Inland acquires Wedgewood Commons near Memphis
Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 159,258-sq.-ft. Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn. The purchase price was $33.9 million.
StoneCrest Investments LLC, the seller, developed the center in 2009 and continues to add development phases. The Disney Group represented the seller in the transaction.
The property consists of four buildings and an existing structure suitable for the development of an additional 10,838 sq. ft. of leasable space, which would increase the center’s retail space to just over 170,000 sq. ft.
Wedgewood Commons is 100% leased and tenants include T.J. Maxx, HomeGoods, Michaels, Rack room Shoes, AT&T, TCBY, GNC and Sport Clips. A Target “P Fresh” store, Target’s new grocery-focused store format, shadow anchors the center.
Inland Real Estate Investment Corp. sponsors Inland Real Estate Income Trust, and IREIT Business Manager & Advisor, a wholly owned subsidiary of Inland Real Estate Investment Corp., is the trust’s business manager. The trust was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. The trust intends to focus primarily on core multi-tenant retail assets.
Consumer electronics retailer upgrades protection plan
Micro Center, a leading consumer electronics retailer, has entered into a multi-year agreement with the Warranty Group, a leading global provider of warranty solutions and underwriting services, which will allow the retailer to enhance its national Protection Plan program.
Under the new agreement, Micro Center customers will benefit from innovative warranty program solutions and customized services across a broad range of products.
The Warranty Group will provide underwriting services through its wholly owned subsidiary Virginia Surety Company, as well as regulatory, marketing and custom-tailored administrative services.
"We’re delighted to welcome Micro Center to the Warranty Group family of national retail clients," said Justin Thomas, SVP at the Warranty Group. "This partnership represents a natural alignment between two organizations focused on providing best in class product protection programs to consumers in a customer friendly way."
"Partnering with the Warranty Group was an easy decision for us," said Eric Schneider, director of service for Micro Center. "The Warranty Group provides the experience, expertise and consumer focus we are looking to provide to our customers. In addition, the full range of products and services they offer will help Micro Center acquire new customers, strengthen our existing relationships and improve our overall brand experience."
The Warranty Group will provide underwriting services for Micro Center’s Protection Program across all its national retail store locations.
Micro Center, a subsidiary of Micro Electronics, headquartered in suburban Columbus, Ohio, is a technology retailer focused on knowledgeable computer users. It operates 23 large-market locations nationwide as well as an e-commerce site.
Law firm investigates Arden Group buyout
Wilmington, Del. — Law firm Rigrodsky & Long, P.A is investigating potential legal claims against the board of directors of Arden Group, Inc. regarding possible breaches of fiduciary duties and other violations of law related to the company’s entry into an agreement to be acquired by global private investment firm TPG, in a transaction valued at approximately $394 million.
Under the terms of the agreement, public shareholders of Arden will receive $126.50 per share in cash for each share of Arden they own. The investigation concerns whether Arden’s board of directors failed to adequately shop the company and obtain the best possible value for Arden’s shareholders before entering into an agreement with TPG. Shareholders who own the common stock of Arden and purchased your shares before December 20, 2013 may be eligible to participate in potential legal claims.