Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
Issue link: http://shoppingcenterbusiness.epubxp.com/i/752067
24 • SHOPPING CENTER BUSINESS • December 2016 NEWSLINE Charleston, South Carolina. The property is fully leased to Field & Stream, Conn's HomePlus and La-Z-Boy. Marc Bonilla of Colliers International represented the buyer, Rose FP LLC, in the transaction. Joey Odom of Stan Johnson Co. repre- sented the seller, SC North Charleston CPD 2G-1 1B. INLAND ACQUIRES 24 CVS/PHARMACY PROPERTIES ACROSS 14 STATES FOR $116 MILLION Inland Real Estate Acquisitions Inc. has acquired 24 newly developed CVS/phar- macy locations totaling 276,466 square feet across 14 states for $116 million. The CVS/pharmacy properties are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Caroli- na, Texas, Virginia and Wisconsin. Each store is under a new 25-year, absolute tri- ple net lease guaranteed by CVS Health Corp. Joe Cosenza of Inland facilitated the transaction on behalf of an Inland affiliate. SLATE RETAIL REIT BUYS SHOPPING CENTER IN METRO CHARLOTTE FOR $16.7 MILLION Slate Retail REIT, a Toronto-based own- er and operator of U.S. grocery-anchored properties, has acquired Mooresville Town Square, a Lowes Foods-anchored retail center in Mooresville, North Car- olina, a northern suburb of Charlotte. The publicly traded REIT purchased the asset for $16.7 million, or $186 per square foot. The shopping center was 88 percent leased at the time of sale to tenants such as Famous Toastery, Jimmy Johns, Firestorm Pizza and Fusion Bowl. Mooresville Town Square is the sixth property in North Car- olina for Slate Retail REIT. MID-AMERICA NEGOTIATES $20.6 MILLION SALE OF FAIRLANE MEADOWS IN SUBURBAN DETROIT Mid-America Real Estate Corp. has ar- ranged the sale of Fairlane Meadows, a retail center located at the corner of Ford Road and Mercury Drive in Dearborn, Michigan. Times Equities acquired the property from Ramco-Gerhenson Proper- ties Trust for $20.6 million. Best Buy, Citi Trends, David's Bridal, Five Below and Dollar Tree occupy the 157,225-square- foot center. Ben Wineman and Daniel Stern of Mid-America represented the seller in the deal. GRAMOR SELLS TIMBERLAND TOWN CENTER IN PORTLAND FOR $43.1 MILLION Gramor Development Inc. has sold Tim- berland Town Center, a 91,000-square- foot shopping center located in Portland, for $43.1 million. A 40,000-square-foot Market of Choice grocery store anchors the center, which is also home to tenants including Orangetheory Fitness, H&R; Block, Blu Olive Mediterranean Cuisine, B'Tan Sun Studio and Supercuts. JLL Income Property Trust acquired the prop- erty. Capital Pacific LLC brokered the transaction. ADELPHIA PROPERTIES ARRANGES $4.1 MILLION ACQUISITION OF RETAIL PROPERTY IN SUBURBAN CHICAGO Adelphia Properties has arranged the sale of a newly constructed retail building lo- cated in the Chicago suburb of Downers Grove, Illinois. A private investor acquired the property from the undisclosed devel- oper for $4.1 million. BMO Harris Bank and Chipotle Mexican Grill occupy the 5,305-square-foot building. Simeon Spir- rison and George Spirrison of Adelphia Properties represented the buyer. R E TA I L E R U P DAT E BASS PRO SHOPS TO ACQUIRE CABELA'S INC. IN $5.5 BILLION DEAL B ass Pro Shops has agreed to acquire Cabela's Inc. (NYSE: CAB) for $5.5 billion, or $65.50 per share of CAB stock. The merger brings together three of the nation's top outdoor sporting brands: Ca- bela's, which specializes in hunting; Bass Pro Shops, which specializes in fishing; and White River Marine Group, a Bass Pro Shops company that specializes in boating. The combined company will own 184 stores in the U.S. and Canada. Cabela's Board of Directors unanimously approved the acquisition, which is expected to close in the first half of 2017. It was not immediately clear whether the deal would result in any store closures. Bass Pro Shops will also enter into a multi-year partnership agreement with Capital One, National Association, which will originate and service Cabela's CLUB, the retailer's co-branded credit card. The customer rewards systems for both retailers should be unaffected by the acquisition. The transaction will be completed through a cash merger and is subject to ap- proval by Cabela's shareholders, as well as regulatory approvals and other custom- ary closing conditions. The Merchant Banking Division of Goldman Sachs and Pamplona provided partial acquisition financing for the deal. Goldman Sachs has committed $1.8 billion, while Pamplona has committed $600 million. BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, UBS Securities LLC and Goldman Sachs are also providing debt financing to support the transaction. Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and major- ity shareholder of the new entity, which will remain a private company. J.P. Morgan served as financial advisor to Bass Pro Shops, while Latham & Watkins served as the company's legal counsel, with assistance from O'Melveny & Myers. Goldman, Sachs & Co. served as financial advisor to the Merchant Banking Division of Goldman Sachs, while Davis Polk & Wardwell LLP served as legal advisor.Goldman, Sachs & Co. also served as advisor to Bass Pro Shops on the bank transaction, while Morrison & Foerster served as legal counsel. Guggenheim Securities served as financial advisor to Cabela's, while Sidley Austin LLP and Koley Jessen PC LLO served as the company's legal counsel. The Kessler Group and Credit Suisse acted as financial advisers to Capital One, while Wachtell, Lipton, Rosen & Katz and Chapman and Cutler acted as legal advisers. — Nellie Day