Giant, Stop & Shop sell distribution facilities
Feb 1, 2006 12:00 PM
The Stop & Shop Supermarket Co and Giant Food have completed the sale of Giant Food's distribution and office facility in Landover MD and Stop & Shop's distribution facility in North Haven CT. The two properties were sold to affiliates of Preferred Real Estate Investments of Pennsylvania in a combined real estate transaction for $89.95 million.
Although no immediate plans for either location were released, the two sites will become part of Preferred Real Estates Investments' future development program.
Giant also expects to conclude negotiations soon for its new regional offices at a location near the Landover site.
Stop & Shop plans to close the North Haven distribution facility and transfer its operations to the firm's distribution facility in Freetown MA and to a third-party supplier.
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