PhillyDeals: Bottom Dollar said to be selling some stores

Posted: August 22, 2014

Just four years after it started opening Bottom Dollar discount groceries in and around Philadelphia, Europe's Delhaize grocery group has put its 46 Philadelphia and Lehigh Valley stores up for sale, along with 20 more in the Pittsburgh and northwestern Ohio regions, Food Trade News reports, citing rival grocers who have received bid invitations.

Delhaize America, the company's U.S. unit, didn't return a call seeking comment and wouldn't talk to Food Trade News, either. The company also operates Food Lion and Hannaford groceries.

If Delhaize hopes to sell all of the stores as a chain, possible buyers could include Aldi; Ahold USA, which runs Giant and Stop & Shop markets; Supervalu, the former Acme operator, which runs the bargain-priced Save-A-Lot chain; and Wakefern Corp., which operates Shop-Rite and Fresh Grocer stores along with cut-rate PriceRites, according to the report.

Most of the stores are leased. Food Trade News says the busiest Bottom Dollar in the Philadelphia area is at 6101 N. Broad St. in the city, with average weekly sales of nearly $300,000, almost double the chain's average.

Big jump

A group of North Jersey investors, calling themselves PF Hillside Manor L.P., have agreed to pay $10.15 million for the 216-apartment Hillside Manor Apartments complex at 1120 Ward St. in Chester.

That's triple the $3.4 million that partners Philip Balderston, Tristan Silk, and Justin Pesin paid for the complex in March 2012, when it was more than 60 percent vacant.

The group says it spent "multimillions" renovating Hillside and marketing it to new tenants.

Still, the sale price more than covered the purchase, upgrades, and marketing, so it was time to "monetize the asset" and collect "superior returns," Balderston said in a statement.

Balderston's group owns 2,000 apartments in Philadelphia, Delaware, and Bucks Counties and South Jersey and is looking to spend up to $20 million this year buying more, he says.

Recent acquisitions include apartments at 401 E. Gibbsboro Rd., Lindenwold, and 7200 Marion Ave., Levittown.

New halls

Global Spectrum, the arena-management arm of Comcast-Spectacor, which owns the Wells Fargo Center, where the Flyers and Sixers play, plans to open two new halls in early September: the 10,000-seat PPL Center in Allentown, whose schedule starts with a concert by the Eagles on Sept. 12; and the Alaska Airlines Arena in Anchorage, where the Alabama Shakes will do the maiden show Sept. 13.

PPL Center, name-sponsored by the local power company, will host the American Hockey League's Lehigh Valley (formerly Philadelphia, formerly Adirondack) Phantoms, concerts, and other shows.


JoeD@phillynews.com

215-854-5194

@PhillyJoeD

www.inquirer.com/phillydeals

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