The volume of mergers and acquisitions in the U.S. retail and consumer sectors valued at more than $50 million rose 20 percent last year compared to 2011, according to PwC’s “US Retial and Consumer M&A Insights Report.”
Real Capital Analytics (RCA), a New York City-based research firm, reports that retail investment sales totaled $52.8 billion in 2012—a 20 percent increase from the year prior. The number of closed transactions involving significant retail properties also went up by 20 percent, to roughly 4,400.
The seminar, designed for middle to upper-level managers and executives, will discuss what a challenged asset is, how a challenged asset situation can develop and what can be done to increase the asset’s value.
The loans were non-recourse permanent loans and featured a sub-3.9 percent rate. The proceeds from the transaction will be used to pay off existing senior and mezzanine loans due in the next 12 to 18 months.
Phase I contains 80,000 sq. ft. of retail space leased to retailers including Jos. A. Bank, LOFT by Ann Taylor, Lizard Thicket, Francesca’s Collections, American Threads, Burgerfi, Bonefish Grill and Sweet Monkey, among others.
To help industry members figure out which companies might be over-exposed to the bookseller, SNL Financial, a Charlottesville, Va.-based research firm, has released a list of REITs with a heavy concentration of Barnes & Nobles in their portfolios.
In December alone, the more than 2,000 retailers included in the RBC survey increased their opening projections by 886 stores. Overall, as of January 2013, those retailers plan on opening 81,990 new stores during the next two years—an increase of 1.1 percent compared to December 2012.
Previously, the credit facility, provided by KeyBank National Association, had borrowing capacity of $40 million. A built-in accordion feature allows Phillips Edison-ARC to further increase the facility’s capacity to $250 million.
Phase I of the property will comprise approximately 295,000 sq. ft., while Phase II will contain 300,000 sq. ft. Stirling and CBL plan to start construction on the project in March, with grand opening scheduled for the second quarter of 2014.
Glimcher funded the acquisition using a $60 million term loan and its credit facility and expects to obtain long-term mortgage financing on the property prior to the term loan’s maturity date on Apr. 8, 2013.
In her new position, Mueller will be responsible for executing the firm’s services platform, ensuring standards consistency across the property portfolio as well as driving results and efficiencies across the business. She will also oversee client accounting, property management and specialty leasing departments.
The transactions involve loans on Kings Plaza in Brooklyn, N.Y., Deptford Mall in Deptford, N.J., Queens Center in Queens, N.Y., Santa Monica Place in Santa Monica, Calif. and Kierland Commons in Scottsdale, Ariz.
The sale marked the largest retail transaction in San Diego County in 2012. Uptown District Shopping Center is located in the in-fill Hillcrest neighborhood. Tenants at the property include Ralphs, Trader Joe’s, Wells Fargo, Panera Bread and Starbucks, among others.
The center will include a 54,975-sq.-ft. Publix Super Market, 8,400 sq. ft. of shops and restaurants and two levels of sub-surface parking. Stiles and Levine plan to break ground for the project in the second quarter of 2013.
The new year is less than 72 hours old and already Simon Property Group, General Growth Properties, Federal Realty Investment Trust and DDR all announced major transactions ranging from asset purchases to a joint venture to the acquisition of warrants.