Kimco Realty Corp. closed a $108 million loan on a 1.5-million-square-foot retail portfolio. The portfolio includes seven grocery-anchored shopping centers and one community center located throughout Florida, New Hampshire, New Jersey, North Carolina, Pennsylvania and Texas. Prudential Mortgage Capital Co. provided the loan. The loan featured a fixed rate and a seven-year term.
“We were delighted to work with Kimco Realty on this transaction, which was an excellent investment opportunity for Prudential Mortgage Capital because of the borrower’s real estate expertise and the portfolio’s strong grocery-anchored properties,” said Tom Goodsite, principal in the Atlanta office of Prudential Mortgage Capital, who arranged the transaction. “We look forward to working with Kimco over the life of this loan and remain committed to providing excellent service to our borrowers.”
In addition, since July 1, Kimco, together with its joint venture partners, investment funds sponsored by Prudential Real Estate Investors, has repaid $145 million on its credit facility, which at the beginning of the year totaled approximately $650 million. The facility was reduced through a combination of $117 million in capital contributions from both Kimco and its joint venture partners, and the sale of three assets totaling $28 million. The remaining $471 million is due in August of 2010.
Other Notable Deals
Clemson Corner, LLC, a joint venture between Faison-Clemson, LLC and Atapco Clemson, LLC, purchased 37 acres of land in Frederick, Md. for the construction of Clemson Corner Shopping Center, a 380,000-square-foot retail property. PNC Real Estate Finance provided a $6.5 million loan for the acquisition and initial development costs for the project. PNC will eventually convert the facility into a $29.5 million construction loan. Clemson Corner Shopping Center will feature tenants including Wegmans, Lowe’s, Marshalls and a free-standing Wachovia bank. The center is scheduled to open in the spring of 2011…. Marcus & Millichap Real Estate Investment Services negotiated the sale of 1537 North Milwaukee, a mixed-use building in Chicago, to a private investor for $1.49 million. The building includes three apartment units, a 1,070-square-foot retail portion occupied by iCream and three parking spaces. Marcus & Millichap represented both parties in the transaction.