Deals

Berkeley, Calif. -- Donahue Schriber Realty Group acquired Gilman Village on January 30, marking the Costa Mesa, California-based company’s second Bay Area acquisition in the past month.

Besides the Gilman Village acquisition in Berkeley, California, Donahue Schriber purchased Village Oaks shopping center, a 320,000-sq.-ft. property anchored by Target and Safeway located in San Jose, California.

Rite Aid Corp. announced plans to build its first new distribution center in 15 years, a 900,000-sq.-ft. facility in Spartanburg, South Carolina.

The new, $90 million center, set to open in 2016, will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States.

Owasso, Okla. -- GBT Realty Corporation announced that it has locked in a third Academy Sports & Outdoor location for the Tulsa area, in the suburb of Owasso, Oklahoma. GBT acquired the 5.8-acre site on Dec. 30 for $2 million. Construction is underway on the $10-million development.   

Minneapolis -- Shorenstein Properties LLC and Saks Fifth Avenue Off 5th announced that Saks Fifth Avenue Off 5th has signed a lease for 40,321 sq. ft. in the retail portion of Minneapolis City Center, continuing the fashion retailer’s 25-year presence in downtown Minneapolis. The new store is slated to open April 2016.

“This city has been a strong market for us, and Minneapolis City Center provides us with a vibrant location in which to serve our exceedingly loyal customers,” said Jonathan Greller, president of Outlets, HBC.

Livonia, Mich. -- Schostak Brothers & Company has completed leases for five new tenants at its Northville Park Place property, located in Northville, Michigan.

A joint venture between Schostak Brothers & Company and REI Investment Group, the 65,000-sq.-ft. mixed-use development is set to welcome: Tom + Chee grilled cheese and tomato soup restaurant; Red Olive restaurant; Sports Clips; Gazelle Sports; and MOD Pizza.

Camp Hill, Pa. -- Rite Aid Corporation announced t that Ray Payne, currently VP, real estate west coast, has been promoted to group VP, real estate. Payne succeeds Karen Smith, who retired last year after more than 35 years with the company.

In his new position, Payne will be responsible for developing and executing the company’s real estate strategy nationwide, including establishing a pipeline of properties for new and relocated stores.

Fort Worth, Texas - RadioShack Corp. announced that it received a continued listing standards notice from the New York Stock Exchange (NYSE) on Jan. 15. The retailer received the notice because its average market capitalization was less than $50 million during a period of 30 consecutive trading days and stockholders' equity of the company was below $50 million.

Cincinnati – Kroger Co. has reportedly purchased a soon-to-be shuttered Macy’s store located in the Kingsdale shopping center in Upper Arlington, Ohio, for $10.5 million. According to Columbus Business First, Kroger may include multifamily housing or offices in its redevelopment plans for the site.

The Zoning Board would have to approve any Kroger redevelopment plans. Giant Eagle also operates a grocery store in the Kingsdale center. Kroger did not comment.