Stoneridge Capital Partners, a Newport Beach, Calif.-based real estate investment company, has acquired the Mililani Community Shopping Center in Oahu, Hawaii for $50 million from A&B Properties Inc., the real estate subsidiary of Alexander & Baldwin Inc.. The all-cash transaction represents Stoneridge's entry into the Hawaii market.
The acquisition is Stoneridge's second all-cash transaction with A&B Properties within the past two months. In December 2009, Stoneridge acquired The Village at Indian Wells, a 104,600-square-foot neighborhood retail center located in Indian Wells, Calif. for $20 million.
The center is anchored by locally owned Foodland Super Market, the largest grocery chain in Hawaii, and Ross Dress for Less. Additional tenants of note include 24-Hour Fitness, First Hawaiian Bank, Jack in the Box and a variety of retailers, restaurants, professional and service providers.
Mark Bratton of Colliers Monroe Friedlander along with Tom Lagos and Fred Cordova of Colliers International represented A&B Properties Inc. in the transaction. Stoneridge did not use broker representation.
Forest City Closes New $500 Million Revolving Credit Facility
Forest City Enterprises Inc. announced that it has closed a new, two-year, $500 million revolving credit facility with its 15-member bank group.
Key Bank N.A. serves as administrative agent, PNC Bank N.A. serves as syndication agent, and Bank of America N.A. serves as documentation agent for the group. All 14 members of the company's prior bank group, along with one new bank, are part of the new facility. The new facility replaces Forest City's prior $750 million credit facility, which was scheduled to mature in March 2010.
Loja Real Estate Fund Buys Center for $44M
Loja Real Estate LLC debuted a new fund and acquired the 55,000-square-foot The Shops at Waterford in Dublin, Calif., for $44 million from Shea Properties.
The Shops includes a 55,000-square-foot Safeway and several other tenants. It sits next to a 390-unit apartment complex. Loja is planning on making $300 million in investments with the new fund.
Loja was represented by Kevin Van Voorhis and Scott Kinsey of Colliers International in the deal. Shea was represented by Chris Hoffman and Robb Wehmueller of Eastdil Secured.
Cushman & Wakefield Sonnenblick Goldman Arranges $33M Senior Loan
Cushman & Wakefield Sonnenblick Goldman has arranged a $33 million senior loan secured by three shopping centers on behalf of a joint venture between Kimco Realty Corp. and investors advised by Prudential Real Estate Investors. The loan was provided by a U.S.-based affiliate of an offshore bank.
The three properties securing the loan are Del Norte Plaza in Escondido, Calif.; Gardena Gateway Center in Gardena, Calif.; and Jefferson Square in Seattle, Wash. Combined, the properties have a total of approximately 444,000 net rentable square feet. The properties were acquired by the Kimco / PREI joint venture as part of its acquisition of Pan Pacific Retail Properties Inc. in October 2006.
HFF secures $13.1M Refinancing and Miami Sale
The Boston office of Holliday Fenoglio Fowler L.P. (HFF) secured a $13.1 million refinancing for the 203,000-square-foot Perkins Farm Marketplace in Worcester, Mass.
Working on behalf of the borrower, an affiliate of Centro Properties Group, HFF director Anthony Cutone and senior real estate analyst Lauren O’Neil placed the fixed-rate loan with UniBank. UniBank was the lead lender and worked with participants, Webster Five and Marlborough Savings.
In a separate deal, the HFF’s Miami office arranged the sale of the 38,000-square-foot Lincoln Theatre mixed-use property in Miami Beach.
HFF executive managing director Manuel de Zárraga, managing director Danny Finkle and associate directors Luis Castillo and Jaret Turkell led the investment sales team on behalf of the seller, New World Symphony. A partnership led by Miami-based Savitar Realty Advisors purchased the property.
Marcus & Millichap Arranges Series of Deals
Marcus & Millichap Real Estate Investment Services sold the 6,400-square-foot Salina Strip Center in Salina, Kan., for approximately $1 million. The property was 100 percent leased.
Alvin Mansour, an investment specialist in Marcus & Millichap’s San Diego office, had the exclusive listing to market the property on behalf of the seller. Adam Christofferson, broker, assisted in closing this transaction.
In addition, Marcus & Millichap sold a 46,173-square-foot McDonald's. Mansour, and Will Jarnagin had the exclusive listing to market the property on behalf of the seller. The buyer, a limited liability company, was secured and also represented by Mansour. Tim Speck, broker, assisted in closing this transaction. McDonald's had signed a 20 year NNN ground lease which commenced in July of 2009. There were 10 percent rent increases beginning in the 11th lease year.
In a separate deal, Marcus & Millichap sold a 14,820-square-foot single-tenant triple net leased Walgreens in Kilgore, Texas. The asset commanded a sales price of approximately $5 million.
Mansour and Phil Sambazis, investment specialists in Marcus & Millichap’s San Diego office, and Will Jarnagin had the exclusive listing to market the property on behalf of the seller, a Texas-based developer. Tim Speck, broker, assisted in closing this transaction.
In Atlanta, Marcus & Millichap sold a fee simple Rite Aid in Monroe, Ga., in a $1.5 million all cash transaction. The transaction works out to $135.89 per square foot.
Tim Giambrone, vice president - investments and director of Marcus & Millichap’s National Retail Group in Atlanta, represented the seller, a private investor also from Atlanta. The buyer was Richard Livingston of Atlanta.
Preferred Development Buys 93,000-SF Shopping Center
Preferred Development acquired the 93,000-square-foot Village Green Shopping Center in Decatur, Ind., in an all-cash deal.
Preferred Development president Evan Oliff said the entire process, from identifying the Village Green Shopping Center property to closing on the sale, took just 43 days.
Mortgage broker Gary Wool of Janko & Wool Real Estate Finance of Deerfield, Ill., worked with Preferred Development to complete the Village Green transaction.
Other Notable Deals
Phillips Edison and Co.’s Fund IV acquired the 93,000-square-foot Prairie Point shopping center in Aurora, Ill., in an all-cash transaction. It is anchored by Dominick's Finer Foods. Prairie Point is the seventh property in the $300 million Phillips Edison Opportunity Fund IV portfolio. The fund focuses on acquiring value-add and grocery-anchored assets in growth markets.
Cohen Financial secured $4.5 million in combined Small Business Administration (SBA) 504 and conventional bank acquisition financing for a 23,000-square-foot office/retail location in Chicago. The property is leased to three tenants, including Pump It Up Inc., the nation's biggest chain of indoor inflatable playgrounds. Michael E. Grant, director of capital markets in Cohen Financial’s Chicago office, secured the 20-year SBA 504 loan and the 10-year bank loan with a five-year rate review. The borrower is the owner of the Pump It Up franchise.
Voit Real Estate Services, a member of CORFAC International, handled a $1.4 million land acquisition in Santee, a suburb of San Diego, Calif. Five Star Synergy Inc., the 1.85-acre parcel. The company plans to develop the the property for a car wash, quick serve restaurant, office and retail.
(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)