CB Richard Ellis negotiated the sale of the Boardwalk at Andersen Springs, a 92,231-sq.-ft. neighborhood shopping center in Chandler, Ariz., from BOAS Boardwalk LLC to West Valley Properties Inc. for $19.35 million. Cam Stanton, of CB Richard Ellis, represented the seller in the transaction.
General Growth Properties, Inc. closed the first stage of a $1.75 billion secured mortgage loan facility. The proceeds, totaling $875 million, were used to repay loans maturing in the third quarter of 2008. The company expects to receive up to an additional $875 million under the new loan facility. The facility features an initial term of three years and two one-year extension options.
The Macerich Co. closed five loans and a commitment on a sixth totaling $1.045 billion. The transactions generated excess proceeds above prior loan commitments worth approximately $576 million, which were used to pay down the company's line of credit.
CB Richard Ellis Group, Inc., the global real estate services provider, and Vanke, the largest residential developer in China, established a joint venture to provide residential property management services in China. The venture will be headquartered in Shanghai and will provide property management services to high-end residential properties developed by Vanke and its subsidiaries and affiliates.
Bally Total Fitness appointed Jones Lang LaSalle as a provider of transaction management, project management and lease administration services for 350 of its health clubs. The club portfolio contains 11.5 million sq. ft. of space in 40 markets throughout the United States. Joe Brady, Jim Colaianni and Steve Pollard will handle this assignment on behalf of Jones Lang LaSalle.
Larsen Commercial Real Estate Services, Inc. has formed a retail brokerage division. Robert Seidel will head the practice.
Epic Master Development, LLC appointed CB Richard Ellis as leasing agent for the Epic, a 1,300-acre community in Charlotte, N.C. The first phase of the development includes 400,000 sq. ft. of retail. Tina Long, Stephanie Moore and Brian Purcell will handle this assignment on behalf of CB Richard Ellis.
Cedar Shopping Centers, Inc. closed on a $150 million secured revolving master construction credit facility that will finance its development and redevelopment pipeline.
TIAA CREF appointed Jones Lang LaSalle as leasing agent for Kendall Town & Country Center, a 643,692-sq.-ft. open-air retail development in Miami. Construction is scheduled to begin this summer. The center will be completed in the summer of 2009. Mike Longmore, Sig Arnesan, Chris Rehmet, Karen Sanzo and Cindy Stasie will handle this assignment on behalf of TIAA CREF.
Davison's Downtown LLC appointed Cushman & Wakefield as the exclusive leasing agent for 180 Peachtree St., a 535,000-sq.-ft. mixed-use project in downtown Atlanta. Kirk Williams, Dean McNaughton and Peter Glover will handle this assignment on behalf of Cushman & Wakefield.
Gart Properties LLC and ING Clarion Partners LLC purchased the Denver Pavilions, a 347,000-sq.-ft. shopping center in Denver, for $94.5 million.
Forest City Enterprises, Inc. closed a $45 million permanent loan for MetroTech Center, a 1.1-million-sq.-ft. mixed-use complex in Brooklyn, N.Y.
Holliday Fenoglio Fowler, L.P. arranged an $85 million loan for the Boston Harbor Garage, a 1,380-space parking garage with 30,000 sq. ft. of street-level retail in Boston. The loan featured a five-year term. Riaz Cassum and Carlos Febres-Mazzei negotiated this transaction.
Coreland Cos. was appointed as the leasing agent for seven properties in Southern California totaling 750,000 sq. ft. The properties include: Diamond Hills Plaza, a 155,000-sq.-ft. neighborhood shopping center; Canyon Springs, a 150,000-sq.-ft. shopping center; Laguna Hills Plaza, a 108,000-sq.-ft. neighborhood shopping center; Santa Ana Plaza, a 90,000-sq.-ft. neighborhood shopping center; and Rosewood Center, a 60,000-sq.-ft. neighborhood strip center. Matt Hammond, Bryan Bauer, Thomas Tway and Tim Muller will handle this assignment on behalf of Coreland Cos.
Crossman & Company has been appointed as the leasing and managing agent for West Volusia Town Center, a 154,594-sq.-ft. town center in Orange City, Fla.
