Deals

Los Angeles — Brixton Capital has acquired TownGate Center in Moreno Valley, Calif., for $41,971,000, a 6.9% cap rate, according to CBRE, which represented both the buyer and seller in the transaction. The seller was a partnership between Walton Street, a private equity firm, and Fritz Duda Co.

The CBRE marketing system distributed more than 460 offering memoranda to investors and brokers. The managed bid offer process generated more than nine offers. The purchase price mirrored CBRE’s pricing guidance to the seller.

Virginia Beach, Va. — Two new tenants have signed into Warrenton Towne Center in Warrenton, Va., according to Divaris Real Estate, the broker representing Kalis Holdings, the landlord, in the transactions.

Regis Corporation leased 2,502 sq. ft. in the center for a beauty salon. The company owns, franchises or holds ownership interests in 9,763 locations worldwide.

Oakbrook Terrace, Ill. — Mid-America Asset Management Inc. has announced new retail leases in four shopping centers in Chicago’s northwest suburbs.

Big Blue Swim School signed a lease for 10,075 sq. ft. at The Grove in Buffalo Grove, Ill. The School’s second location in the Chicago area, it is expected to open in November. Jewel Osco, Chase and American Mattress anchor the 117,367-sq.-ft. center. Mid-America represented the landlord in the transaction. NGKF represented the tenant.

Los Angeles — A Buffalo Wild Wings Franchisee has signed an agreement to open fast-casual PizzaRev restaurants throughout the St. Louis, Mo., and Austin, Texas, markets.

The PizzaPeel franchise group plans to open four PizzaRevs in Austin and three in St. Louis. The agreement also includes rights to develop both regions further.

Birmingham, Ala. — Bayer Properties has appointed Brad Bailey VP of business development. With more than 20 years of experience in the commercial real estate and retail industry, Bailey comes to Bayer from The Weitzman Group, where he held the position of senior VP and director of investment sales. His responsibilities there included consulting on acquisitions, dispositions, operations, leasing and financing.

New York -- Plus-sized retailer Ashley Stewart has filed for voluntary Chapter 11 bankruptcy protection. As part of its restructuring plan, the company announced it will immediately close 27 underperforming locations. Ashley Stewart currently operates some 168 stores. The company previously filed Chapter 11 in 2010.

In a separate statement, the company said potential buyers have expressed interest in buying the chain.

Melville, N.Y. – Sbarro LLC has reportedly filed for Chapter 11 bankruptcy protection for the second time since 2011. According to Reuters, Sbarro wants to reduce its debt by 80% via a pre-packaged reorganization that would allow it to exit bankruptcy before May 7, 2014.

Most of Sbarro’s creditors reportedly support the plan, which it said is necessitated by declining mall traffic and an unsustainable balance sheet. The plan requires court approval and Sbarro will reportedly also seek better offers from potential buyers.

New York — An ~exhale MINDBODYSPA has leased 3,027-sq.-ft. location in Manhattan’s Flatiron District, where Flatiron and Chelsea meet. It is a strong retail neighborhood with national fashion and specialty retailers along Fifth Avenue including Anthropologie, J.Crew, Club Monaco, kate spade, Nike, Intermix and Sephora. There are larger format retailers in the area, too: Bed Bath & Beyond, The Container Store, Sports Authority, Staples, Men’s Wearhouse, Trader Joe’s and Marshalls along Sixth Avenue.

Beachwood, Ohio — DDR has signed a letter of intent to sell its 50% ownership interest in Sonae Sierra Brazil BV Sarl, a Luxembourg company, to Alexander Otto and his affiliates for $343.6 million. DDR’s interest in SSB BV Sarl represents the company’s entire investment in Brazil. The gross proceeds of $346.6 million include $283 million from the negotiated price of R$26.00 per share of SSB, a 67% premium to the closing price on the IBOVESPA as of March 7, and DDR’s stake in Parque Dom Pedro, valued at $60.7 million.

Houston -- Mattress Firm Holding Corp. has entered into an agreement to acquire the outstanding equity interests of Sleep Experts Partners L.P., which operates Sleep Experts retail stores in Texas. In addition, Mattress Firm completed the acquisition of substantially all of the assets and operations of Yotes, Inc., which operated stores under the Mattress Firm brand in Colorado and Kansas, as well as the Virginia retail operations of Southern Max LLC.