial Investment Group has arranged the $2 million sale of Salem Market Place in Salem, a city in Northeast Ohio. Tenants at the 16,252-square-foot property include Super Cuts, Sally Beauty Supply, GameStop, Little Caesar’s, Gadget Lab, Alternative Smokes, Hibachi Express and Drayer Physical Therapy. Dan Cooper and Bob Havasi of Cooper Group represented the seller, a West Coast-based investor. The center was 83 percent occupied at the time of sale. 

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Marcus & Millichap Arranges Sale of 136,500-Square-Foot Shopping Center in Youngstown, Ohio

by Hayden Spiess

Youngstown, Ohio — Marcus & Millichap has arranged the sale of Boardman Center Plaza in Youngstown, a city in Northeast Ohio. The 136,500-square-foot shopping center was 52 percent leased at the time of sale. Tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet and Harbor Pet Center. Included in the sale was a two-tenant building leased to Five Guys and Jimmy John’s. The property is situated directly across from Southern Park Mall. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a …

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Marcus & Millichap Arranges $8.9 Million Sale of Retail Center in Metro Columbus, Ohio

by Hayden Spiess

Pickerington, Ohio — Marcus & Millichap has arranged the $8.9 million sale of The Shoppes at Stonecreek in Pickerington, an eastern suburb of Columbus. Built in 2008, the property comprises 44,874 square feet and was fully leased at the time of sale. Tenants include Life Time Fitness, Roosters, Petland and Vitality Bowls. Scott Wiles, Craig Fuller, Erin Patton and Zach Turner of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.

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