Deals

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.  

Vestar announced the close of a deal to acquire the Twin Creeks Marketplace in Allen, Texas, north of Dallas.   Opened in 2016, the 43,134-sq.-ft. center sits on five acres at the intersection of W. Exchange Parkway and Alma Drive. Tenants include Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles, and ATI Physical Therapy.  

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

For the 28th consecutive year, Chain Store Age will recognize active shopping center owners, managers and acquirers for projects, contracts and transactions completed during last year.   The annual “Fastest-Growing” awards measure development, acquisition and third-party management activities for full-year 2016.   

An Evercore ISI analyst maintained his “buy” rating on Walgreens Boots Alliance stock, stating that although its proposed deadline for a deal with Rite Aid has been delayed, “there is still a chance of a reasonable outcome for both parties.”   The companies pushed back the deadline for merger from Jan. 27 to July 31 and trimmed the purchase price paid to Rite Aid to $6.50 to $7 per share — based upon the number of store divestitures the FTC requires — from $9 per share.  

Fred’s Pharmacy confirmed its agreement to purchase divested stores remains in effect following Monday’s news that Walgreens Boots Alliance and Rite Aid extended the deadline for their potential merger agreement.  

Lamps Plus is taking steps to meet its shoppers’ increasing demand.   The lighting retailer is expanding its warehouse presence in Redlands, Calif., with the acquisition of a 57,000-sq.-ft. building. The building is located next to Lamps Plus’ existing 800,000-sq.-ft. facility, which opened in 2007.   

Groundbreaking on a 500,000-sq.-ft. shopping center in Southern California has been postponed due to changes in the developer’s plan ‘and a need for improvements to the surrounding roadway.   The 50-acre site in Murrieta, a town of 103,000 people located halfway between Los Angeles and San Diego, was purchased by a limited partnership last year for $18 million. The owners are working with Caltrans for improvements needed on nearby Winchester Road.  

Walgreens Boots Alliance and Rite Aid on Monday morning extended their previously announced definitive merger agreement under which Walgreens Boots Alliance will acquire all outstanding shares of Rite Aid.   The retail pharmacy operations also restructured a new deal that would value Rite Aid at between about $6.8 billion and $7.4 billion, depending on required store divestitures, down from an initial acquisition cost of $9.4 billion.  

Finish Line is cutting its losses related to its specialty running gear unit.   The sportswear retailer has sold its JackRabbit specialty running store division to CriticalPoint Capital LLC, a Los Angeles-based private investment firm.