Raider Hill

Congratulations to Brett Field, Development Associate, who has been selected for ICSC+CENTERBUILD Leaders Under 40 Class of 2024! The ICSC+CENTERBUILD Leaders Under 40 Award recognizes the next generation of leaders and their achievements in retail real estate design, construction, and development. ICSC will honor Brett and the Class of 2024 at ICSC+CENTERBUILD on December 4, 2024 in Phoenix, AZ. Congratulations, Brett!

This week's retail recap: Tempur Sealy disclosed plans to sell more than 100 stores as part of its proposed $4bn acquisition of Matress Firm, PureGym signed an asset purchase agreement with Blink Fitness, and Inland Real Estate Income Trust to Review Strategic Alternatives. The Wall Street Journal: Tempur Sealy to Sell Sleep Outfitters, Mattress Firm Stores 🛌Tempur Sealy said it plans to sell more than 100 stores in a bid to get regulatory approval for its $4bn deal with Mattress Firm https://lnkd.in/eDJ7z9Vp Blink Fitness: Blink Fitness Signs Asset Purchase Agreement with PureGym 🏋♀️ Blink Fitness announced that it has reached an agreement with Pinnacle U.S. Holdings, a subsidiary of PureGym, to acquire Blink’s corporate operations and a substantial portion of Blink's locations, with a focus on New York and New Jersey https://lnkd.in/e8rc9A_a Inland Real Estate Income Trust, Inc.: Inland Real Estate Income Trust, Inc. to Review Strategic Alternatives 🏬Inland Real Estate Income Trust, a publicly registered, non-traded real estate investment trust, announced that the board of directors has initiated a process to review strategic alternatives, including the sale of the company https://lnkd.in/eTJFCbmq

This week in retail: Big Lots filed for Chapter 11 bankruptcy and entered into an agreement to be acquired by Nexus Capital Management, and F9 Investments acquired LL Flooring. Big Lots: Big Lots Enters Into Sale Agreement With Nexus Capital Management 🛋Big Lots announced that it has entered into an agreement with an affiliate of Nexus Capital Management, pursuant to which Nexus has agreed to acquire substantially all of the Company's assets and ongoing business operations https://lnkd.in/eP9N5qAg Retail Dive: F9 Investments Acquires LL Flooring 🏡F9 Investments, a private equity firm, has acquired LL Flooring, the agreement includes 219 stores and their inventory, a distribution center, and LL Flooring’s intellectual property https://lnkd.in/ekFps9VZ

This week in retail: Nordstrom offers $3.8bn to take the company private, Rite Aid completed its financial restructuring and emerged from Chapter 11 bankruptcy, and Red Lobster set to exit Chapter 11 bankruptcy after receiving court approval. Nordstrom: Special Committee of Nordstrom Board Confirms Receipt of Going-Private Transaction Proposal from Nordstrom Family and Liverpool 🏬The special committee of the Board of Directors of Nordstrom confirmed receipt of a proposal from the Nordstrom family, and Liverpool to acquire all of the outstanding shares of the company for $23.00 per share in cash https://lnkd.in/eheSB6Ah RITE AID: Rite Aid Completes Restructuring Process and Emerges from Chapter 11 💊 Rite Aid has completed its financial restructuring and emerged from Chapter 11 bankruptcy, through the process, Rite Aid eliminated $2.0bn of total debt and received $2.5bn in exit financing to support the business going forward https://lnkd.in/eZY8PtTW CNBC: Red Lobster Cleared to Exit Chapter 11 Bankruptcy Protection 🦀A U.S. bankruptcy judge approved Red Lobster’s reorganization plan to exit Chapter 11 bankruptcy, as part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month https://lnkd.in/em2qZbt2

We are pleased to announce the grand opening of Amazon Fresh in the former Toys R Us in Roseville, CA.

Over the past week in retail: Alimentation Couche-Tard acquired GetGo Café + Market and made a non-binding proposal to acquire all outstanding shares of Seven & i. Holdings, and Related secured a $380mm five-year CMBS loan for Bronx Terminal Market. Bloomberg: Alimentation Couche-Tard Seeks to Buy $31bn Owner of 7-Eleven Chain 🏪Seven & i Holdings, the parent company of 7-Eleven confirmed it has received a confidential, non-binding and preliminary proposal by Alimentation Couche-Tard to acquire all outstanding shares of the company https://lnkd.in/eMbfB6FF Shopping Center Business: Parent Company of Circle K Agrees to Acquire 270 GetGo Convenience Stores ⛽Alimentation Couche-Tard has agreed to acquire GetGo Café + Market from Giant Eagle, Inc. in a transaction that includes 270 gas station and convenience store locations in Pennsylvania, Ohio, West Virginia, Maryland, and Indiana https://lnkd.in/e94C5CNG Commercial Observer: Related Companies Lands $380mm CMBS Refinance for Bronx Terminal Market 🏬Related Companies has secured a $380mm five-year CMBS loan for Bronx Terminal Market in Bronx, NY https://lnkd.in/ehk89tBH.