Grubb & Ellis Co. negotiated the sale of Northway Center, a 215,887-sq.-ft. shopping center in Houston from Weingarten Realty to Satterfield Helm Management, Inc. George Cushing and Wendy Vandeventer, of Grubb & Ellis, represented the seller in the transaction.
Wells Fargo funded a $44.5 million loan for Mission Bay Plaza, a 272,886-sq.-ft. retail center in Boca Raton, Fla. The loan featured a five-year term. Michael Strober, of CBRE Melody, served as the mortgage broker in the transaction.
Marcus & Millichap Real Estate Investment Services listed the Shops at Vineyard Village, a 208,483-sq.-ft. shopping center in Euless, Texas, for $43 million. Alvin Mansour, of Marcus & Millichap, is representing the seller in the transaction.
Federal Realty Investment Trust acquired Del Mar Village, a 154,000-sq.-ft. grocery-anchored shopping center in Boca Raton, Fla., for $41.7 million.
Coldwell Banker Commercial Wilshire Properties negotiated the sale of Little Tokyo, a 122,000-sq.-ft. Japanese shopping center in Los Angeles, for $35.5 million. Robin Yi, Ryan Oh and Jason Kim, of CBC Wilshire Properties, negotiated this transaction.
Tri-Pointe Financial, LLC secured $25 million in funding from an international private equite fund to acquire commercial and residential loans and real estate throughout the United States.
CB Richard Ellis arranged a $12.6 million permanent loan for a 202,432-sq.-ft. community shopping center in Hazlet, N.J. James Gunning and Donna Falzarano negotiated this transaction. John Hancock Financial Services provided the loan.
Wells Fargo funded an $11.9 million loan for Spring Park Plaza, a 137,574-sq.-ft. retail center in Denham Springs, La. The loan featured a five-year term. Neil Efron, of BankAtlantic, served as the mortgage broker in the transaction.
EnviroFinance Group, LLC provided an $11 million loan for the remediation and site development of a 174,240-sq.-ft. land parcel in Honolulu, Hawaii. The parcel, which formerly housed a manufactured gas plant, will be redeveloped into a new retail center.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a freestanding, 45,000-sq.-ft. LA Fitness net-leased property in Brooklyn Park, Minn. for $10.45 million. Solomon Poretsky, Patrick Weibel and Robert Bender, of Marcus & Millichap, represented both parties in the transaction.
Marcus & Millichap Real Estate Investment Services negotiated the sale of six Rite Aid stores located throughout Michigan, Ohio and Virginia, for $9.42 million. Simon Jonna, Brandon Hanna and Cesar Talavera, of Marcus & Millichap, represented both parties in the transaction.
Wells Fargo funded a $9 million loan for the Station at Vinings, a 33,900-sq.-ft. retail center in Atlanta. The loan featured a 10-year term. Michael Galla, Sr., of Primary Capital Advisors, served as the mortgage broker in the transaction.
NorthMarq Capital, Inc. arranged a $5.5 million first mortgage for Oshkosh Center II, a 103,456-sq.-ft. shopping center in Oshkosh, Wis. The loan featured a 10-year term and a 25-year amortization schedule. Jeff Frankel negotiated this transaction.
Sperry Van Ness negotiated the sale of Commercial Plaza, a 45,000-sq.-ft. retail center in Tamarac, Fla., to TML Associates for $4.057 million. R. Lee Brushingham, of Sperry Van Ness, represented both parties in the transaction.
RCG Ventures, LLC purchased a 39,640-sq.-ft. former Wal-Mart store in Carthage, Tenn. from a private seller.
Spectrus Real Estate negotiated the sale of Hickory Plaza, a 16,807-sq.-ft. retail center in South Bend, Ind. through a 1031 exchange transaction. Spectrus Real Estate represented the seller in the transaction. Lori Hake, of Judson & Associates, represented the buyer.
Marcus & Millichap Real Estate Investment Services has been appointed as the exclusive listing agent for Spanish Springs Shopping Center, a 147,690-sq.-ft. retail property in Sparks, Nev. Kenneth Blomsterberg and Nicholas Scelsa will handle this assignment on behalf of Marcus & Millichap.
Windscape LLC appointed Marcus & Millichap Real Estate Investment Services as the exclusive listing agent for a 35,000-sq.-ft. retail building in Broomfield, Colo. leased to DSW. Marc Strauss will handle this transaction on behalf of Marcus & Millichap.