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GRAND RAPIDS, Mich. - Spartan Stores Inc. on Thursday announced that it has completed the sale of seven Michigan shopping centers for $46.0 million in cash as part of its ongoing strategy of concentrating resources on its core grocery retail and distribution operations.
The seven properties were sold to a New York-based real estate investment trust and contained no retail grocery stores operated by Spartan Stores. The centers, located in Grand Rapids and the northern and western suburbs of Detroit, are anchored by retail grocery store operators D&W Food Centers and VG's Food Centers. The grocery stores anchored in the shopping centers are served by Spartan Stores' distribution segment.
Commenting on the sale, chairman, president, and CEO James B. Meyer said, "We are very pleased to have completed the shopping center sale and to have further strengthened our financial position. The property sale corresponds with our previous and continuing efforts to channel resources from non-core functions to our key grocery and convenience business operations. As previously announced, we intend to continue employing capital resources more effectively by selling the remaining pieces of non-core property in our real estate business segment over the coming quarters."
Spartan Stores Inc., based in Grand Rapids, Mich., owns and operates 94 supermarkets and 21 deep-discount drug stores in Michigan and Ohio, including Ashcraft's Markets, Family Fare Supermarkets, Food Town, Glen's Markets, Great Day Food Centers, Madison Family Market, Prevo's Family Markets and The Pharm. The company also distributes more than 40,000 private-label and national brand products to more than 330 independent grocery stores and serves as a wholesale distributor to 6,600 convenience stores.