The Lightstone Group sold Dakota Square Mall, a 623,000-sq.-ft. single-level enclosed regional mall in Minot, N.D., to CBL & Associates Properties Inc. for approximately $91.5 million.
JC Penney, Target, Sears, Herberger’s and Carmike Cinema anchor the property. It also includes an outparcel Best Buy, a regional grocer and several restaurants. A 176-room hotel with an indoor water park is attached to the mall.
As of March 31, Dakota Square Mall was 94 percent occupied and tenant sales averaged $470 per sq. ft.
“This was an ideal transaction for both buyer and seller,” said John Williams, managing director with Savills, which represented the Lightstone Group, in a statement. “CBL gained a regionally exclusive, high-performing mall with additional upside potential, while The Lightstone Group was able to take advantage of the strong market for high-quality assets and earn a sizeable profit on a property it had owned for quite some time.”
Cole Buys Eastland Center from Westfield in $147M Transaction
Cole Real Estate Investments acquired Eastland Center, an 805,000-sq.-ft. power center in West Covina, Calif., from The Westfield Group for $147 million.
The property was completed in 1957 and redeveloped in 1979 and 1997. It is currently 100 percent leased. Tenants at the center include Target, Burlington Coat Factory, Albertson’s, Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Ross Dress for Less, Office Depot, DSW and PetSmart, among others. A store for an additional anchor tenant is currently under construction.
Eastdil Secured represented Westfield in the transaction. Cole represented itself.
“This is an excellent addition to our growing portfolio of power centers,” said Scott Holmes, senior vice president of acquisitions and multi-tenant retail with Cole, in a statement. “Eastland Center is anchored by a great mix of the nation’s top retailers, including Target, which has 15 years remaining on its lease. When you factor in the property’s highly visible location in a major market, the ability to own the entire center and being 100 percent leased, this is a prime example of the type of power center that we continue to target for acquisition.”
Champion Real Estate and Chris Wilson Form Acquisition and Development Venture Focused on California
Champion Real Estate Co. and Chris Wilson, founder of Wilson Commercial Real Estate, formed Champion-Wilson Retail, a partnership that will acquire, develop and renovate retail properties throughout California.
Champion Real Estate allocated $50 million in equity to the venture. Champion and Wilson can leverage the partnership with up to $200 million in properties over the next three years. They plan to focus on value add opportunities, distressed assets and notes, prime shopping centers and urban retail land, as well as the resurrection of retail projects abandoned as a result of the demise of redevelopment agencies in Southern California. The venture will consider properties in prime markets priced between $10 million and $100 million.
“We are confident that now is a great time to take advantage of the recovering retail market and that Chris’ knowledge of the market will provide the venture the opportunity to acquire great” properties, said Bob Champion, of Champion Real Estate, in a statement.
Excel Trust Buys Lake Pleasant Pavilion for $41.75M
Excel Trust bought Lake Pleasant Pavilion Shopping Center in Peoria, Ariz. from Kornwasser Shopper Center Properties for $41.75 million.
Lake Pleasant Pavilion is a 373,016-sq.-ft. community shopping center. Super Target, Marshalls and Bed Bath & Beyond anchor the property. Other tenants at the center include Dress Barn, Lane Bryant, McDonald’s, Starbucks, UPS and Supercuts, among others.
Lucescu Realty represented the seller in the transaction.
L&B Pays More Than $40M for Cambridge Mixed-Use Center
L&B Realty Advisors LLC bought 625 Massachusetts Ave. in Cambridge, Mass. from Samuels Property Group for $40.1 million.
The 122,104-sq.-ft. mixed-use property was completed in 1929 and renovated in 2000. It is 100 percent occupied. Tenants include Harvard College, TD Bank, Walgreen’s and Harmonix Music System. Scott Jamieson, of Jones Lang LaSalle, represented the seller in the transaction.
PASSCO Refinances Las Vegas Shopping Center With $25.8M Loan
PASSCO Cos. LLC negotiated a $25.8 million loan to refinance Silver City Plaza, a 41,583-sq.-ft. neighborhood shopping center in Las Vegas. Jonathan Schurgin and Jeff Giudice, of Cantor Commercial Real Estate, an affiliate of Canter Fitzgerald, arranged this transaction.
Ross Dress for Less and Walgreens anchor Silver City Plaza. Other tenants include Denny’s, 7-Eveven, Paramount Marketing Consultants and Crazy Ely.
Alan Clifton, vice president of strategic investments, represented PASSCO in the transaction.
In a separate transaction, PASSCO Cos. LLC acquired Southern & Unser Shops, a 9,135-sq.-ft. retail center in Rio Rancho, New Mexico, from Sothern & Unser LLC for $2.85 million. The class-A property was completed in 2011. It is 100 percent occupied, with tenants including Five Guys Burgers and Fries, Papa Murphy’s, Supercuts, Nutrishop, Sushi King and Cold Stone Creamery. Jim Wible, of NAI Maestas & Ward, represented the seller in the transaction. Alan Clifton represented PASSCO in-house.
Agree Realty Buys Oregon Lowe’s Store
Agree Realty Corp. acquired a 133,000-sq.-ft. store in Portland, Ore. ground leased to Lowe’s Home Improvement for $14.1 million. The company assumed a $9.64 million loan in conjunction with the acquisition, which carries a 5.075 percent interest rate and a June 2014 maturity date. Lowe’s has 17 years remaining on the lease for the property.
Other Notable Deals
Canyon-Johnson Urban Funds (CJUF) and McCaffery Interests closed on a senior loan to fund the repositioning of the 400,000-sq.-ft. retail component of the Roosevelt Collection, a mixed-use project in Chicago. Prime Finance provided the loan. CJUF and McCaffery already completed the demolition of the interior space at the property and started construction on a new public plaza. All improvements are scheduled for completion by the end of summer 2012. They will include green landscaped areas, children’s play areas and water features.
TNP Strategic Retail Trust Inc. acquired Willow Run Shopping Center, a 95,791-sq.-ft. property in Westminster, Colo. The center was completed in 1999 and is currently 88 percent leased. Tenants include Safeway, McDonald’s, Advance America and Subway, among others.
EFPAR Development LLC bought a 12,221-sq.-ft. U.S. Post Office facility in Inglewood, Calif. from IIse Perlman Trust for $2.1 million. The property is on the possible closure list for the U.S. Postal Service. William Gloege, of Colliers International, represented the seller in the transaction. Julian Torkan, of Madison Capital Group, represented the buyer.