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.
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 …
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.
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 …
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.
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.
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.
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 …
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.
Columbus and Maineville, Ohio — The Dowd Cos. has arranged the sale-leaseback of two Children of America schools in Ohio for $6.9 million. The properties total 21,949 square feet. John Dowd and Theresa Johnson of Dowd Cos. represented Children of America in the 1031, all-cash transaction. Children of America maintains more than 65 locations in 15 states with 13 new properties under development.