This week in retail: Starbucks appointed Brian Niccol as Chairman and Chief Executive Officer, Jamestown to acquire Atlanta-Based Subsidiary of North American Properties, and Blink Fitness filed for bankruptcy. Starbucks: Starbucks Names Brian Niccol as Chairman and Chief Executive Officer ☕ Starbucks announced the appointment of Brian Niccol as Chairman and Chief Executive Officer, effective September 9, 2024 Jamestown: Jamestown to Acquire Atlanta-Based Subsidiary of North American Properties – Mixed-Use Owner/Operator with $2bn in AUM 🏬 Jamestown announced it will acquire the Atlanta subsidiary of North American Properties https://lnkd.in/ecmxpQsJ CNBC: Equinox Group-Owned Gym Chain Blink Fitness files for bankruptcy protection 🏋♀️Blink Fitness, a gym chain owned by Equinox Group, has filed for Chapter 11 bankruptcy protection https://lnkd.in/eat9eXQR

This week's retail recap: JPMorgan Chase disclosed plans to open more than 125 new locations across six states, Walgreens announced it was exploring options for VillageMD including a sale, and Uniqlo agreed to acquire a 17k SF portion of its flagship store in Manhattan for $350mm. CNBC: JPMorgan Chase is Opening More Small-Town Branches in Middle America 🏦JPMorganChase disclosed plans to open more than 125 new branches across six states including Minnesota, Nebraska, Missouri, Kansas, Iowa, and Arkansas https://lnkd.in/ef7YMdfi Reuters: Walgreens Explores Options for VillageMD Business 🏪Walgreens announced it was exploring options for VillageMD, including a sale, citing the primary-care provider's substantial cash needs https://lnkd.in/exdVAYNw Bisnow: Uniqlo To Pay $350mm For Portion Of Its Fifth Avenue Flagship 🧣UNIQLO agreed to acquire a 17k SF portion of its flagship store for $350mm at 666 Fifth Avenue in New York, NY from a joint venture between Vornado Realty Trust and Crown Acquisitions Inc. https://lnkd.in/e7CH-e4v

This week in retail: Belk completed a deleveraging transaction that reduced its debt by more than $950mm, Ross disclosed it opened 24 stores in two months, and Conn's filed for bankruptcy. Businesswire: Belk Closes Deleveraging Transaction and New Capital Investment 🏬Belk completed a deleveraging transaction with the company’s first and second lien lenders and equity sponsor, Sycamore Partners https://lnkd.in/eA7i9TpV Ross Stores, Inc.: Ross Stores Adds 24 New Locations in Two Months 👗Ross disclosed it opened 21 new Ross stores and three dd’s Discounts stores in June and July 2024 across 17 states https://lnkd.in/eEer_rP7 Bloomberg: Conn's Files for Bankruptcy Following Sales Declines 🏡Conn's HomePlus filed for Chapter 11 bankruptcy in Texas, listing assets and liabilities of at least $1bn each https://lnkd.in/eUeCtjsD

This week in retail: Macy's terminated discussions with Arkhouse and Brigade, U.S. shoppers spent a record $14.2bn online during Amazon's 48-hour Prime Day sale, and Darden Restaurants to acquire Chuy's in $605mm Transaction. Macy's: Macy's Terminates Discussions with Arkhouse and Brigade ⭐Macy’s announced that following months of engagement with ARKHOUSE and Brigade Capital Management, LP, its Board of Directors has unanimously determined to terminate discussions with Arkhouse and Brigade that have failed to lead to an actionable proposal with certainty of financing at a compelling value https://lnkd.in/ePF-ktFB Bloomberg: Amazon Prime Day Drives U.S. Online Sales up 11% to $14.2bn 💻U.S. consumers spent $14.2bn online during Amazon’s 48-hour Prime Day sale, an 11% increase YoY compared to the same period last year https://lnkd.in/eiRNAQrD Darden: Darden Restaurants to Acquire Chuy's in $605mm Transaction 🌮 Darden Restaurants and Chuy's Restaurants jointly announced that they have entered into a definitive agreement pursuant to which Darden will acquire all of the outstanding shares of Chuy's for $37.50 per share, in an all-cash transaction with an enterprise value of ~$605mm https://lnkd.in/e5NSPTbu