Deals

Hudson, Ohio -- Jo-Ann Stores said Thursday it has agreed to be acquired by an affiliate of private-equity firm Leonard Green & Partners for $1.6 billion in cash.

Los Angeles-based Leonard Green’s acquisition of the U.S.’s largest fabric retailer follows its $3 billion purchase of J. Crew, announced in late November.

Going private will enable Jo-Ann Stores to renovate stores and accelerate the chain’s expansion. It currently operates 756 stores.

Salina, Kan. -- Addison, Texas-based Coyote Management, L.P. and Garrison Investment Group said they have acquired, through their affiliates, Central Mall, in Salina, Kan.

The 486,444-sq.-ft. enclosed regional mall is anchored by Dillard’s, J.C. Penney and Sears, and also features a 10-screen Showplex Cinemas and key major tenants Jo-Ann Fabrics and Old Navy.

The newly acquired property augments the existing 2.8 million sq. ft. currently owned by Coyote Management.

Philadelphia -- Bryn Mawr, Pa.-based WP Realty said it has acquired Mayfair Shopping Center, located in Philadelphia.

Mayfair is a single-story, 115,411-sq.-ft. community shopping center comprised of four buildings, including one bank pad (Wachovia). The center is anchored by national and regional retailers including Shop ‘n Bag, Dollar Tree and Fashion Bug.

Mayfair Shopping Center is currently 86% occupied with 16,339 sq. ft. of available retail space.

Philadelphia -- Center City Philadelphia-based Michael Salove Co., an X Team partner, announced the completion of two lease transactions with Popeye’s Louisiana Kitchen in the Greater Philadelphia area.

Popeye’s has signed a lease to open a 2,069-sq.-ft. freestanding unit in Wilmington, Del., and 2,152-sq.-ft. endcap at Darby Town Center in Darby, Pa.

Both are slated to open in March 2011. Once open, these units will be the 15th and 16th for the New Jersey-based franchisee.

MINNEAPOLIS — Supervalu is having difficulty divesting its New-England based Shaw’s chain for more than $1 billion, the Wall Street Journal reported Tuesday, and the Minnesota grocery conglomerate may be ready to take down its "for-sale" sign.

According to the report, Shaw’s has been on the block for several months with no takers. Many bids from private-equity firms actually came in below the asking price.

New York - Supervalu is having difficulty divesting its New-England-based Shaw’s chain for more than $1 billion, the Wall Street Journal reported Tuesday, and the Minnesota grocery conglomerate may be ready to take down its "for-sale" sign.

According to the report, Shaw’s has been on the block for several months with no takers. Many bids from private-equity firms actually came in below the asking price.

Los Angeles -- Grubb & Ellis Co. announced Monday that Arlene Sommer and Mark Robinson have joined the company’s Office Group as executive VPs, along with Evan Kantor who joins as a senior associate.

Specializing in office tenant representation, primarily in the media, entertainment, legal and financial industries, the team joins from Studley, where they served as executive managing director, senior managing director and assistant director, respectively.

Addison, Texas -- Coyote Management, LP and Garrison Investment Group, through their affiliates, announced they acquired Decatur Mall, in Decatur, Ala., and Lakeshore Mall, in Gainesville, Ga., in September and have made enhancements and changes to the properties.

A new corporate ad campaign for both malls was launched Nov. 1, and each mall has added a Customer Service Center, a new MasterCard gift-card program, children’s stroller program, new website and social media.

Plymouth Meeting, Pa. -- Fameco Management Services said that Columbia Bank in conjunction with the Superior Court of New Jersey has appointed it as Rent Receiver/Property Manager for three properties in Burlington, Edison and Kenvil, N.J.

The properties include a 15,530-sq.-ft. site located in Burlington anchored by Family Dollar, a 30,000-sq.-ft. unanchored center in Edison and a vacant 28,000-sq.-ft. freestanding building in Kenvil.

Fameco Management Services is a division of Fameco Real Estate.
 

New York City -- Centro NP Residual Holding LLC said Friday it has sold a portion of its interest in 25 shopping centers and formed a joint venture with Inland American CP Investment, LLC, a wholly owned subsidiary of Inland American Real Estate Trust.

The new joint venture has secured $310 million of term loans with J.P. Morgan and Goldman Sachs, which mature in 10 years and are secured by assets within the joint venture.