Deals

Compton, Calif. – Numerous law firms have launched investigations into the board of directors of Arden Group, Inc. to determine possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to the investment firm TPG.

Whitehouse, Ohio — Devonshire REIT has acquired five retail properties in Ohio for $31 million. The properties include:

•    Monroe Street Square Shopping, a 124,904-sq.-ft. center in Toledo, Ohio, anchored by Hobby Lobby. Tenants include Sally Beauty Supply, Gamestop, Play It Again Sports and Sprint PCS.

•    Bed Bath & Beyond Plaza, a 100% leased, 55,139-sq.-ft. center in Toledo, anchored by Bed Bath & Beyond. Tenants include SalonCentric and Edward D. Jones.

Walnut Creek, Calif. — Transwestern has brokered leases on behalf of two retail tenants: 9Round Fitness & Kickboxing and Buon Vino Manufacturing.

9Round Fitness has taken a 1,300-sq.-ft. lease for five years in the Diablo Plaza in San Ramon, Calif.  Buon Vino signed a 1,635-sq.-ft. lease for three years at 1545 Locust St. in downtown Walnut Creek, Calif.

Tucson, Ariz. — Metrocom-DBC doing business as Metro PCS is expanding with a new 1,380-sq.-ft. store in Tucson’s Northgate Plaza. The prepaid wireless service provider has 14 stores in California and two in Phoenix. Metro PCS is planning four new stores in Tucson. T-Mobile owns Metro PCS.

Commercial Retail Advisors represented the landlord, TNP SRT Portfolio I, in the transaction. The tenant was self-represented.
 

New York – At least four law firms are investigating the pending purchase of The Jones Group. The law office of Brodsky & Smith, LLC, Vincent Wong, Farugi and Farugi, LLP and Robbins Arroyo LLP are investigating potential claims against the board of directors of The Jones Group, Inc. relating to the proposed acquisition by Sycamore Partners.

Columbus, Ohio — Glimcher Realty Trust has acquired Arbor Hills, an upscale, open-air center located in Ann Arbor, Mich., in the main corridor that connects downtown Ann Arbor and the University of Michigan’s main campus. The new center, which opened in August, features 85,000 sq. ft. of leasable space and is approximately 87% leased. Tenants include Anthropologie, Arhaus, lululemon athletica, Madewell and The North Face. The property is expected to average above $500 per square foot in sales.

Columbia, S.C. — Edens Investment Trust has closed a $1.47 billion equity transaction composed of the $718 million sale of a 29% equity stake in the company and a $750 million equity commitment from the company’s institutional investors.

In the sales transaction, a Blackstone-sponsored real estate investment vehicle acquired a $718 million stake in Edens from the State of Michigan Retirement System.

Tucson, Ariz. — Sidecar, a craft beer and cocktail bar, plans to open a 963-sq.-ft. upscale lounge at Broadway Village in Tucson. Slated to open in March of 2014, the bar will seat 40 people inside and 12 to 15 people on a patio.

Commercial Retail Advisors represented the landlord, CRI Broadway Village Partners in the transaction. Sidecar handled the lease negotiations itself.