JCPenney Corporation Inc. has arranged a $1.2 billion unsecured line of credit, which will last five years. The new facility replaces a $1.5 billion secured line that will expire at the end of May this year. JPMorgan Securities arranged the new credit facility.
Developers Diversified Realty has extended the size of its senior unsecured credit facility, at the company's option, from $1 billion to $1.25 billion. The time of the facility has also been extended by two years from May 30, 2006 to May 30, 2008.
Sperry Van Ness has completed the sale of the 51,195-square-foot Zocallo Furniture Plaza in Scottsdale, Ariz. to GDA Real Estate Services Inc. for $19.2 million. Sperry Van Ness represented the buyer and the seller, Broadmoor Enterprises.
Poag & McEwen Lifestyle Centers announced that it has $1 billion of lifestyle centers totaling roughly 3.5 million square feet under development, the most active in the company's history. The company also announced that is has finalized a land purchase, along with partners Prudential Real Estate Investors, of 127 acres in Pearland, Texas from South Freeway-Beltline & Limited Partnership for $15.6 million. The land will be the future site of the 800,000-square-foot Promenade Shops at Shadow Creek lifestyle center.
The Lightstone Group has purchased the 700,000-square-foot Belz Factory Outlet World and the 200,000-square-foot Belz Designer Outlet Center, both in Orlando, Fla., from joint venture partners Prime Retail and Estein & Associates USA Ltd for an estimated $180 million. Factory Outlet World has 170 retailers, including Gap Outlet and Liz Claiborne, while Designer Outlet Center has about 45.
The Macerich Partnership LP has acquired the 1.3 million-square-foot Ridgmar Mall in Fort Worth, Texas for $71.1 million in a joint venture partnership with an affiliate of Walton Street Capital LLC. Dillard's, Foley's, JCPenney and Neiman Marcus anchor the mall.
Thor Equities has purchased the 840,295-square-foot Merritt Square Mall in Merritt Island, Fla. for $64.5 million from Bayview Financial. Sears, Dillard's, JCPenney and Cobb Theater anchor the mall. The purchase also includes an almost 100,000-square-foot out parcel property.
Faris Lee Investments represented SCI Real Estate Investments in its $64 million purchase of the 338,628-square-foot Cobb Place Shopping Center in Kennesaw, Ga. from A.B./Cobb Place Limited Partnership. The property was acquired in a tenant-in-common structure.
Mid-American Real Estate Investment Sales Group represented an investment fund of Whitehall Real Estate in the recent sale of a 551,153-square-foot open-air center in Chicago known as the Brickyard to Inland Real Estate Corp. for an undisclosed amount. The center includes tenants such as Lowe's, Target and Pier 1 Imports.
Developers Diversified Realty has sold the interests of three shopping centers into its joint venture with Macquarie Bank Limited known as Macquarie DDR Trust. The three centers have a 7.2 percent cap rate and a purchase price of $63.8 million. The properties are; the 97,000-square-foot Parker Pavilion in Parker, Colo., the 31,000-square-foot McDonough Marketplace in McDonough, Ga. and the 217,000-square-foot Grandville Marketplace in Grandville, Mich.
Pennsylvania Real Estate Investment Trust has purchased the 480,000-square-foot Colonial Mall Gadsden in Gadsden, Ala. from Colonial Properties Trust for $58.8 million. The mall is 96 percent occupied and has Sears, McRae's and Belk department stores for anchors.
Real estate investment banking firm Holliday Fenoglio Fowler LP has arranged a $28.55 million construction loan for BCN Development for its luxury condominium and retail development in Reno, Nevada called the Palladio. It will feature 92 condominiums and 24,000 square feet of retail including a Starbucks and Cold Stone Creamery.
Entertainment Properties Trust has bought the 121,000-square-foot mixed-use Burbank Entertainment Village in Burbank, Calif. for $51 million. A 16-screen AMC Theatres, Macaroni Grill and Coldstone Creamery anchor the center.
