Hartford Business reports that Ahold Delhaize-owned Stop & Shop has sold a group of 23 properties - 14 in New England, and the rest in New York, New Jersey, Pennsylvania, Virginia, North Carolina, South Carolina and Georgia - to a pair of commercial landlords for $150 million.
The locations represent more than 1.4 million square feet, and will continue to house Stop & Shop stores.
The acquiring landlords are Connecticut-based Winstanley Enterprises and New York-based Surrey Equities LLC.
The story notes that "earlier this month, Ahold inked a 15-year lease for 975,000 square feet at Winstanley’s sprawling distribution center in Manchester. The facility, acquired by Winstanley for $70 million last year, is considered one of New England’s largest warehouses."
The locations represent more than 1.4 million square feet, and will continue to house Stop & Shop stores.
The acquiring landlords are Connecticut-based Winstanley Enterprises and New York-based Surrey Equities LLC.
The story notes that "earlier this month, Ahold inked a 15-year lease for 975,000 square feet at Winstanley’s sprawling distribution center in Manchester. The facility, acquired by Winstanley for $70 million last year, is considered one of New England’s largest warehouses."
- KC's View:
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This would appear to be a decision by Stop & Shop that when it makes economic sense, it wants to get out of the real estate business and use its resources to be more competitive at retail.
That's smart … retailers need to gather whatever weapons they can in order to do battle in a crowded, hostile environment. I, of course, am working on the premise that this money will go to initiatives that will be better for stores and customers, not shareholders.
