Previously, the asset carried a $50.3 million loan with an interest rate of 5.12 percent. Rouse received approximately $13.4 million in net proceeds from the transaction, after closing and defeasance costs.
Morningstar researchers estimate that there are approximately 262 unpaid CMBS loans that are secured by properties where J.C. Penney is one of the three anchor tenants. The department store chain occupies 100 percent of GLA at four of the properties on the list, 50 percent of GLA at 13 properties and approximately 26 percent of GLA at 95 properties.
SNL Financial estimates that CommonWealth REIT and Equity One Inc. have the most exposure to Office Depot stores, with the retailer accounting for 1.7 percent and 1.4 percent of these REITs’ revenues respectively.
The retailer signed a lease with Federal Realty Investment Trust for a 47,000-sq.-ft. store at Ellisburg Circle Shopping Center in Cherry Hill, N.J. The retailer plans to open its new location in 2014.
The center is currently under construction and is scheduled to open by the second quarter of 2015. Wangfujing Department Store will anchor the property, along with a supermarket, a movie theater, children’s play area and a mix of local and international retail brands.
Kimco reached a preliminary agreement with Blackstone to increase its ownership stake in the ventures from 18 percent to 33 percent. Kimco currently serves as the operating partner in the ventures, in addition to providing management and leasing services for the properties.
The purchased part of the center is anchored by Marshalls, Ross Dress for Less, PetsMart and Staples, which occupy approximately 60 percent of the property’s aggregate GLA. In-line tenants include Ulta, Anna’s Linens, Chase Bank, Rubio’s, Panda Express, Starbucks, Supercuts, UPS and Subway.
Drawing on the views of more than 100 investors Preqin Investor Outlook: Real Estate, H2 2015, provides a unique and in-depth look at the appetite, plans, expectations and concerns of institutional investors active in the real estate asset class....More
The stars appear to be lining up in favor of a bull run in the seniors housing sector. Exclusive results from a study conducted jointly by NREI and the National Investment Center for the Seniors Housing & Care Industry (NIC) shows that respondents are optimistic on their outlook for the sector....More