Three-grocer center is sold for $42 million
A subsidiary of NewMark Merrill Companies has acquired Southgate Plaza in Sacramento five years after it was hired by the owner to re-tenant and reposition the center.
The 339,369-sq.-ft. Southgate has the distinction of being anchored by three grocery stores — Walmart Neighborhood Market, 99 Ranch Market, and 99 Cents Only. Other tenants include Ross Dress for Less, Skechers, Payless Shoe Source, Farmer & Merchants Bank, and Taco Bell.
CBRE’s National Retail Investment Group-West handled the sale of the property, which was owned by Wrightwood Financial.
“The property had tremendous leasing momentum despite the existing 27% vacancy at the time of sale. In the past 15 months, 53,000 sq. ft. or 21% of the property has been leased up,” said CBRE’s Jimmy Slusher.
NOT 3 grocer
Dollar Tree is NOT a grocer. They sell 2 aisle worth of stuff for $1.00
New Stop & Shop format to debut at New York Center
Heidenberg Properties has received planning board approval to build a new 54,000-sq.-ft. Stop & Shop prototype at its Lake Plaza Shopping Center in Mahopac, New York. The store will replace a Key Food supermarket and increase total square footage at the center to 165,000 sq. ft.
“This was a complicated process involving multiple municipal agencies,” said Heidenberg VP of Operations Jason Lazar.” We are excited to deliver the new prototype for Stop & Shop."
Stop & Shop operates 419 stores in New York, New Jersey, Massachusetts, Connecticut, and Rhode Island.
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Staples in deal to sell its European operations
Staples will sell a controlling stake in its European operations to private equity firm Cerberus Capital Management for an estimated $53.65 million as the retailer continues to focus on North America following its failed take-over of Office Depot.
Staples’ European operations, which consists of retail, contract and online businesses in 16 countries, will be separated into a privately-held company controlled by an affiliate of Cerberus. The U.S. retailer is retaining a 15% equity interest in the business and will be represented on its board of directors.
The agreement with Cerberus follows Staples’ recent announcement of the sale of its U.K. retail business to Hilco Capital Limited, which also aligned with Staples’ new strategic direction of right-sizing its international business.
“One of our top strategic priorities has been to narrow our geographic focus on North America, and this is an important step toward simplifying our operations and better positioning Staples for sustainable long-term growth,” said Shira Goodman, CEO and president, Staples. “We believe that working with Cerberus will help enable the future success of the Staples Europe business, benefiting our associates and customers in the region.”
The new company will enter into a licensing agreement with Staples for the use of certain Staples intellectual property, including its brand and a global accounts agreement. The company will operate under the Staples banner name and other sub-brands in European markets, and its associates will continue to be employees of Staples Europe, which will maintain its headquarters in Amsterdam.
Olof Persson, an executive with Cerberus’ operations team and the former President and CEO of Volvo Group, will be appointed executive chairman of the new company.
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