Rouse Properties Inc. became an independent regional mall company effective Jan. 13. The company now trades on the New York Stock Exchange under the symbol RSE.

Rouse is a publicly traded REIT focused on the management, redevelopment, repositioning and acquisition of class-B regional malls. Its portfolio currently consists of 30 properties in 19 states encompassing 21 million sq. ft.

Rouse is a publicly traded REIT focused on the management, redevelopment, repositioning and acquisition of class-B regional malls. Its portfolio currently consists of 30 properties in 19 states encompassing 21 million sq. ft.

Federal Realty Buys Controlling Stake in Montrose Crossing for $127M

Federal Realty Investment Trust acquired an 89.9 percent controlling interest in Montrose Crossing, a 357,000-sq.-ft. grocery-anchored shopping center in Rockville, Md., for $127 million. With this deal, Federal Realty now controls 1.2 million sq. ft. of retail space on Rockville Pike.

With this deal, Federal Realty now controls 1.2 million sq. ft. of retail space on Rockville Pike. Montrose Crossing was developed in stages, beginning in the 1960s. Giant Food, Old Navy, Marshalls and Sports Authority anchor the property, with a 148,000-sq.-ft. Target serving as a shadow anchor. Under current zoning, Montrose Crossing can be expanded with commercial and residential uses.

“Montrose Crossing has been a prime acquisition target of our firm for decades,” said Federal Realty President and CEO Don Wood in a statement. “It’s a dominant shopping center with very productive tenant sales that has historically competed aggressively with our own Congressional Plaza, Federal Plaza and Mid-Pike Plaza. With the addition of Montrose Crossing, we now have a product on the Pike that will work in terms of focus and merchandising strategy for nearly every retailer.”

Stirling Properties Buys Shreveport Development Firm

Stirling Properties acquired Avant Properties, a Shreveport, La.-based development and management company specializing in shopping centers and office buildings. Avant Properties’ current personnel and asset portfolio will be integrated into Stirling Properties’ operations. Avant’s portfolio in Shreveport includes Chase Tower, American Tower and Pierremont Mall.

Inland Buys Florida’s Palm Coast Landing for $40.4M

Inland Real Estate Acquisitions Inc. bought Palm Coast Landing, a 171,297-sq.-ft. shopping center in Palm Coast, Fla., for approximately $40.4 million. The acquisition was made on behalf of Inland Diversified Real Estate Trust Inc.

Palm Coast Landing was fully leased at the time of sale. Tenants at the center include Ross Dress for Less, T.J. Maxx, PetSmart, Michael’s and Books-A-Million.

“This property is located in Flagler County, one of the five fastest-growing counting in the U.S., and features a strong line-up of national tenants,” said Matt Tice, vice president of Inland Real Estate Acquisitions who facilitated the transaction, in a statement. “The center is one of the most active in the area, drawing from a population of more than 56,000 people within a five-mile radius.”

Clarion Partners Sells Salem Shopping Center for $39.9M

Clarion Partners sold the Village Shoppes of Salem, a 179,270-sq.-ft. power center in Salem, N.H., to Route 28 Salem LP for approximately $39.9 million. The center was completed in 1999 and is currently fully occupied. Tenants include Best Buy, Sports Authority, DSW, PetSmart and Michaels.

Chris Angelone, Jim Koury, Bill Moylan, Nat Heald and Josh Klimkiewicz, of CBRE, represented both parties in the transaction.

Lee & Associates Negotiates Car Dealership Sale

Lee & Associates negotiated the sale of a 58,430-sq.-ft. car dealership in Merriam, Kan. for $19.1 million. The property has a lease with CarMax, which has 17 years remaining on its initial lease term and four five-year extension options. Ryan Barr and Ryan Bennett, of Lee & Associates, represented the buyer in the transaction and helped the buyer assume a CMBS loan that was already placed on the property. The seller represented itself.

Marcus & Millichap Negotiates Sale of California Center in $13M Deal

Marcus & Millichap Real Estate Investments Services negotiated the sale of The Commons at Aliso Viejo, a 30,681-sq.-ft. lender-owned shopping center in Aliso Viejo, Calif., for $13 million. The price works out to $423.72 per sq. ft. and a 5.88 percent cap rate on in-place income.

The Commons was completed in 2009. Trader Joe’s and Panera Bread anchor the property.

Paul Bitonti and Brenton Baskin, of Marcus & Millichap, represented the buyer in the transaction. In a separate announcement, WP Realty sold Berkshire Square, a 112,119-sq.-ft. shopping center in Wyomissing, Pa., to Paramount Realty Services Inc. for $16.6 million. The price works out to $148 per sq. ft.

