Cedar Shopping Centers, Inc. extended its $300 million secured revolving credit facility through January 2010. The facility, which currently has approximately $42 million remaining, can be expanded to $400 million.
The Macerich Co. closed a $250 million loan on Washington Square Mall, a 1.5-million-square-foot property in Portland, Ore. The loan featured a fixed 6 percent rate and a seven-year term. The transaction generated proceeds above the prior $63 million loan on the property.
Pennsylvania Real Estate Investment Trust completed three non-recourse mortgage loans totaling $173 million. The loans were secured by the 1.1-million-square-foot Exton Square Mall in Exton, Pa., the 711,000-square-foot Francis Scott Key Mall in Frederick, Md. and 750,000-square-foot Viewmont Mall in Scranton, Pa.
Edens & Avant purchased a 116,000-square-foot retail portion of CityVista, an 843,000-square-foot mixed-use project in Washington, D.C., for an undisclosed amount.
Donahue Schriber completed a $121 million bank syndication loan and $187 million in refinancing for nine retail properties in two separate transactions. The company will use the funds for futureand acquisition opportunities in the western United States.
The Macerich Co. reached agreements on a $130 million refinancing for a portion of Queens Center, a 963,041-square-foot property in Queens, N.Y. , and a $250 million refinancing for Washington Square Mall, a 1.46-million-square-foot property in Portland, Ore. Previously, both loans made up part of the REIT's $945 million in 2009 debt maturities.
Equity One, Inc. entered into an agreement to acquire approximately 2 million common shares of DIM Vastgoed N.V., a Dutch real estate investment company, from Homburg Invest Inc. Under the agreement, Equity One will issue 866,373 shares of its common stock in exchange for 1,237,676 shares of DIM Vastgoed stock or share equivalents. The REIT will also obtain voting rights with respect to another 766,573 DIM shares that Homburg Invest has the right to acquire on Oct. 1, 2010.
Forever 21 and Kohl's acquired 46 former Mervyns leaseholds in a bankruptcy auction through a joint bid valued at approximately $6.3 million. Kohl's will take 31 of the sites and Forever 21 15.
J.S. Rosenfield & Co. acquired Larkspur Landing Shopping Center, a 173,000-square-foot retail property in Marin County, Calif., from Inland Western Retail Real Estate Trust, Inc. for $65 million.
Agree Realty Corp. extended the maturity date on its $55 million line of credit from November, 2009 to November, 2011. The terms of the facility remained the same, with an interest rate of 100 basis points over LIBOR or the prime rate.
Ramco-Gershenson Properties Trust paid off a $40 million term loan due to mature in March 2009. The loan was secured by three properties: the 304,224-square-foot Northwest Crossing in Knoxville, Tenn., the 211,524-square-foot Ridgeview Crossing in Elkin, N.C. and the 241,232-square-foot Taylors Square in Greenville, S.C.
Cohen and Co., Inc. Real Estate negotiated the sale of Shop City Shopping Center, a 240,000-square-foot community center in Syracuse, N.Y., in a 1031-exchange transaction for $30 million.
Cohen Financial arranged a $26.9 million credit facility for Emerald Grande, a mixed-use property in Destin, Fla. The property contains 280 condominium hotel units and 48,647 square feet of retail space.
Marcus & Millichap Real Estate Investment Services arranged the sale of Towne Park Plaza, a 201,906-square-foot shopping center in Albuquerque, N.J., from Towne Park Plaza LP to Towne Park Plaza LLC for $20 million.
Glimcher Realty Trust sold the Great Mall of the Great Plains, a 782,499-square-foot regional mall in Olathe, Kan. to Great Olathe Center, LLC, a group of local investors, for $20.5 million. The proceeds were applied toward the $30.0 million mortgage on the property. Glimcher used its credit facility to repay the remaining balance on the loan.
Marcus & Millichap Real Estate Investment Services negotiated the sale of Towne Park Plaza, a 201,906-square-foot shopping center in Albuquerque, N.M., from Towne Park Plaza PL to Towne Park Plaza LLC for $20 million.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 129,346-square-foot Sam's Club ground lease in Citrus Heights, Calif., from Trestle Regency LLC to First Acorn LLC for $15.6 million.
Phillips Edison & Company purchased Silver State Plaza, a 155,647-square-foot shopping center in Reno, Nev. from PacTrust for $14.7 million.
Inland Real Estate Corp. has repurchased $10.5 million in principal amount of its convertible senior notes in a private transaction using available funds on hand. The company's board of directors has recently authorized a debt repurchase program under which Inland Real Estate Corp. may from time to time repurchase up to $30.0 million in principal amount of its outstanding 4.625% convertible senior notes due 2026. The repurchases can take place either in the open market or through private transactions.
JRFCo LLC purchased Palm Valley Village Center, a 30,560-square-foot shopping center in Goodyear, Ariz., from SunCor Development Co., a subsidiary of Pinnacle West Capital Corp., for $10 million.
Cohen Financial secured an $8.95 million acquisition loan for a 77,467-sq.-ft. retail center in Oak Lawn, Ill. on behalf of Inland Mortgage Corp.
CapLease, Inc. repurchased $8.7 million of its $75.0 million 7.5% convertible senior notes due 2027 for approximately $3.3 million in cash, plus accrued interest. The purchase was made at an average discount of 62.6 percent to the face amount of the notes and a yield to maturity of more than 40.0 percent.
Winick Realty Group negotiated the sale of a 24,000-sq.-ft. retail property in Queens, N.Y. to Monroe LLC for $7.3 million.
Holliday Fenoglio Fowler, L.P. arranged the sale of a 213,685-square-foot strip retail portfolio located throughout the Houston metropolitan area to Houston Joint Properties, LTD for an undisclosed amount. The portfolio contained seven properties and was purchased clear of debt. As part of the, Houston Joint Properties will also purchase an eighth center, with the closing scheduled for the first quarter of 2009.
Mark One Capital arranged a $5.5 million loan to refinance Brittany Square, a 57,176-square-foot retail center in Glendale, Ariz. The loan features a fixed 6.45 percent rate, a 10-year term and a 30-year amortization schedule.
BB&T Real Estate Funding LLC closed a first mortgage on MacArthur Park, a 198,366-sq.-ft. grocery-anchored shopping center in Irving, Texas.
Tucker Development Corp. acquired an 11-acre site in Newark, N.J. for the development of a 200,000-square-foot shopping center.
Capehart Square, LLC purchased two retail centers totaling 48,000 square feet in Bellevue, Neb. for approximately $3.3 million. The centers included the 25th Place Shopping Center and the Capehart Square Shopping Center.
West Valley Properties purchased a 4,800-square-foot retail building in Gilbert, Ariz., from Red Development for $1.65 million, in an all-cash 1031-exchange transaction.
Caldwell County Economic Development Commission, Caldwell County and the town of Granite Falls purchased a 66.5-acre retail/industrial site in Granite Falls, N.C. The site is located near MDI, a major food services wholesaler.