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A&G to Sell 79 Rite Aid Leases in 11 States

by Hayden Spiess

Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …

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DLC, DRA Acquire Four Retail Centers for $100 Million 

by Hayden Spiess

Elmsford, N.Y. — A joint venture between New York-based DLC Management Corp. and funds managed by DRA Advisors has acquired a portfolio of retail centers for $100 million. The portfolio comprises four properties located in Colorado, New Jersey, Arizona and Ohio. Located in Aurora, Colorado, Cornerstar totals 380,479 square feet and is anchored by Target, Marshalls, HomeGoods, 24 Hour Fitness, Nike and Ulta Beauty. Cross Keys Place in Sewell, New Jersey, comprises 147,694 square feet and is anchored by Michaels, Old Navy, Petco and Edge Fitness. The Shops at Prescott Gateway …

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SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Hayden Spiess

Beachwood, Ohio — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include …

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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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