Deals

Discount Drug Mart will take over a long-vacant anchor space here at a former Giant Eagle location at The Shoppes of Oakwood Square, something that may give a big boost to the shopping center, reported Columbus Parent. DDM signed a 15-year lease to occupy about 30,000 sq.-ft. of space, the news outlet added.  

A month after it announced it would close 400 stores, the other shoe has dropped at Rue 21.   The Warrendale, Pennsylvania-based retailer announced it has filed for Chapter 11 bankruptcy protection and entered into agreements with some of its lenders to reduce the company's debt and provide additional capital in support of its restructuring. The company, which expects to continue normal business operations throughout the process, listed its assets and liabilities in the range of $1 billion and $10 billion, according to its court filing.

Jewel Food Stores (Jewel-Osco), a wholly-owned subsidiary of Albertsons Companies, is expanding its footprint in Indiana.    Jewel-Osco said it has entered into an asset purchase agreement with Central Grocers to acquire 19 Strack & Van Til stores and other certain assets. Strack & Van Til is owned by Central Grocers, which filed for bankruptcy protection at the beginning of May.   

Inland Real Estate Acquisitions has purchased an 85-unit residential property with ground floor retail in Vernon Hills, Illinois.   Constructed in 2010, The Commons at Town Center is a six-story structure consisting of 85 multifamily units and 10,609-sq.-ft of retail space. Current tenants are Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry, and Giuseppe’s Pizza Restaurant.   

CBL continued to reduce its credit position with the disposition of mall assets this week and announced the dawning of a new day for the company.   The mall owner and developer closed on the sale of two Tennessee properties for a total of $53.5 million — Foothills Mall in Maryville and College Square in Morristown. Proceeds of the sales, CBL reported, were used to reduce outstanding balances on its lines of credit.  

Macy’s reported disappointing earnings for its first quarter, as its sale continued to slide.    Macy's posted a first quarter profit of $71 million, or 23 cents a share, down from $116 million, or 37 cents a share, in the year-ago period. Excluding some costs, Macy's adjusted per-share profit fell to 24 cents from 40 cents, below analysts' expectations for 35 cents.   

How many American moms would love to see their sons grow up to become accountants or lawyers? Nick Over is both, but he decided to apply his skills and knowledge to the challenging world of real estate. After just two years at RPAI, the 36-year-old Over is steering the company into new avenues as its director of development. Chain Store Age spoke with him recently about his current pet project.

Abercrombie & Fitch may sell itself.   The teen apparel chain on Wednesday confirmed it is in preliminary discussions with several parties regarding a potential transaction with the company.   Abercrombie confirmed the news after Reuters reported that the retailer had hired an investment bank, Perella Weinberg Partners, to field takeover interest from other retailers.