NEW YORK REIT ACQUIRES NEWINGTON SHOPPING CENTER FOR $104M
New York-based RPT Realty has made a second acquisition of a New Hampshire outdoor shopping center in the last few months.
RPT, a real estate investment trust that owns and operates a national portfolio of open-air shopping centers across the U.S., announced this month that it has acquired The Crossings, a 510,00-square-foot shopping center on 61 acres in Newington, for $104 million. The property is 95 percent occupied and is dual-anchored by a Trader Joe’s and Aldi. Other tenants include a Dick’s Sporting Goods store, a Best Buy, Kohl’s, McDonald’s, Ulta Beauty, Chipotle, Five Below, PetSmart, Old Navy, Barnes & Noble, Staples and Regal Cinemas.
Last fall, the REIT acquired the Mountain Valley Mall in Conway for about $26.5 million. That mall includes a Hannaford supermarket and Lowe’s home improvement store as well as the Mountain Valley Cinema 7, Mystery NH Escape Room and the Premier Home Store.
CUMMINS WORKERS WIN RAISES AFTER 2-MONTH STRIKE
After two months on the picket line, workers at Cummins Corporation facilities in New Hampshire, Maine, and Massachusetts are back on the job with a new contract that promises wage increases, bonuses, and expanded benefits.
About 30 members of the International Association of Machinists and Aerospace Workers Local 447 went on strike Feb. 12 after rejecting a company proposal that would have substituted a “pay for performance” system for regular wage increases.
The strike involved union members at Cummins operations in Concord, NH; Scarborough, Maine; and Dedham, Massachusetts, where they service generators in nursing homes and keep emergency vehicles running.
Under the new contract, the IAM members will receive annual raises for the next 3 years (4 percent, 3 percent and 3 percent) with the possibility of individual performance bonuses on top. In addition, the union members will receive more paid holidays, increased allowances for shoes and boots, bereavement pay, and other benefits.
Cummins, an Ohio-based company which brought in $19.8 billion in revenue last year, manufactures, sells and services diesel and alternative-fueled engines.
SALT CREEK CAPITAL ACQUIRES ALL METALS INDUSTRIES
Salt Creek Capital, a California-based private equity firm, has acquired All Metals Industries Inc., a distributor of carbon, aluminum, stainless and coated sheet/coil products, in Belmont, NH.
Founded in 1986, AMI provides metal products, including cold rolled steel, galvanized steel stainless steel and aluminum to customers throughout the Northeast.
Salt Creek partnered with AMI CEO Heidi Paiva and Paul Koza, president of the firm, in shaping the transaction. In a statement, Paiva and Koza said the deal is “a terrific outcome for our company, customers, partners and workforce. AMI’s management team looks forward to working with Salt Creek to continue the growth in the future.”
Terry W. Robinson, owner of AMI, said he is “confident that I chose the right partners to take the company to the next level.”
GUNMAKERS TO ASK JUDGE TO TOSS MEXICO’S $10B LAWSUIT
Major U.S. gun manufacturers, including Sturm, Ruger & Co., are urging a federal judge in Boston to dismiss a $10 billion lawsuit by the Mexican government accusing them of facilitating the trafficking of weapons to drug cartels, leading to thousands of deaths in Mexico.
Mexico accused the companies of undermining its strict gun laws by designing, marketing and distributing military-style assault weapons in ways they knew would arm drug cartels, fueling murders, extortions and kidnappings.
The companies argue Mexico has failed to establish the financial costs it incurred for health care, law enforcement and other efforts to address gun violence were attributable to the manufacturers’ actions.
Democratic attorneys general from 13 states along with the District of Columbia in January filed briefs supporting Mexico, as did the countries of Antigua and Barbuda and Belize, which said violent gun crimes had harmed Latin America and Caribbean nations.
