Mergers & Acquisitions

Walgreens Boots Alliance is considering a move that would force the Federal Trade Commission to vote on its planned merger with Rite Aid within 30 days.   Walgreens is considering declaring that it has “certified compliance” in its application, which would mean that the drugstore chain believes it has given regulators substantially all the information they need to make a decision, The New York Post reported.

Brixmor Property Group has purchased Arborland Center, a 404,000-sq.-ft. center in Ann Arbor, Michigan, for $102 million. The center is anchored by Kroger and Nordstrom Rack and is situated between the University of Michigan and Eastern Michigan University.  

Lands’ End has a new person at the top.   Jerome Griffith has officially taken the reins as CEO of the company, and also joined the board of directors. He succeeds Joseph Boitano and James Gooch, who have served as co-interim CEOs since September 2016, when CEO Federica Marchionni was forced out after less than two years amid an ongoing sales slump.  

Dunkin’ Donuts is growing its footprint in Alabama and Mississippi.   The chain signed development agreements with two franchise groups to develop 17 locations throughout the two states during the next several years.   Existing franchisee Birmingham Donut Holdings plans to develop nine new Dunkin' Donuts restaurants in Birmingham, Alabama.  The group currently operates 34 restaurants throughout Alabama and Florida.   

CBRE made known its intent to make an aggressive push in San Francisco with its December hire of Matt Kircher, a veteran of Terranomics with more than 20 years of leasing experience in Northern California. This week CBRE filled out the new director of leasing’s executive staff.   Joining Kircher are first vice presidents Jessica Birmingham, Annie Prupas, and Katie Singer; vice president Drew Greenspan; associate broker Meaghan Haley; senior GIS specialist Gary Palubicki; and client services coordinator Andrea Chavez.

Indianapolis-based Hhgregg has filed for bankruptcy.    The move came just days after the struggling chain announced a big wave of store closings.    In a statement, Hhgregg said it has reached an agreement with an anonymous party to purchase its assets, which will allow the company to exit Chapter 11 debt free “with significant improvement in liquidity for the future stability of the business.” Terms of the agreement were not disclosed.   

The struggles — and exits — of former rivals has proved a boon for Dick’s Sporting Goods, which reported fourth quarter sales and earnings on Tuesday that beat the Street.       The company also announced aggressive store expansion plans.   

CBL has sold Cobblestone Village, ad 96,891-sq.-ft. center in Palm Coast, Florida, to RCG Ventures, a privately funded real estate investment group. The selling price was not disclosed.   The Belk-anchored center is a quarter-mile from the Interstate 95 interchange and is adjacent to Lowe’s and Walmart. It was “highly sought after by a variety of institutional and private investors,” said John Crossman, president of Crossman & Company, which handled the sale on behalf of CBL.