Tuesday, February 25, 2014

Fresh and Easy Portfolio Sale

Vizzda – February 25, 2014 – Fresh and Easy Markets filed for Chapter 11 bankruptcy last year at the end of September. Their court-approved exit strategy involved the acquisition of the company by investment firm "Yucaipa Companies" as well as the sale of real estate assets:

DJM Real Estate was retained to manage the disposition of the Fresh & Easy real estate. The project consists of marketing 98 leases and 55 fee owned properties, including ground leases, building leases, undeveloped land parcels, retail buildings and distribution centers. All properties are located in Arizona, California and Nevada and range from 10,000 to 777,100 square feet with a combined total of approximately 2.8 million square feet. (LINK)

In November, Fortress Investment Group had signed an agreement to purchase 53 properties from the Fresh and Easy portfolio for a total of $41.5m. Vizzda has tracked a portion of this portfolio sale. On Friday, February 21, eleven properties in Maricopa County were sold from Fresh and Easy to Fortress Investment Group as detailed in the table below.
DJM had marketed an additional 5 properties in Maricopa County which we have not yet seen transact.

Edward Moore
Director of Research

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