Deals

A first-of-its kind arrangement has saved Aeropostale.    A consortium made up of Authentic Brands Group (ABG) and two of the nation’s largest real estate companies — General Growth Properties and Simon Property Group — announced it has finalized the acquisition of the teen apparel retailer. It is the first time that mall operators have participated in a deal to acquire a retail chain.  

Inland Private Capital Corporation has sold a FedEx Ground facility in Zionsville, Indiana, for $37.1 million.   The 303,000-sq.-ft. FedEx center was constructed just two years ago on the property, which covers two land parcels totaling 49 acres in the town 17 miles northwest of downtown Indianapolis.  

Smithfield Properties has sold five properties in Chicago to the Acadia Realty Trust for $150 million, reported the deal’s broker, Mid-America Real Estate Corp.   The properties were:   • North Kingsbury Center on the corner of North Avenue and North Kingsbury Street, with tenants including Old Navy, Pier 1 Imports, Blick Art Materials, and Modani Furniture.  

Boating goods retailer West Marine has leased 14,650 sq. ft. at St. Georges Crossing, bringing the Woodbridge, New Jersey, center to full occupancy.   Leasing agent for the center, Levin Management, reports that several other centers in its portfolio have reached 100% occupancy in recent months, indicating renewed strength in both the economy and retail in the Northeast. Levin handles a portfolio of 95 properties in that region and in Mid-Atlantic states.  

Officials in Sarasota, Florida, are envisioning building a mixed-use project on the site of the town’s Ringling Shopping Center, the site over which Walmart lost a fight to build a new store.

The 9.7-acre site could accommodate 222 residential units and 175,000 sq. ft. of office and retail space. Customer traffic at Ringling Shopping Center, Sarasota’s oldest, had fallen off precipitously in recent years.

The nation’s largest specialty bedding retailer posted disappointing results on Friday for its second quarter.

Mattress Firm Holding Corp. on Friday reported a loss of $2.2 million, after reporting a profit in the same period a year earlier.

Revenue increased 48.2% of $980 million, which also fell short of Street forecasts, reflecting incremental sales from acquired and new stores.

Same-store sales fell 1.1%.

Patton Square Shopping Center in Woodruff, South Carolina, has been acquired by Pro Vest Properties for $7.3 million dollars. SRS Real Estate partners brokered the deal for the seller, an affiliate of Chen Development.

“Patton Square is a solid grocery-anchored neighborhood center with minimal competition in the market,” said Pierce Mayson, VP for SRS’ Southeast Investment Sales Team. “With a long-term anchor lease and very solid sales numbers, this asset is an excellent purchase for the buyer.”

Kimco Realty Corp. has purchased the remaining 85% interest in a four-property joint venture portfolio, a deal that includes the assumption of $103 million in mortgage debt. The company also announced it had acquired a Whole Foods-anchored center in the D.C. area for $95 million.