Real estate veterans Larry Latham, Louis B. Fisher III and Doug Dennison formed AmeriBid, a company that will provide exit strategies for institutional owners of financial and real estate portfolios. AmeriBid will contribute a portion of its marketing savings and/or earned conversion revenue to the communities where the portfolios are based, through direct donation, matching grants, community challenges and sponsorships.Formerly, Latham was the founder of the first real estate Internet auction company, Homebid, Fisher serves as the national auctioneer for commercial/investmentfirm Sperry Van Ness and Dennison served as executive vice president of Fisher Auction Co., Inc.
The New York State Teachers Retirement System closed a $160 million loan on the Galleria at Sunset, a 1.048-million-sq.-ft. retail center in Henderson, Nev. The loan featured a 10-year term.
The Prudential Insurance Co. of America closed a $100 million refinancing loan with Forest City Enterprises, Inc. for the Promenade Bolingbrook, a 736,000-sq.-ft. open-air town center in suburban.
CapmarkInc. originated an $84 million acquisition loan for Sunrise Mall, a retail property in Citrus Heights, Calif. John Fett negotiated this transaction.
Business Condos USA opened a resale brokerage division. The division will serve buyers and sellers at all business condominium developments.
BP's U.S. convenience retail unit put 146 retail sites up for sale. The sites are located throughout Columbus, Cleveland and Pittsburgh. NRC Realty Advisors, LLC will coordinate the sale.
David Cronheim Mortgage Corp. secured a $31.5 million loan for Wal-Mart Plaza, a 268,040-sq.-ft. retail center in Clinton, N.J. The loan featured a 15-year term and a 30-year amortization schedule. Andrew Stewart and Dev Morris negotiated this transaction.
Cedar Shopping Centers, Inc. closed on the purchase of an approximate 75 percent interest in four Pennsylvania supermarket-anchored properties held in joint venture by affiliates of Cedar and Kimco Realty Corp. The properties are located in Williamsport, Halifax, New Cumberland and Newport and total 484,500 sq. ft. of GLA. They are valued at approximately $52.9 million, with aggregate debt of $27.3 million. Cedar paid Kimco approximately $17.5 million for the properties.
Domain Home appointed RCS Real Estate Advisors as a property/disposition agent. RCS will develop and implement a comprehensive marketing plan for 27 Domain Home locations.
Staubach Retail will expand into the Carolinas. The company hired Randal Johnson as senior vice president and market leader for Staubach Retail — Carolinas. Johnson has 29 years of experience in retail real estate. Prior to joining Staubach Retail, he led his own company, Strategic Retail Partners, Inc.
A joint venture of AmREIT and JP Morgan Strategic Property Fund acquired Shadow Creek Ranch Town Center, a 616,372-sq.-ft. grocery-anchored retail center in Pearland, Texas, from Transwestern Houston, Buchanan Street Partners and Fox Properties.
Rubicon Real Estate appointed the Kane Co. as leasing agent for Pelham Plaza, a 125,000-sq.-ft. community shopping center in Pelham, N.H.