Washington Real Estate Investment Trust has purchased the 295,000-square-foot Frederick Crossing Shopping Center in Frederick, Md. for $45.1 million. The center is 100 percent lease and anchored by Kohl's, Best Buy and Ross.
Kite Realty Group Trust has recently purchased a partially constructed Super Kmart in Naperville, Ill. for $9.5 million and expects to start a $30 million redevelopment on the project. Kite will complete a 70,000-square-foot Marsh Supermarket in late summer 2005 and then start construction on the remaining 100,000 square feet.
Continental Real Estate Companies has arranged a $37 million loan for real estate investors Dan Mandel and Bill Weisman for the 294,000-square-foot Brandon Crossings in Tampa, Fla. and the 92,155-square-foot Glendale Exchange in Glendale, Calif. Brandon Crossings is 66 percent leased and includes Old Time Pottery and ffice Depot, while a Mann Theatre anchors Glendale Exchange.
Metropolitan Capital Advisors Ltd. has secured a $30.4 million loan for a private partnership in its acquisition of the 184,000-square-foot Lakeside Market in Plano, Texas. The partnership also purchased 20 acres of land nearby to build an additional 200,000 square feet of retail.
Atlanta-based mortgage banker CREFunding has secured $22 million in refinancing for the Baralat Company LLP for its Inland Empire Shopping Center in Fontana, Calif. Financing for the 310,000-square-foot ethnic center was provided by Hartford Life.
GMAC Commercial Mortgage Corporation has provided $25 million in permanent, fixed-rate financing to Delaware East Associates LP for phase one of Columbus Commons in Philadelphia. The power center will have an IKEA, Lowe's and Best Buy.
Real estate brokerage firm Sperry Van Ness represented RPM Investments in its recent purchase of Bristol Marketplace in Santa Ana, Calif. from BMP Associates LP for $20.5 million. The 107,687-square-foot center is 100 percent leased with Kohl's, UPS Store and Sprint.
Marcus & Millichap Real Estate Investment Brokerage Company recently represented Woodforest Center I and Hillcroft Venture in its sale of the 202,336-square-foot Woodforest Shopping Center in Houston to Woodforest Nubu-City Partners LP. Although the sale amount was not undisclosed, the property was originally listed at $14.35 million. With occupancy at 89 percent, tenants include Kroger, Family Dollar and Blockbuster.
Marcus & Millichap Real Estate Investment Brokerage Co. has completed the sale of the 93,852-square-foot Casa Grande Center in Casa Grande, Ariz. for $11.2 million to Kaufman Properties. Marcus & Millichap represented the seller, CCCG LLC. The center has an occupancy rate of 95 percent.
Real estate management and development company Landmark Properties Group has purchased the Dayton Portfolio in Dayton, Ohio from Walpert Properties Group for $7.6 million. The portfolio consists of three shopping centers totaling 78,000 square feet in close proximity to the Dayton Mall.
Tremont Realty Capital LLC has arranged a three-year $20.1 million loan for additions and improvements to the 236,524-square-foot Rio Norte Shopping Center in Laredo, Texas. The borrowing entity is a partnership between a REIT and a national investor. The center is anchored by Linens-N-Things, Office Max and Toys ‘R’ Us.
General Growth Properties has expanded its Third Party Management Division by taking over the leasing and management services for the 1.1 million-square-foot Metrocenter Mall in Jackson, Miss. and the 900,000-square-foot Alexandria Mall in Alexandria, La. General Growth is also handling leasing for the 75,000-square-foot Kings' Shops in Kona, Hawaii.
Real estate investment and management service company Real Estate Partners Inc. has launched a joint venture with Investors' Property Services called Real Estate Partners Asset Management Services Inc. The new company will oversee assets owned by Real Estate Partners and its affiliates. Robert C. Warren III will serve as president. Currently, Real Estate Partners owns and manages 550,000 square feet of commercial property.