Cohen Financial secured $152 million in debt refinancing for Cornerstone Leased Drug Stores, LLS for 42 freestanding Walgreen's properties in major metropolitan areas across the country. The portfolio contains 621,473 square feet of space. Joel Simmons and Steve Kundert, of Cohen's Skokie, Ill. office, negotiated this transaction.
Weingarten Realty Investors acquired a portfolio of seven neighborhood/community retail centers in Florida totaling 1.259 million square feet for $325 million. Some of the properties acquired include the 176,486-square-foot Alafaya Square in Ovieda, the 140,103-square-foot East Lake Woodlands in Palm Harbor and the 113,752-square-foot Palm Lakes Plaza in Margate.
Landry's Restaurants, Inc. entered into a definitive agreement to sell 120 of its Joe's Crab Shack restaurants to JCS Holdings, LLC, a division of Whitney Capital Partners, LLC, for approximately $192 million. The remaining 23 restaurants will either be closed, sold or converted to another Landry's concept, operated under a license agreement with JCS Holdings.
Lee & Associates negotiated the sale of a 329,740-square-foot mixed-use portfolio to SPI AZ, LLC for $97.5 million in a 1031 exchange. The portfolio includes 148,773-square-foot La Mirada retail and office center and Scottsdale Seville retail complex and office building, encompassing 180,967 square feet. Jan Fincham, Patrick Dempsey and Kevin Kopp, of Lee & Associates' Arizona office, represented the buyer in the transaction. The seller, Desert Troon Cos., represented itself.
Edens & Avant closed a $300 million equity subscription agreement with its institutional investors. The company will use the proceeds to fund its real estate investment activities in major urban markets.
Denny's Corporation completed the sale of a 60-unit property portfolio to National Retail Properties, Inc. in a $62 million transaction. The proceeds were used to reduce outstanding balance on Denny's first lien term loan.
Faris Lee Investments completed the sale of ITC Crossing South Shopping Center, a power center in Mount Olive, N.J., to SCI Real Estate Investments for $64.3 million. Richard Walter and Donald MacLellan, of Faris Lee, represented the buyer in the transaction. The seller, AIG Baker, represented itself.
Forest City Enterprises, Inc. announced the pricing of its offering of $250 million senior notes due 2011 and the repurchase of $25 million of its class A common stock. The notes will pay interest semiannually at a rate of 3.625 percent per annum and mature on October 15, 2011. The notes will have an initial put value rate of 15.0631 shares of Forest City's class A common stock per $1,000 principal amount of the notes, representing a price of approximately $66.39 per share and a put value premium of 25 percent.
Heritage Property Investment Trust, Inc. stockholders approved the merger of Heritage with Centro Saturn MergerSub LLC, an affiliate of Centro Properties Group. The merger will be completed in October of 2006.
Sperry Van Ness completed the sale of Gilbert Town Square, a 156,486-square-foot retail center in Gilbert, Ariz. to Transwestern Investment Corporation, LLC for $34.7 million. Matt Colo, Ari Spiro, Jeff Chalfin and Mike Day, of Sperry Van Ness' Phoenix office, represented the seller, Gilbert Town Square, LLC, in the transaction.