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Shopping Centers Today -> August 2001
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Burlington
Coat Factory nets 10 former Montgomery Wards
Burlington Coat Factory Warehouse Corp. purchased 11 stores, including
10 former Montgomery Ward locations, in late June. The other location
was a former Bradlees. The Burlington, N.J.-based retailer did not
release specific details on the locations of the Wards or the price
of the transaction, but did say that three of the stores are near
Phoenix, two are in northern California, two are in Florida and
the others are in Texas, Washington and Illinois.
Burlington also said five of the stores are in enclosed malls. In three cases, the discounter will close existing stores in markets and relocate to Wards sites at enclosed malls. The former Bradlees is located in Westchester County, N.Y. Burlington will close an existing store in that market.
Burlington added that it is pursuing the acquisition of six additional Montgomery Ward stores.
Fleming
purchases 66 groceries from Furrs for $57 million
Fleming Cos., Dallas, agreed to buy 66 grocery stores in New Mexico
and west Texas from Albuquerque-based Furrs Supermarkets for $57
million. Fleming will likely resell the bulk of the Furrs to independent
supermarkets and chain supermarket retailers with Fleming serving
as the supplier. It will convert several of the stores into warehouse-style
supermarkets.
Tesco
buys stake in Safeway’s Internet grocer for $22 million
Tesco, the British grocer that has been able to run a profitable
Internet grocery service through its existing stores, bought a 35%
stake in U.S. grocer Safeway’s GroceryWorks.com business for
$22 million as it tries to bring the same business model to this
side of the Atlantic Ocean. The deal gives Safeway’s operation
a cash infusion and access to some of Tesco’s technology. After
the transaction, GroceryWorks.com suspended operation. Safeway planned
to resume its Internet grocery service through its own banner and
run the service out of its existing store base rather than from
warehouses. Safeway operates 1,500 stores in the United States.
Tesco said it has 1 million registered customers and annualized
sales of $420 million stemming from its Internet service in the
United Kingdom.
Royal
Ahold acquires five Brazilian hypermarkets from Carrefour
Royal Ahold, Zaandam, The Netherlands, purchased five hypermarkets
in Brazil with a combined area of roughly 200,000 square feet of
selling space from French retailer Carrefour for $43 million. The
five markets will be integrated into Ahold subsidiary Bompreco,
Reclife, Brazil, which operates 82 supermarkets and 21 hypermarkets
in the country.
DEAL OF THE MONTH
Commercial Net Lease Realty has agreed to purchase retail and restaurant REIT
Captec Net Lease Realty, creating a company with commercial assets
worth about $1 billion.
Under the deal, which is expected to close by the end of December, Commercial Net Lease, Orlando, Fla., will pay $13.05 for each outstanding share of Captec Net Lease Realty. Ross Martin, Captec Net Lease Realty’s CFO, said the transaction will be financed through a combination of cash and stock swaps.
Ann Arbor, Mich.-based Captec Net Lease Realty invests in restaurant, retail, entertainment and automobile dealership properties. The REIT is an affiliate of Captec Financial Group, which provides a wide range of financing needs for retail property owners, developers and retailers.
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