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Deals

  • South Carolina center changes hands

    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.”

  • Walgreens gives update on Rite Aid deal; ups store divesture estimate

    Based on ongoing discussions with the Federal Trade Commission, Walgreens Boots Alliance gave an update on the amount of stores it will need to divest to win approval for its acquisition of Rite Aid.     Walgreens Boots Alliance said it now expects that the most likely outcome will be that the companies will be required to divest more than 500 stores, but fewer than 1,000 stores. The company previously said that it expected it would have to divest 500 or fewer stores.    

  • Kimco announces $265 million in deals

    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.  

  • NRDC names Mannion chief of property operations

    Photo: Noel Mannion   Noel Mannion, who spent the bulk of his career with the National Realty & Development Corp., has been named the Purchase, New York-based company’s executive VP of property operations.   Mannion, previously managing director of operations, will be responsible for overseeing budgeting, maintenance, repair and improvement projects, billing, lease administration, and risk management for NRDC’s portfolio of more than 78 projects in 14 states.  

  • CBL sells its interest in Harrisburg center

    CBL & Associates and High Real Estate Group has the sold their joint interest in High Pointe Commons in Harrisburg, Pennsylvania, to Unison Realty Partners for $33.8 million.    The proceeds will be used by the sellers to retire secured loans totaling $17.4 million, and CBL will use its net proceeds to reduce outstanding balances on its lines of credit.  

  • September 15 deadline set for bids on Hastings leases

    Bids to assume the leases of 120-plus Hastings Entertainment stores will not be accepted after Sept. 15, announced RCS Real Estate Advisors.   The chain’s inventory was earlier purchased by Hilco Merchant Resources and Gordon Bros. Retail Partners after the music, movie, and video game chain was unable to emerge from Chapter 11. Hastings Entertainment was founded in 1972 by Sam Marmaduke, who as head of Western Merchandisers first convinced Walmart to carry music and continued to supply the chain until 1994.  

  • Aeropostale: Not dead yet

    Aeropostale may still live to see another day thanks to a last-minute bid.   In a development that no one saw coming, a consortium of landlords, liquidators and others joined together to make a $243.3 million offer to save 229 Aeropostale stores, Fortune reported. The group includes General Group Properties, Simon Property Group, Gordon Brothers Retail Partners, Hilco Merchant Resources, and Authentic Brands Group.  

  • Report: Retail rents rising and vacancy rates falling in 2016

    Though it forecasts a stronger-than-anticipated closure season, Cushman & Wakefield sees average retail rents ending the year 4.6% higher than they were in 2016.   The company’s U.S. Macro Forecast released this week said that consistent demand for space in Class A retail centers is the biggest factor in rental-rate growth. Cushman analysts also predict that 2016 will see a drop in the retail vacancy rate to 5.8% from 6.6% last year — though they see it moving back up to 6% in 2017.  
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