Caruso Affiliated secured a $300 million construction loan for the Americana at Brand, a $429 million retail and residential project in Glendale, Calif. Scheduled to be completed in the spring of 2008, the Americana at Brand will contain 475,000 square feet of retail, restaurants and entertainment space, 100 luxury condominiums and 238 apartments.
Realty Income Corp. priced a public offering of 8.8 million shares of its monthly income class “E” cumulative redeemable preferred stock at $25.00 per share. Dividends on the stock will be paid monthly at an annual rate of 6.75 percent or $1.6875 per share annually. The stock has no stated maturity. The offering closed on Dec. 7, 2006.
ING Clarion Partners acquired the Promenade at Sacramento Gateway, a 665,741-square-foot retail center in Sacramento, Calif. for $120.5 million.
The ASSET Investment Sales Group of Transwestern brokered a 1031 exchange of Travilah Square Shopping Center and Gateway Office Tower in Rockville, Md. The firm represented Glenrock Joint Venture and WM&D, LLC in the sale of Travilah Square, a 62,000-square-foot neighborhood shopping center, for $22.1 million and the simultaneous purchase and financing of Gateway Tower, a 251,593-square-foot office building, for $70 million.
Symphony Property Group appointed Jones Lang LaSalle as the leasing and managing agent for Biltmore Square, a 495,000-square-foot shopping mall in Asheville, N.C. The mall is currently undergoing a repositioning.