Macquarie CountryWide Trust purchased an additional 10 percent stake in the First Washington portfolio from joint venture partner Regency Centers Corp. for $269.8 million. This brings Macquarie's total stake in the venture to 75 percent. Regency and Macquarie bought the portfolio of 100 predominantly grocery-anchored shopping centers last June for $2.7 billion.
The Macerich Partnership LP will buy the 916,000-square-foot Valley River Center in Santa Monica, Calif., from Grosvenor for $187.5 million. With a cap rate of 6.6 percent, sales are $420 per square feet. Tenants include Meier & Frank, Macy's and JCPenney.
FRCH Design Worldwide has been selected as the lead design firm for Heritage Partner's 360-acre mixed-use Deerfoot Meadows development in Calgary, Alberta. The project will include lifestyle retail, power center and big-box destinations. The first phase opened last year with tenants including Ikea, Best Buy and Linens N' Things.
Transcan Development LLC has selected KTGY Group, Inc. as the architect for a 250-acre mixed-use County Crossings development in Antioch, Calif. The center will include 1.2 million square feet of retail, 250,000 square feet of office and a light rail station. A shopping center there is set to open late 2008.
Federal Realty Investment Trust bought the 228,000-square-foot Crow Canyon Commons in San Ramon, Calif., for $47.5 million including a combination of cash and assumption of debt. The center is anchored by Albertson's, Loehmann's and Rite Aid.
GMAC Commercial Mortgage Co. arranged an $88 million loan from Key Bank for construction of a 566,000-square-foot lifestyle center in Arlington, Texas, called Arlington Highlands. Anchors include Bed Bath and Beyond, Jo-Ann Fabrics and Studio Movie Grill. The borrowers were the Curtis Mathes family and the Retail Connection. GMAC also arranged $74 million in floating-rate acquisition financing for Fashion Outlets of Niagara LLC in Niagara Falls, N.Y. for the 531,000-square-foot Fashion Outlets of Niagara Falls.
General Growth Properties' third-party management division was awarded management contracts for both South Bay Pavilion in Carson, Calif., and Stones River Mall in Murfreesboro, Tenn. The 1 million-square-foot SouthBay is anchored by JCPenney and Target. The 500,000-square-foot Stones River Mall is owned by Transwestern Investment Co.; new plans include a lifestyle center addition.
Edens & Avant bought the 154,000-square-foot Toco Hills Promenade shopping center in Atlanta for an undisclosed amount from Urban America. The center is anchored by a Publix supermarket.
Cedar Shopping Centers, Inc. purchased the 620,000-square-foot Shore Mall in Egg Harbor Township, N.J., for $33.65 million. Cedar also purchased an adjacent, undeveloped parcel of 50 acres for $2 million. The mall is anchored by Boscov's, Value City and Burlington Coat Factory.