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Company newsInvestment salesMichiganNew HampshireNews

C&S Wholesale Agrees to Acquire SpartanNash in $1.8 Billion Grocery Merger

by Abby Cox

Keene, N.H. and Grand Rapids, Mich. — C&S Wholesale Grocers, a New Hampshire-based food supplier whose brands include Piggly Wiggly and Grand Union, has agreed to acquire Michigan-based SpartanNash, owner of brands such as Our Family and Full Circle Market, in a merger valued at nearly $1.8 billion. The figure represents a purchase price of $26.90 per share of SpartanNash common stock in cash and includes the assumption of SpartanNash’s existing debt. The price marks a 52.5 percent premium over the company’s closing price of $17.64 per share on June …

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Six Gun Plaza
FloridaInvestment salesNews

Atlantic Commercial Group Arranges $14.3 Million Sale of 222,000-Square-Foot Shopping Center in Ocala, Florida

by Abby Cox

Ocala, Fla. — Atlantic Commercial Group has arranged the $14.3 million sale of Six Gun Plaza, a 222,000-square-foot shopping center located in Ocala. Situated along East Silver Springs Blvd., the property is anchored by Bealls, Ross Dress For Less, Shoe Dept. and Dollar General. Additional tenants include Boots Barbershop, Firehouse Subs, Collector’s Paradise, Outback Steakhouse and Elite Nail. Six Gun Plaza was held by the previous owner for more than 30 years. Gary Broidis of Delray Beach-based Atlantic Commercial Group represented the seller, an entity doing business as Six Gun …

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Wallace Crossings
FinanceInvestment salesNewsNorth Carolina

MMCC Arranges $3 Million Financing for Wallace Crossings Shopping Center in North Carolina

by Abby Cox

Wallace, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3 million in financing for the acquisition of Wallace Crossings, a 66,000-square-foot shopping center located in Wallace. The 10-year loan includes a 6.3 percent interest rate with a 30-year amortization period and a 73 percent loan-to-value. Built in 1991, the center is anchored by U-Haul and Ollie’s Bargain Outlet. Additional tenants include Hardee’s, KFC, GoGas and a CashPoints ATM, according to LoopNet. Garrett Fierstein of MMCC secured financing with a local credit union on behalf of a private client.

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GeorgiaInvestment salesNews

RCG Ventures Finalizes $1.8 Billion Retail Portfolio Acquisition Totaling 99 Properties

by Abby Cox

Atlanta — Atlanta-based RCG Ventures (RCG) has completed the acquisition of a $1.8 billion multi-tenant retail portfolio from Global Net Lease (GNL). The three-phase transaction included 99 properties across 28 states, totaling more than 14 million square feet. The acquisition was initiated earlier this year, backed by equity investments from institutional partners including Ares Management, Koch Real Estate Investments and Goldman Sachs Alternatives. This brings RCG’s portfolio to more than 130 retail properties in the U.S. Truist Securities Inc. served as RCG Ventures’ financial advisor, while KeyBank Institutional Real Estate provided …

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The Promenade at Brentwood
Investment salesMissouriNewsPower centers

CBRE Brokers $71.6 Million Sale of Power Center in Brentwood, Missouri

by Abby Cox

Brentwood, Mo. — CBRE has brokered the sale of The Promenade at Brentwood, a 337,800-square-foot power center in the western St. Louis suburb of Brentwood. The sale price was $71.6 million. Tenants at the property include Target, Trader Joe’s, Burlington, Five Below, PetSmart, Ulta Beauty, World Market and Chase Bank. CBRE’s NRP Midwest team represented the seller, Beachwood, Ohio-based SITE Centers, in the transaction. Haverford Retail Partners was the buyer.

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CaliforniaInvestment salesNews

Hanley Investment Group Arranges $25 Million Sale of 11 Single-Tenant Retail Properties

by Abby Cox

Corona Del Mar, Calif. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has arranged the $25 million sale of 11 newly constructed single-tenant retail properties tenanted by Strickland Brothers 10 Minute Oil Change over the past five months. Strickland Brothers occupies each of the buildings on a 15-year absolute triple-net-lease with 10 percent rent increases every five years. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Southlake, Texas-based N3 Real Estate, in 10 transactions across Alabama, Missouri, North Carolina, …

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DevelopmentFinanceFloridaNews

Ocean Bank Provides $54 Million Construction Loan for Whole Foods-Anchored Retail Project in Miami Beach

by Abby Cox

Miami Beach, Fla. — Ocean Bank has provided a $54 million construction loan for a retail development in Miami Beach. The borrower, 1901 Alton Property LLC, an affiliate of developer Russell Galbut and his daughter Marisa Galbut, is developing a commercial building that will house a 40,883-square-foot Whole Foods Market, a 4,000-square-foot Wells Fargo bank branch and 271 parking spaces. Jorge Hernandez of Ocean Bank originated the financing on behalf of the borrower, which has been doing business with Ocean Bank for 35 years. Details of the loan and the …

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Company newsNewsOhio

Kroger Plans to Close 60 Stores Over Next 18 Months

by Abby Cox

Cincinnati — The Kroger Co. has unveiled plans to close approximately 60 stores over the next 18 months. The closures represent about 5 percent of the Cincinnati-based grocer’s stores. Kroger says it is taking a $100 million impairment charge related to the store closings and is committed to reinvesting the savings back into the customer experience. As a result, Kroger says the closures will not impact its full-year guidance. The retailer will offer roles in other stores to all associates currently employed at affected stores. The grocer operates roughly 1,200 …

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11850-Biscayne-Blvd
FloridaInvestment salesNews

Marcus & Millichap Brokers $6.1 Million Sale of 15,172-Square-Foot Retail Center in Miami

by Abby Cox

Miami — Marcus & Millichap has brokered the $6.1 million sale of a 15,172-square-foot retail strip center located at 11850 Biscayne Blvd. in Miami. A CVS pharmacy, which has fewer than 10 years remaining on its lease, anchors the property. The center was originally built in 1994. Jonathan De La Rosa procured the buyer in the transaction. 

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FinanceNewsVirginia

Cushman & Wakefield Secures $28.7 Million in Bridge Financing for Manassas Mall in Northern Virginia

by Abby Cox

Manassas, Va. — Cushman & Wakefield has secured $28.7 million in bridge financing for Manassas Mall, a 941,574-square-foot regional mall located in Manassas, roughly 31 miles southwest of Washington, D.C. Miami-based Lionheart Capital was the borrower. Robert Kaplan and Mark Rutherford of Cushman & Wakefield’s Miami office, along with Michael Zelin, Bindi Shah and Ryan McMahon of the firm’s Washington, D.C. office, represented Lionheart Capital in the transaction. Originally developed in 1972, Manassas Mall was expanded in 1988 and renovated in 2016. The mall features more than 80 retailers, including Macy’s, …

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