Deals

Sporting goods retailers are going to face increased competition in Cleveland and Philadelphia as one of the Pacific Northwest’s most beloved outdoorsy stores comes to town.

San Antonio, Texas - CST Brands Inc., through its CrossAmerica Partners LP wholly-owned subsidiary, has closed its previously announced acquisition of the Charleston, West Virginia-based One Stop convenience store network. CST is also moving 29 recently constructed stores into its wholly-owned CrossAmerica partnership via two “dropdown” transactions.

New Rochelle, N.Y. – Welco Realty Inc. has leased 21,500-sq.-ft. of retailer space to Michaels Stores Inc. at The Mill Creek Mall at Harmon Meadow in Secaucus, N.J. Jerry Welkis, a principal of Welco Realty, represented the landlord, Hartz Mountain Industries.
 
The tenant was represented by Jamie Sackeim of The Dartmouth Company.  Other tenants in the center are PetSmart and Marshall’s/Home Goods. Adjacent tenants include Bob’s Furniture, Sports Authority, T.J.Maxx, Toys / Babies R Us, and Kohl’s.
 

Several months after its CEO resigned in September, Pep Boys says it is reviewing strategic alternatives, including a possible sale, merger or other deal.

York, Pa. - The Bon-Ton Stores Inc. is selling six stores for $84 million to CPA: 17 – Global, a non-traded real estate investment trust (REIT) of global net lease REIT W.P. Carey Inc. Bon-Ton will lease the stores back.

Proceeds from the transaction will be used to pay one of two of the company’s mortgage loans due in April 2016. Each loan has about $105 million in principal and consists of 12 properties. Bon-Ton is actively pursuing refinancing options for the second loan.

The Bon-Ton Stores is looking to help pay off a $105 million mortgage on 12 properties with a new deal.

The retailer announced it will sell six properties to CPA:17-Global, a real estate investment trust of W.P. Carey, and lease them back. The deal will generate $84 million for Bon-Ton.

Retail consulting firm McMillanDoolittle has posted an interesting blog on Gap Inc.’s ongoing efforts to turnaround its troubled namesake brand. Here is the full posting:

Orlando, Fla. - Darden Restaurants Inc. plans to separate a portion of its real estate assets through a combination of sale leaseback transactions and a new, publicly traded real estate investment trust ("REIT"). Under the plan, Darden will transfer approximately 430 of its corporate stores to the REIT, with substantially all of the REIT's initial assets being leased back to Darden.  

Chicago - Mid-America Real Estate Corp.’s Investment Sales team recently brokered the sale of Randhurst Village in the Chicago suburb of Mount Prospect. Tarrytown, New York-based DLC Management Corp. purchased the 1,009,937-sq.-ft. regional power and lifestyle center.

Randhurst Village national tenants include Costco, Home Depot, Jewel-Osco, AMC Theaters, Carson Pirie Scott, Bed Bath & Beyond, Sports Authority, TJ Maxx, Old Navy, PetSmart and World Market.

Seattle – Nordstrom Inc. plans to open Nordstrom Rack at Waikiki Trade Center in Honolulu, Hawaii. The approximately 34,000-sq.-ft., two-level store is scheduled to open in spring 2016.

The property was acquired by Coastwood Capital Group, LLC in late 2013.