Tuesday, January 14, 2025
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FCPT Purchases 20 Bloomin’ Brands Restaurant Properties for $66.4 Million 

by Hayden Spiess

Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased 20 restaurant properties occupied by Bloomin’ Brands concepts for $66.4 million dollars. Located in Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina and Tennessee, the portfolio includes 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants, with one dual-tenant property occupied by both concepts. The properties are leased to corporate Bloomin’ Brands entities on two master leases. This transaction makes Bloomin’ Brands the third largest tenant for FCPT, accounting for 3.3 percent of cash rent for …

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Parent Company of Circle K Agrees to Acquire 270 GetGo Convenience Stores, Makes ‘Friendly’ Takeover Bid for 7-Eleven Owner

by Hayden Spiess

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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LeasingNewsPennsylvania

VIO Med Spa Signs 1,995-Square-Foot Lease at Glen Eagle Square in Pennsylvania

by Hayden Spiess

Glen Mills, Pa. — Aesthetics and wellness concept VIO Med Spa has signed a lease at Glen Eagle Square, a shopping center located in Glen Mills. Scheduled to open at the property in the fourth quarter of this year, the tenant will occupy 1,995 square feet adjacent to Currie Hair and Skin and Nails. Whole Foods Market anchors Glen Eagle Square, which totals 152,000 square feet. 

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BWE Arranges $45 Million First Mortgage Financing for Brandywine Square Shopping Center in Metro Philadelphia

by Hayden Spiess

Downingtown, Pa. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located in Downingtown, roughly 40 miles outside Philadelphia. Kevin Hicks of BWE secured the financing through a life insurance company on behalf of the borrower, Allied Properties. Wegman’s anchors the property. Other tenants at the center include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy.

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Marcus & Millichap Arranges $10.1 Million Sale of Retail Building in Bellefont, Pennsylvania

by Hayden Spiess

Bellefont, Pa. — Marcus & Millichap has arranged the $10.1 million sale of a retail building located in Bellefont. Giant Food occupies the property, which was constructed in 2022 as part of Paradise Shopping Center, on a net-lease basis. Dean Zang, Brad Nathanson and David Crotts of Marcus & Millichap represented the seller, a Pennsylvania-based developer, in the transaction. JRW Realty represented the buyer, an affiliate of Exchange Right.

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Slim Chickens Signs 12-Unit Franchise Deal in Pennsylvania

by Hayden Spiess

Fayetteville, Ark. — Arkansas-based fast-casual brand Slim Chickens has signed a franchise deal for 12 units in the state of Pennsylvania. Plans include the addition of restaurants in the counties of Lancaster, Lebanon, Dauphin, York, Cumberland, Centre, Franklin, Mifflin, Juniata, Perry and Adams. PSMMSM PA Ventures, also a Dunkin’ Donuts franchisee, will own and operate the new units. 

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LeasingNewsPennsylvania

Rally House Signs 5,903-Square-Foot Lease at Promenade Saucon Valley in Pennsylvania

by Hayden Spiess

Center Valley, Pa. — Specialty sports retailer Rally House has signed a 5,903-square-foot lease at Promenade Saucon Valley, a shopping center located in Center Valley. Scheduled to open this summer, the store will be located between Barnes & Noble and J.Crew Factory. Other recently added tenants at the property include Five Guys Burgers & Fries, The Great Greek Mediterranean Grill, Club Champion, Fulton Bank, FD Market, Turning Point, Handmade Mystic and Lashses by Gab. 

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Rue21 to Close All Stores Following Bankruptcy Filing

by Hayden Spiess

Warrendale, Pa. — Rue21, an apparel and accessories retailer based in the Pittsburgh area, has filed for bankruptcy and will close all its stores in the coming months, according to reports from multiple news organizations such as CNN, Reuters and The Business Journals. All three of those media outlets report that this is the third bankruptcy filing in the history of Rue21, which operates about 540 stores nationwide, down from more than 1,000 at the height of its existence. Following Rue21’s 2017 bankruptcy filing, the company closed some 400 stores. The retailer also shed about …

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Five Guys to Open 2,407-Square-Foot Restaurant at Promenade Saucon Valley in Pennsylvania

by Hayden Spiess

Center Valley, Pa. — Five Guys Burgers & Fries will open a 2,407-square-foot restaurant at Promenade Saucon Valley — formerly known as The Promenade Shops at Saucon Valley — in Center Valley. Scheduled to open this fall, the store will be situated between tenants European Wax Center and uBreakiFix. Five Guys’ portfolio currently includes more than 1,700 restaurants globally. 

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PREIT Completes Financial Restructuring 

by Hayden Spiess

Philadelphia — PREIT Realty has completed a financial and corporate restructuring. This marks the company’s emergence from bankruptcy — it initially filed for Chapter 11 bankruptcy protection in December 2023, with the company’s creditors agreeing to a “prepackaged” bankruptcy. The Philadelphia-based company owns and operates malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina, in addition to properties in the multifamily, hotel and healthcare sectors.  PREIT reduced its total debt by roughly $835 million through a previously announced reorganization plan and received commitments of approximately $130 …

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