A Delaware bankruptcy judge has approved the estate sale of 53 Fresh & Easy Neighborhood markets to a unit of Fortress Investment Group for $41.5 million. This is part of the second phase of the supermarket chain's strategy to sell off its assets.
The land parcels in Arizona, California and Nevada went for a purchase price that is subject to adjustments to EM-80 UAV Darkco LLC, which is associated with Fortress' Drawbridge Special Opportunities Fund. Fortress was the stalking horse bidder when the debtor first announced the auction in November, according to Law360.
The debtor, now known as Old FENM, had received only one other bid for the assets, which ultimately didn't qualify, and the planned auction was canceled, the report notes.
“I am prepared to grant the relief that is requested,” U.S. Bankruptcy Judge Kevin J. Carey said from the bench.
The buyer will receive 53 real estate parcels under the agreement; 20 of which have buildings that generally range from 14,000 to 17,000 square feet. One of the properties contains a 44,000-square-foot building with the remaining 33 properties being undeveloped and spanning from 1 to 2.7 acres, court records report.
The transaction comes on the heels of sale of nearly 150 Fresh & Easy stores to YFE Holdings Inc., an affiliate of Yucaipa Cos. LLC.
