Cole Real Estateacquired two shopping centers in Florida. The Forum in Ft. Myers, was acquired for $34.25 million, and Santa Rosa Commons in Pace, was purchased for $25.45 million. The announcement was made by Scott Holmes, vice president of multi-tenant retail acquisitions for Cole.
The Forum, constructed in 2008, is a 186,000-square-foot power center that is part of a larger, master-planned, mixed-usethat includes office, hotel and residential properties. Major tenants include Ross Dress for Less, Best Buy, Bed Bath & Beyond, Staples, Books-A-Million, Petco and SunTrust Bank. The center is shadow anchored by Target and Home Depot.
Thomas Falatko, vice president, multi-tenant retail acquisitions, represented Cole in the transaction. North American Properties, which sold the asset to Cole, was represented internally by partners Dale Hafele and Greg Browne in their Ft. Myers office.
Santa Rosa Commons, constructed in 2008, is a 97 percent leased, 139,000-square-foot grocery anchored shopping center. Major tenants include Publix, TJ Maxx and PetSmart. Additional retailers include Shoe Carnival, maurices, rue21, AT&T, GameStop, Regions Bank and Chili’s. Target shadow anchors the center.
Falatko represented Cole in the transaction. Brad Petersen, managing director of HFF, represented the seller.
Cole recently acquired three other shopping centers in Florida, including Nature Coast Commons in Spring Hill, Century Town Center in Vero Beach and a portion of Riverside Centre in St. Augustine.
BVT Management Service Inc. finalized the sale of an 842,255‐square foot retail portfolio to Multi‐Employer Property Trust, a $4.7 billion real estate equity fund.
Theincluded 10 grocery‐anchored shopping centers valued at $130 million and located throughout the southeast and Texas. BVT retained the management contract for all properties within the portfolio. The transaction closed less than 60 days following contract execution.
The five metro Atlanta neighborhood centers total more than 426,250 square feet and feature the dominant grocer in each affluent market:
The remaining five properties, totaling 416,005 square feet, are situated throughout Florida and Texas.
BVT acquired these assets over a four‐year period beginning in 2000. Each retail center includes a dominant grocer in each respective market, including Publix Super Markets, Kroger, HEB (H.E. Butts) and Sweetbay, along with 133 regional and local restaurants, retail goods and service providers. At the time of sale, the portfolio was 93 percent leased.
Chris Decouflé with CBRE’s national retail investment group in Atlanta represented BVT. Bentall Kennedy, one of North America’s largest real estate investment advisors, provided advisory services to MEPT.
HFF announced today that it has arranged a $118 million refinancing for Century Center I and II, a two-building office complex with ground floor retail totaling 626,004 square feet in Crystal City, Va.
HFF worked exclusively on behalf of Lowe Enterprises to secure the five-year, adjustable-rate loan through Wells Fargo Bank. Loan proceeds are refinancing an existing loan and funding future leasing and capital expenditures. Lowe acquired the property on behalf of a pension fund client in 2004 and serves as property and development manager.
Lowe recently completed a $30 million renovation of Century Center I and II that improved building systems and curb appeal as well as repositioning the retail space to increase visibility along the heavily trafficked Crystal Drive.
Century Center I and II has 560,207 square feet of office space, 65,797 square feet of retail space and a three-level, 1,494-space underground parking garage. The property boasts major credit-grade tenants including Raytheon, GSA, and Northrop Grumman with new ground floor retail tenants such as Buffalo Wild Wings, Seattle’s Best and Pizza Autentica.
The HFF team representing Lowe included managing director Cary Abod and senior managing directors Bill Asbill and Bob Donhauser.
Regency Centers closed on the acquisition of Oak Shade Town Center, a 103,762-square-foot neighborhood shopping center anchored by Safeway, Rite Aid and OfficeMax in Davis, Calif. The property was purchased on August 18 for $35 million from the center’s original owner.
Built in 1998, Oak Shade Town Center is anchored by a 40,000-square -foot Safeway which is the top sales-producing grocer in the market, a 21,000-square-foot OfficeMax and a 17,522-square-foot Rite Aid. The 95 percent leased center also features Round Table Pizza, Bank of America, Great Clips and AT&T Cellular.
Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, along with Faris Lee Capital, has completed the $18 million recapitalization of a 200,000-square-foot retail center in Normal, Ill., on behalf of the owner, The Dial Cos.
Built in 2007, the center’s anchor tenants include Schnucks Grocery and a 14-screen Starplex Theater. The center is currently 70 percent occupied and has 12 outparcels available for future sale, lease or development.
The recapitalization of the center created an opportunity for Faris Lee Investments to represent Thompson National Properties in a joint venture with Dial to acquire the note on the property. Faris Lee Capital advised Dial and negotiated the discounted loan pay-off, procured the new debt and structured the joint venture.
Rich Berlinghof, managing partner, Faris Lee Capital and Rich Walter, president of Faris Lee Investments, directed all aspects of the transaction. Thompson National Properties acquired the developed 200,000-square-foot portion of the center with the joint venture established as owner of the 12 unfinished outparcels.
In a separate transaction, Faris Lee Investments completed the $5.65 million sale of a fully occupied 14,500-square-foot retail property located at the entrance of the 1.1-million-square-foot Promenade Temecula regional mall in Temecula, Calif.
Built in 2000, the property is situated on 1.92 acres and includes a 6,900-square-foot Tilted Kilt Pub & Eatery as well as a shops building that includes Jamba Juice, Ming’s Restaurant, Pacific Pita, & Promenade Dental Care.
Jeff Conover and Rich Walter of Faris Lee Investments represented the seller, Beverly Hills, Calif.-based Temecula Pad PQ LLC. The all-cash buyer was SZ Prosperity Investment Inc. from Rowland Heights, Calif. and was represented by Jackson Chang of IRN Realty. The property closed at a 7.61 percent cap rate. According to Conover, the property garnered multiple offers and sold at 98 percent of the list price.
Feldman Mall Properties Inc.’s subsidiary, FMP Stratford LLC, entered into an agreement of sale and purchase of real estate with FMC Stratford Mall Members LLC , an affiliate of Five Mile Capital Partners LLC, for sale of Feldman's fee simple interest in the Stratford Square Mall, in Bloomingdale, Ill. The price is $2.9 million, payable all in cash at settlement, subject to adjustment for customary prorations of rent and the like, along with reimbursement for certain escrow and reserve funds held by the lender. The purchaser will assume the existing $104.5 million first mortgage loan encumbering the mall.
Brad Thompson, vice president of Millennium Properties R/E Inc., is announced the sale of 3408 W. Fullerton Ave. in’s Logan Square neighborhood for an undisclosed sum. Renlin Xia purchased the mixed-use property from a private party. Yan Deng of Keller Williams represented the buyer, while Thompson represented the seller. John Boland of Daluga and Boland LLC served as counsel for the buyer and Steve Dallas of Regas, Frezados & Dallas LLP counseled the seller.