Town Title Agency was engaged by The Michaels Companies, Inc., to insure the acquisition of 40 retail stores and an East Coast distribution facility from Nicole Crafts’ retail outlet, A.C. Moore. Nicole Crafts announced at the end of November that it would be closing all of its A.C. Moore stores and that as many as 40 of them would be become Michaels.
As part of the transaction, Town Title navigated a highly complex workout deal involving the transfer of leases on approximately 40 A.C. Moore stores to Michaels, as well as Michaels’ purchase of A.C. Moore’s East Coast distribution facility in Berlin, New Jersey, for $31mm.
Almost exactly one year later, Town Title insured the $23mm refinancing of the distribution center for FEM BERLIN, LLC, in a transaction that was financed by Provident Bank.
The Michaels Companies, Inc. is North America’s largest specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise. The company operates more than 1,260 Michaels stores in 49 states and Canada.
Town Title Agency strives to be the leading provider of title insurance and settlement services in all of the markets we serve. Through a client-focused service delivery model, we guarantee the highest level of customer satisfaction in every transaction. We are committed to ensuring that our dedicated team of seasoned professionals feels empowered and has the tools needed to provide superior and quality service. At Town Title, our clients’ needs are anticipated, and we operate in a proactive culture that has earned us a reputation for excellence in our industry.