Costa Mesa, Calif. — based Donahue Schriber acquired the Pavilions, a 76,000-square-foot, open-air shopping center in Sacramento, Calif. for an undisclosed sum. The Pavilions contains 76,000 square feet of retail space.
Developers Diversified Realty and Coventry Real Estate Advisors formed a joint venture with the Harbor Companies to develop Bloomfield Park, a $250-million lifestyle property in Bloomfield Hills, Mich. The project will include 560,000 square feet of retail space, plus residential and office uses.
Developers Diversified Realty priced its offering of $250 million aggregate principal amount of convertible senior unsecured notes due 2011 and will repurchase $48.3 million of its common shares. The notes will pay interest semi-annually at a rate of 3.50% per annum and will have an initial conversion rate of approximately 15.3589 common shares per $1,000 principal amount of the notes.
CASTO purchased Regency Village, a 75,000-square-foot neighborhood shopping center in Huntersville, N.C.
The Boston office of CBRE | Melody arranged a $12.8 million equity placement on a $68 — million, 750,000-square-foot mixed-use portfolio owned by Everest Partners. The portfolio includes properties in Boston, Billerica and Chicopee, Mass. CBRE | Melody's Frank Petz arranged this transaction.
Tremont Realty Capital structured a $28.4-million senior mortgage and a $6-million mezzanine loan for the $36-million purchase of Central Mall in Salina, Kan. The property contains 486,000 square feet of retail space.
Faris Lee Investments completed the sale of Marbella Plaza, a 70,844-square-foot, grocery-anchored shopping center in San Juan Capistrano, Calif., for $29.4 million in a 1031 exchange. Faris Lee's Jeff Conover and Richard Walter represented the seller, Marbella Plaza L.P., in the transaction, while Dennis Vaccaro represented the buyer, Richmont Corp. The transaction broke Orange County records for the highest price per square foot at $415 and the lowest cap rate at 5.75 percent.
Coyote Management, L.P. completed the sale of Crossroads Center Mall, an 840,000-square-foot enclosed regional mall in Waterloo, Ia. to Gregory Greenfield & Associates, Ltd. Granite Partners, LLC represented Coyote in the transaction.
Grosvenor Investment Management US Inc. completed the disposition of a 14-property retail portfolio with the sale of a 153,000-square-foot neighborhood shopping center in Philadelphia, Pa. The $193-million portfolio includes approximately 1.7 million square feet of retail space in Pennsylvania, New Jersey, Ohio, South Carolina, Georgia and Florida.
Barry Herring and Peter Borzak, founding partners of Lake Bluff, Ill. — based Pine Tree Commercial Realty, LLC, announced the formation of Pine Tree Institutional Realty, LLC. The new division will deal with acquisition, ownership and disposition of real estate assets.
Meridian Capital Group arranged a $13.5-million loan for a 109,000-square-foot retail center in Great Neck, N.Y. The loan featured a 6.25 percent rate and an 18-year term. Rael Gervis, Dovid Ostrov and Moshe Majeski, of Meridian's New York office, negotiated this transaction. REZA Investment Group Inc. announced the sale of Rolling Ridge Plaza, an 85,575-square-foot grocery-anchored shopping center in Irvine, Calif. to RJAN, LLC for $21.5 million. REZA Investment represented the seller, Passco Rolling Ridge Plaza, LLC, in the transaction.
Inland Real Estate Development, LLC and an affiliate of AIG Global Real Estate launched a $200 — million joint venture for the purchase of undeveloped land throughout the Chicago area, northern Indiana, southern Wisconsin and southwest Michigan. The land will be used primarily for residential development.
ORIX Real Estate Capital, Inc. acquired the Great Falls Marketplace, a 215,024-square-foot shopping center in Great Falls, Mont., from the Macerich Company for an undisclosed amount. The property is 98 percent occupied.
Otay Mesa Crossing, LLC, a joint venture of Regency Realty Group, Inc. and Transcan Development, LLC, completed the purchase of a 40.33-acre undeveloped land parcel In Otay, Calif. The partnership plans to build a 285,700-square-foot community shopping center on the property called California Crossing. Construction will commence in November of 2006.
Sperry Van Ness expanded its presence in northern Virginia through an alliance with Vaaler Real Estate Company, a commercial real estate firm specializing in the sale and leasing of office, retail and flex space and development land in the area. Richard A. Vaaler, Jr. serves as principal and managing director of Sperry Van Ness/Vaaler Real Estate.