REAL ESTATE

Kimco Realty part of Supervalu deal

BY Katherine Boccaccio

New Hyde Park, N.Y. — In the much-watched deal between Supervalu and a consortium of investors led by Cerberus Capital Management, Kimco Realty Group – along with several other real estate companies — has emerged as a player.

The transaction, finalized Thursday, involves the sale by Supervalu Inc. of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies for about $3.3 billion.

As a part of the acquiring group, Kimco will hold an approximate 15% interest; funding of up to $76.5 million is expected to come from existing cash balances, existing credit facilities and cash from operations.

“We are excited about adding to our successful investment in Albertsons which will reunite all of the Albertsons stores,” said Kimco CEO Dave Henry.

Other members of the investment group include Klaff Realty, Lubert-Adler Partners and Schottenstein Real Estate Group.

Post-transaction, Supervalu will consist of a food wholesaler, 1,300 Save-A-Lot stores, and regional banners Cub, Farm Fresh, Shoppers, Shop ‘n Save and Hornbacher’s.

Under the new ownership, Supervalu will be led by former OfficeMax CEO and grocery vet Sam Duncan, who replaces current president, CEO and chairman Wayne Sales.

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REAL ESTATE

Agree Realty acquires Applebee’s restaurant portfolio

BY Katherine Boccaccio

Farmington Hills, Mich. — Agree Realty Corp. said Thursday it acquired a portfolio of four Applebee’s restaurants, as well as an Advance Auto Parts in late December 2012 for about $10 million.

These latest acquisitions bring Agree’s 2012 total purchase activity to approximately $81.5 million.

The recently acquired Applebee’s assets are located in Harlingen, Texas, and Wichita Falls, Texas, as well as two properties in Pensacola, Fla. The Advance Auto Parts is located on an outlot to a Walmart Supercenter in Lebanon, Va.

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REAL ESTATE

Report: 2012 sees improved leasing for retail real estate

BY Staff Writer

North Plainfield, N.J. — A Thursday report by Levin Management Corp. found that leasing activity in New Jersey, New York and Pennsylvania improved in 2012.

According to Levin, much of the existing Class A vacancy has been absorbed, and yet leasing momentum continues. Additionally, following a period dominated by growth among value-oriented concepts, 2012 brought stepped-up leasing by restaurants as well as personal services, gyms and other tenants providing non-essential goods and services, said Levin, which reflects a renewed confidence in consumer spending and continued economic improvement.

Levin saw increased activity in the dining category, particularly through targeted regional growth by Chipotle, Moe’s Southwest Grill and Smashburger.

Supermarkets also were active, as national chains Stop & Shop and ShopRite, along with specialized grocers like Fairway Market, smaller formats such as Fresh Market, and specialized local shops geared toward a neighborhood’s ethnicity all are expanding regionally.

Apparel, on the other hand, presents a mixed bag, said Levin. Purely value-driven concepts like TJ Maxx, Marshall’s and Ross continue to do well and add locations. Some higher-end retailers, including Chico’s, are expanding as sales rebound while others are weeding out underperforming stores. The middle tier still is feeling a pinch in terms of sales volume and ongoing consolidations.

Ultimately, reported Levin, the level and scope of new leasing activity in 2012 indicates that retail has again entered a positive trajectory.

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