Mergers & Acquisitions

Until this week, Rouse Properties’ northeastern-most retail possession was The Centre at Salisbury in Maryland. But its purchase this week of an 115,000-sq.-ft. center outside of Hartford, Connecticut, gives the developer a footprint planted firmly in New England.  

On the heels of Golfsmith and The Sports Authority declaring bankruptcy, PGA Tour Superstore is picking up momentum and opening stores.     The privately held chain recently acquired a Sports Authority location in Glendale, Arizona, which it will reopen under its own banner in January 2017. PGA Tour is also planning new stores in Hilton Head, South Carolina, and in Jacksonville, Florida, with both opening in 2017.  

In 2013, Newport Capital Partners paid just over $31 million for Danada Square East, a 200,000-sq.-ft. center in Wheaton, Illinois, anchored by a Dominick’s supermarket. Yesterday, Newport sold the property for $63 million.  

PetSmart’s recent acquisition will help place pets with prospective forever families even faster.   The specialty pet retailer acquired AllPaws, one of the largest online and mobile platforms that matches those looking to adopt a pet with pets ideally suited for their home, family and lifestyle. Approximately 5,000 animal rescues and shelters across North America already utilize AllPaws to promote their adoptable pets.  

Walgreens, Rite Aid extend date of merger agreement to allow for store divestures   Walgreens Boots Alliance and Rite Aid announced that they have mutually agreed to extend the end date of their merger agreement from Oct. 27, 2016 to Jan. 27, 2017.   The companies now expect the transaction will close in early calendar 2017.  

Supervalu Inc. posted disappointing sales results for its second quarter as the company continues to shift its business toward wholesale distribution.       The company released its second quarter results just days after it entered into an agreement to sell its Save-A-Lot discount grocery chain to Canadian private equity firm Onex for $1.37 billion in cash.   

Lidl, the German no-frills grocery chain, is shaping up as a potential retail powerhouse even before it opens its first U.S. store.   The company will generate $8.8 billion in sales by 2023, larger than Wegman’s 2016 value of $8.1 billion, according to a just-released forecast by Kantar Retail.  

Dick’s Sporting Goods has cast its eye on another bankrupt sports retailer and former competitor.   In June, Dick’s acquired the intellectual property of the bankrupt Sports Authority. Dick’s is now preparing a bid for the U.S. business of Golfsmith International Holdings Inc., according to Reuters.      In making a bid, Dick’s is going up against an offer by Worldwide Golf Shops, according to the report.