When Fresh & Easy decided to exit the grocery chain business, we provided a real estate solution that generated liquidity, protected the brand and facilitated the chain’s acquisition by The Yucaipa Companies.Gordon Brothers managed the disposition of all Fresh & Easy Neighborhood Market Inc.’s remaining real estate. Fresh & Easy, which operated as a subsidiary of Tesco, the world’s third largest retailer, is a chain of grocery stores in the western U.S. In an agreement to exit the U.S. market, Fresh & Easy sold a majority of its grocery chain to The Yucaipa Companies and filed for bankruptcy. Fresh & Easy retained Gordon Brothers to dispose of 1,981,324 square feet comprised of 22 leases and 47 fee owned properties that were not part of The Yucaipa Companies acquisition. The full portfolio consisted of ground leases, building leases, undeveloped land parcels, retail buildings and distribution centers.
Through targeted multi-channel marketing, property tours and leveraging strong relationships in the industry, we sold a total of 55 locations which included retail locations, undeveloped land parcels and industrial/commercial locations. As a result of the project, the properties and assets sold for nearly $100 million and laid the foundation for the Yucaipa Companies’ growth plans.