Weingarten Realty Investors closed on an amended and restated three-year $500 million unsecured revolving credit facility.
The amended facility will mature in February of 2013. Borrowing rates under the amended facility float at a margin over LIBOR, plus a facility fee. The borrowing margin and facility fee are priced off a grid that is tied to Weingarten’s senior unsecured credit ratings. The amended facility also contains a competitive bid option feature that will allow the Company to request bids for up to $250 million. Additionally, the amended facility contains an accordion feature, which allows the company the ability to increase its facility amount up to $700 million.
J.P. Morgan Securities Inc. and Banc of America Securities LLC were Joint Bookrunners and Co-Arrangers. JPMorgan Chase Bank, N.A. serves as the Administrative Agent, Bank of America, N.A. serves as the Syndication Agent, and Wells Fargo Bank, National Association, PNC Bank, National Association, Regions Bank and Royal Bank of Canada all serve as Documentation Agents. Other lenders involved in the transaction include BBVA Compass Bank, Sumitomo Mitsui Banking Corporation, U.S. Bank National Association, Chevy Chase Bank, a division of Capital One, N.A., The Northern Trust Company, The Bank of Nova Scotia and Scotiabanc, Inc.
Mid-America Real Estate-Minnesota Acquires Park Midwest Commercial RE
Mid-America Real Estate-Minnesota LLC, a branch of Chicago-based Mid-America Real Estate Group, recently acquired Park Midwest Commercial Real Estate in athat merges the two Minneapolis-based companies under the Mid-America Real Estate-Minnesota banner.
Park Midwest Commercial Real Estate has provided real estate management, development, leasing andservices in the Minnesota market since 1970. Douglas Sailor, a business veteran with over 20 years experience in the retail industry, headed up Park Midwest before the merger and has been named Partner for Mid-America Real Estate Minnesota LLC.
The newly merged Mid-America Real Estate Minnesota office has 17 employees and will provide leasing and management services for approximately 2.0 million square feet of retail space throughout the region.
Marcus & Millichap Brokers Sale ofAsset
Marcus & Millichap Real Estate Investment Services announced the sale of the 695,000-square-foot Midtown at Forest Acres in Columbia, S.C. The property commanded a sales price of $4,429,000 representing $6.37 per square foot.
Senior Associate Bill Kohlhepp of the Fort Lauderdale office and Senior Associate Bill Buford, Jr. of the Clinton, SC office represented the seller of the property, Richland Joint Venture Group LLC. The buyer was represented by R. Leon Jones Realty.
Midtown at Forest Acres was originally developed as an enclosed shopping mall and was anchored by Belk, Parisian, Dillard’s, Barnes & Noble, Regal Cinemas and TGI Friday's. The 695,668-square foot mall is currently operating at approximately 48 percent occupancy.
Franklin Street Financial Partners Merges With Pappas Retail Leasing & Management
Two of the leading retail management and leasing companies in west-central Florida announced today they are merging, forming Franklin Pappas Management & Leasing LLC. The new company is a combination of Franklin Street Financial Partners’ subsidiary, Franklin Street Management Services, and Pappas Retail Leasing & Management.
Combined, Franklin Pappas is in charge of 1.8 million square feet of retail and office space in seven area counties, ranking the company as one of the top commercial property management firms in the Tampa Bay area.
Other Notable Deals
Edward B. Hanley and Eric P. Wohl of Hanley Investment Group Real Estate Advisors represented the Westwood Financial in the sale of the 9,597-square foot Walnut Newport Center in Orange County, Calif. The purchase price was approximately $3 million, representing $312 per square foot in an all-cash transaction. The buyer, Lee Family Trust, was represented by Chuck Hathoot of PrudentialRealty.
The board of directors of TNP Strategic Retail Trust Inc. authorized the company to pursue the acquisition of the 170,275-square-foot Waianae Mall in Honolulu, Hawaii, for approximately $25.7 million, including the assumption of existing debt on the property.