Talmage LLC, a special servicer, modified and restructured the $291 million Cadillac Mills portfolio loan. Simon Property Group and Farallon Capital Management bought the 2.8-million-sq.-ft. portfolio as part of the Mills Corp. acquisition in February 2007. The private loan is secured by The Galleria at White Plains in White Plains, N.Y., The Esplanade in Kenner, La. and Northpark Mall in Ridgeland, Miss.

The modification gives Simon/Farallon time to complete the stabilization of the portfolio, while allowing the lenders to deleverage and improve loan terms.

“The combination of fresh capital and new leases, combined with the portfolio’s strong cash flow, allowed us to structure a highly customized three-year modification for the Simon/Farallon team that will allow them to maximize the value of the asset for all parties,” said Talmage CEO Edward L. Shugrue III in a statement.

Inland Diversified Acquires South Elgin Commons

Inland Real Estate Acquisitions Inc. bought South Elgin Commons, a 128,000-sq.-ft. shopping center in Elgin, Ill., and an adjacent undeveloped land pad, for approximately $25 million. This transaction was completed on behalf of Inland Diversified Real Estate Trust Inc.

The center was 100 percent leased at the time of the sale. Ross Dress for Less, Toys ‘R’ Us and LA Fitness anchor the property. The undeveloped pad can accommodate up to 11,000 sq. ft. of additional retail.

Lou Quilici, senior vice president of Inland Real Estate Acquisitions, negotiated this transaction. In a separate transaction, Inland Real Estate Acquisitions Inc. bought a portfolio of nine Walgreens stores located in Northeastern U.S. for $68.7 million. The acquisition was also made on behalf of Inland Diversified Real Estate Trust.

The properties carry triple net leases, with remaining terms of more than 20 years. Walgreens Co. provided a guaranty for each lease.

Phillips Edison-ARC Joint Venture Buys Illinois Center for $14.9M

PECO-ARC Institutional Joint Venture I LP, a joint venture of Phillips Edison—ARC Shopping Center REIT Inc., acquired Brentwood Commons, a 125,550-sq.-ft. grocery-anchored shopping center in DuPage County, Ill. for approximately $14.9 million.

Brentwood Commons is 99.1 percent occupied. Dominick’s anchors the property, with other tenants including Dollar Tree, Advance Auto Parts, Payless Shoes, Great Clips, Radio Shack and Subway.

Other Notable News

Hanley Investment Group Real Estate Advisors negotiated the sale of an 8,000-sq.-ft. single-tenant O’Reilly’s Auto Parts property in Oakland, Calif. to a private investor for $2.25 million. The cap rate on the transaction was 6.4 percent. Jeremy S. McChesney, of Hanley Investment represented the seller, Equitas Oakland LLC, in the transaction.

Demopolis Partners LLC sold Vowell’s Fresh Market building, a 49,185-sq.-ft. grocery box in Demopolis, Ala., to V&V LLC for $1.38 million. Josh Randolph, of The Shopping Center Group, represented the seller in the transaction.

RCG Ventures purchased Riverplace Centre, a 74,414-sq.-ft. grocery-anchored shopping center in Noblesville, Ind. The UPS Store, H&R Block Great Clips and Little Caesars make up the tenants at the property.