Grocers purchase 10 store leases from bankrupt Earth Fare chain
A&G Real Estate Partners returned $6 million to the estate of Earth Fare by selling 10 of its store leases--three of which were acquired by an investor group of former executives of the grocery chain that filed for Chapter 11 bankruptcy in February.
A&G negotiated termination agreements on nine other store leases and the remaining 38 Earth Fare locations were returned to their landlords, freeing the estate from having to pay April rents.
“We completed this process in less than 60 days amid one of the biggest public health and economic crises in U.S. history,” noted A&G senior managing director Joseph McKeska, “Considering all of the obstacles faced during this unusually difficult period, we were pleased with the results of this fast-track sale.”
A&G brokered the sale of leases for four Florida locations to the Southeastern Grocers’ Winn-Dixie chain (Boynton Beach, Jacksonville, Lakewood Ranch, and Viera); three locations to the Earth Fare investor group (Athens, Ga., Asheville, N.C., and Roanoke, Va.); two locations to Whole Foods Markets (South Asheville, N.C., and Chattanooga, Tenn.), and one to Aldi (Tallahassee, Fla.).
The investor group also acquired Earth Fare’s trade name and other intellectual property.