American Realty Capital – Retail Centers of America Inc. acquired Liberty Crossing Shopping Center, a 106,000-sq.-ft. retail property in Rowlett, Texas, for approximately $21.6 million, excluding closing costs. This was the first acquisition for the company.
Liberty Crossing is currently 95 percent leased. Anchors at the property include Ross Stores, PetSmart and Dollar Tree. All three tenants have 10-year leases which expire in 2018-2019.
“We are particularly pleased to announce today our very first purchase in our large-format retail real estate investment program, ARC—Retail Centers of America,” said Nicholas S. Schorsch, CEO of American Realty Capital, in a statement. “We expect that ARC—Retail Centers of America will carry on our tradition of adhering to industry best practices, while representing another sector-specific, best-of-class investment solution operated by a skilled, experienced partner, in this case Lincoln Property Company from Dallas, with a demonstrated track record and an investment theme that resonates with our retail investors.”
Glimcher to Acquire Malibu Lumber Yard for $35.5M
Glimcher Realty Trust will acquire The Malibu Lumber Yard, a 31,441-sq.-ft. outdoor retail center in Malibu, Calif., for approximately $35.5 million. Glimcher plans to fund the acquisition through its corporate credit facility. The deal is expected to close later this month.
“The Malibu Lumber Yard is an attractive asset due to the exceptional tenant mix, sales productivity and one-of-a-kind location,” said Michael P. Glimcher, chairman of the board and CEO, in a statement. “The retail property offers high productivity in excess of $1,000 per square foot and outsized NOI growth potential as we stabilize the occupancy of the center.”
The center is currently 84 percent leased, with sales averaging more than $1,000 per sq. ft. Tenants include James Perse, Tory Burch, Intermix, Alice & Olivia and J.Crew-at-the-Beach, among others. The Malibu Lumber Yard was built in 2009.
Ramco-Gershenson Buys Missouri Center for $21.5M
Ramco-Gershenson Properties Trust bought Central Plaza, a 175,143-sq.-ft. community center in Ballwin, Mo., from Pace Properties for $21.5 million.
Ross Dress for Less, buybuy Baby, JoAnn and Office Max anchor the center.
Ben Wineman, of Mid-America Real Estate Group-Missouri LLC, and Scott Seyfried, of Pace Properties, represented the seller in the transaction. The buyer represented itself.
HFF Arranges CMBS Loan for Connecticut Mall
HFF arranged a loan on behalf of Crystal Mall LLC to refinance Crystal Mall, a 793,000-sq.-ft. enclosed superregional mall in Waterford, Conn. UBS Real Estate Securities Inc. provided the funding for the securitized loan, which features a 10-year term and a fixed interest rate.
Macy’s, Sears, JC Penney, Christmas Tree Shops and Bed Bath and Beyond anchor the property. John Pelusi, Claudia Steeb, Dana Brome and Lauren O’Neil, of HFF, negotiated this transaction.
Hull Storey Gibson Invests in Alabama Mall
Hull Storey Gibson Cos. acquired Village Mall, a 523,948-sq.-ft. enclosed regional mall in Auburn, Ala. The company plans to enhance the mall’s appearance and amenities through gradual improvements.
Belk, Dillards, JC Penney and Sears anchor the property.
WS Capital Makes Midwest Acquisition
WS Capital Partners (WSCP), the institutional investment arm of WS Development, bought Hilldale Shopping Center, a 474,000-sq.-ft. retail property in Madison, Wis. WSCP acquired the defaulted first and second mortgages on the center earlier this year.
Macy’s, Metcalfe’s Market, Sundance Cinemas and Target anchor the center. In-line tenants include Anthropologie, The North Face, Fleming’s Steak House and L’Occitane en Provence. The property opened in October 1962.
AHF Partners Sells Arizona’s Superstition Triangle
AHF Partners LLC sold Superstition Triangle, a 163,892-sq.-ft. retail center in Mesa, Ariz., through Trident Pacific Real Estate Group Inc., a court-appointed receiver, to 1944 South Greenfield Road LLC. The buyer plans to open the first Garden Ridge store in western U.S. at the property.
The center consists of a 144,500-sq.-ft. box space, previously occupied by American Home Furnishings, a 10,121-sq.-ft. strip building and a restaurant space.
Michael Hackett and Ryan Schubert, of Cassidy Turley / BRE Commercial, represented the seller in the transaction. Darren Pitts and Patrick Willis, of Velocity Retail Group, represented the buyer.
Other Notable Deals
Creekside Retail Investors LLC sold a single-tenant Panera Bread restaurant in Temecula, Calif. to a private investor for $2.715 million. The all-cash transaction closed at a price of $560 per sq. ft. and featured a 6.43 percent cap rate. The building contains 4,850 sq. ft. of space. It was completed in 2010. Patrick G. Kent, of Hanley Investment Group Real Estate Advisors, represented both parties in the transaction.
Southern Management and Development L.P. bought Avamar Crossing, a 43,200-sq.-ft. retail/office center in Winter Garden, Fla., from lender Fifth Third Bank for an undisclosed amount. The center was completed in 2008.
Baceline Investments LLC purchased Raceway Commons, a 32,748-sq.-ft. retail center in Indianapolis, out of foreclosure. Raceway Commons is currently 84 percent occupied. Tenants at the property include Panera Bread, Sprint, Great Clips and Jackson Hewitt. The center was built in 2004. Baceline plans to execute a repositioning plan at the property.