Levin Properties acquired six New Jersey shopping centers totaling more than 1.25 million sq. ft. of space from Federal Realty Investment Trust. Levin was the original developer of the centers, but sold operating control to Federal Realty in a 1989 master lease transaction, which has now been terminated.
MacFarlane Partners closed MacFarlane Urban Real Estate Fund II. The fund, with $1 billion in equity and total capitalization of approximately $4 billion, will focus on the development, redevelopment and repositioning of properties in urban and high-density suburban areas nationwide. It features an expected investment term of eight years.
Brascan Brazil Real Estate Partners, a retail property fund managed by Brookfield Asset Management, entered into an agreement with the Malzoni Investment Group to acquire a portfolio of shopping centers in Brazil for approximately $965 million. The portfolio includes five properties located in São Paulo and Rio de Janeiro, and will ultimately total 1.8 million sq. ft. of space.
Hull Storey Retail Group, LLC entered a definitive agreement to sell an 11-property, 3.8-million-sq.-ft. enclosed mall portfolio to Hendon Properties for $214 million.
Ramco-Gershenson Properties Trust issued $28 million of junior subordinated notes with a maturity date of January 2038. The notes are interest only at a fixed rate of 7.87% a year through January 2013, and will then feature a floating rate at a spread of 330 basis points over LIBOR.
Federal Realty Investment Trust entered into a $200 million unsecured term loan facility. The facility features a one-year term and a one-year extension option.
David Cronheim Mortgage Corp. secured a $20 million loan for Mansfield Commons, a 271,979-sq.-ft. shopping center in Hackettstown, N.J. The loan features a 6.35% rate, a 15-year term and a 30-year amortization schedule. Andrew Stewart and Dev Morris negotiated this transaction.
Savills Granite negotiated the sale of a North Carolina retail/office property portfolio from the Starmount Co. to a joint venture of CBL & Associates Properties Inc. and the Teachers' Retirement System of the State of Illinois for $357 million. The portfolio includes the Friendly Center, the Shops at Friendly Center and the Green Valley Office Park in Greensboro, N.C. and the Renaissance Center in Durham, N.C.
Cushman & Wakefield agreed to acquire Burnham Real Estate, San Diego's largest independent commercial real estate services and brokerage firm. The deal is scheduled to close this month.
Vintage Real Estate acquired the Wenatchee Valley Mall, a 340,000-sq.-ft. regional mall in Wenatchee, Wash.
ING Clarion Partners, LLC acquired Rivermark Village, a 138,000-sq.-ft. neighborhood shopping center in Santa Clara, Calif., from a joint venture between LNR Property Corp. and Shea Properties for $90.5 million. Eastdil Secured served as the broker in the transaction.
GE Real Estate provided an $80 million CMBS loan to Simon Property Group for Bangor Mall, a 497,369-sq.-ft. regional shopping center in Bangor, Maine.
Urban Development Fund, LLC received an allocation of $60 million under the New Market Tax Credit program for the recovery and redevelopment of low-income communities across the United States.