Berkshire Square was completed in 1992 and renovated in 1998. The property was 97 percent occupied at the time of sale. Redner’s Warehouse Markets and Staples anchor the center. Other tenants include Game Stop, HobbyTown, Sally Beauty Supply, Subway, Supercuts and Sylvan Learning Center.

Mark Taylor and Dean Zang, of Marcus & Millichap represented both parties in the transaction.

Marcus & Millichap also negotiated the following deal: 801 Washington LLC sold a 15,975-sq.-ft. retail building in Miami Beach, Fla. for $13.15 million. The price works out to $823 per sq. ft. The building was developed in 1935 and renovated in 2008. It currently houses Diesel Jeans, Dash Miami, LF Sportswear, OndadeMar and Solstice Sunglass Boutique.

Drew A. Kristol and Kirk Olson, of Marcus & Millichap, represented the seller in the transaction. Adelaide Polsinelli, and Kyle Woodruff represented the buyer, a New York City-based investor.

In addition, Marcus & Millichap Capital Corp. arranged a $5.571 million acquisition loan for a Walgreens drugstore in Venice, Fla. The loan featured a fixed 4.75 percent interest rate, a 22-year term, a 25-year amortization schedule and 60 percent loan to value (LTV) ratio. The Walgreens was completed in 2009. Danny Abergel, of Marcus & Millichap’s Encino, Calif. office, negotiated this transaction.

Other Notable Deals

Highpoint Capital LLC sold River’s Crossing, a 31,900-sq.-ft. retail center in Rancho Mirage, Calif., to a Canadian private venture for $6.8 million in an all cash transaction. The center was completed in 1991 and is currently 89 percent occupied. Tenants at the property include Ferguson, Goodwill Industries and California Patio. Michael Dyer, of Cushman & Wakefield, and Dick Bridy, of DBI Group, represented the buyer in the transaction. William A. Asher and Edward B. Hanley, of Hanley Investment Group, represented the seller. In separate transactions, Hanley Investment Group Real Estate Advisors negotiated the sale of three strip retail centers in southern California for $8.17 million. Los Altos VII L.P. sold Citrus Foothill Retail Center, a 24,624-sq.-ft. property in Fontana, Calif., to Fontana Shopping Center LLC for $2.92 million. The property is 96 percent occupied. Patrick G. Kent and Edward B. Hanley, of Hanley Investment Group, represented both parties in the transaction. 508 Smith Ave. LLC sold Smith Avenue Center, a 31,663-sq.-ft. property in Corona, Calif., to NSHE CA Leonardo LLC for $2.1 million. The center was completed in 1977 and was 59 percent occupied at the time of sale. Eric and Jim Ault, of On the House Realty, represented the buyer in the transaction. William B. Asher and Edward B. Hanley, of Hanley Investment Group, represented the seller. 5119 Jurupa Ave. LLC sold Grand Jurupa Center, a 40,040-sq.-ft. property in Riverside, Calif., to La Peer Investments LLC for $3.15 million. The center was completed in 1957 and remodeled in 1989. David Chasin, of Pegasus Investments, represented the buyer in the transaction. William B. Asher and Edward B. Hanley represented the seller.

Divaris Real Estate Inc. negotiated the sale of a 8.85-acre former Kimnach Ford Dealership in Norfolk, Va. to Auto Connection for $3.85 million. Auto Connection will relocate and expand its business to the new site from across the street.

NorthMarq arranged a $3.15 million loan to refinance Northpark Shopping Center, a 53,724-sq.-ft. retail property in Kingwood, Texas. The center was completed in 1980 and renovated in 2004. John M. Stewart and Brock Yaffe negotiated this transaction.

Upland Real Estate Group Inc. negotiated the sale of a Taco Bell restaurant in Minneapolis for $1.1 million in an all cash transaction. Keith A. Sturm and Deborah K. Vannelli, of Upland Real Estate, represented the seller in the deal.

Levy Affiliated sold a 3,500-sq.-ft. McDonald’s restaurant at the Rancho del Chino shopping center in Chino, Calif. to an all-cash buyer. The terms of the transaction were not disclosed. The restaurant, which has a 20-year lease with McDonald’s, is currently under construction. Nearby retailers include JC Penney, Scottrade and Home Depot. Bill Bauman and Kyle Miller, of Studley, represented the seller in the transaction. Steve Hsu, of Marcus & Millichap, represented the buyer.

Kim and Peter Tran bought a 6,427-sq.-ft. shopping center in San Antonio, Texas for an undisclosed sum. The center was completed in 2007 and is 100 percent occupied. Joe Linsalata, of Linsalata Realty Services, represented the buyer in the transaction. Dick McCaleb, of RFM Commercial, represented the seller. Chase Bank financed the deal.