Buchanan Street Partners closed its Buchanan Fund V, a value-added fund with equity commitments totaling $414 million. As of the closing, on March 30, the fund had made $134 million in commitments to properties with total project costs of more than $500 million. The properties are located in California, Nevada, New Mexico, Colorado, Texas, Missouri, North Carolina and Florida.
Capital Lease Funding, Inc. acquired a portfolio of 18 net-leased real estate assets for $364 million, including $159 million in assumed debt. The portfolio includes three warehouse/distribution facilities totaling 2.56 million square feet; 11 Kroger grocery stores totaling 685,000 square feet; and four office buildings totaling 896,000 square feet. The company financed the acquisition with a $211 million short-term bridge facility from Wachovia Bank, N.A.
Cushman & Wakefield, Inc. has been appointed as the retail leasing agent for Centuria, a $1 billion, mixed-use redevelopment project. When completed, in 2009, Centuria will include 120,000 square feet of retail space, a four-star hotel and a luxury condominium.
Fremont Investment & Loan provided a $105 million loan to Tessler Developments and the Chetrit Group for the acquisition of 855 Sixth Ave., a block front parcel in New York City. The developers plan to construct a 500,000-square-foot mixed-use project on the property. Craig Lockard, of Fremont Investment, originated this loan.
Falcon Real Estate Investment Company, LP entered into a joint venture agreement with Transcan Development, LLC for the development of the Winchester Commercial Center, a 74,166-square-foot mixed-use property in Temecula, Calif. Falcon is providing $8 million in equity to fund the development. The project's total cost is estimated to be $25 million.
The board of directors of Starmount Company voted to change the firm's strategic direction on Apr. 2 to concentrate on the development of real estate projects in its North Carolina and Virginia markets. As part of the initiative, Starmount will be selling most of its commercial real estate holdings, totaling approximately 4 million square feet. Among the assets for sale are the company's flagship properties: Friendly Center, the Shops at Friendly Center and the Green Valley Office Park.
Sperry Van Ness negotiated the sale of Bellewood Commons, a 61,839-square-foot neighborhood shopping center in Leesburg, Va. to Neuman-Bellewood, LLC for $22 million. Rich Vaaler, of Sperry Van Ness/Vaaler Real Estate, along with Peter Witham and Fred Moon, of the Greenwich Group, represented the seller, Minshall-Stewart Properties, in the transaction.
Staubach Capital Markets negotiated the sale of Bainbridge Town Center, a 143,729-square-foot retail property in Bainbridge, Ga., to Bainbridge Town Center LLC. Lynn De Marco and Whitney Knoll, of Staubach, represented the seller, Centro Watt, in the transaction.
Faris Lee Investments negotiated the sale of the Everett Village Center, a 121,557-square-foot retail property in Everett, Wash., for $22 million. Richard Walter and Donald MacLellan, of Faris Lee Investments, represented the seller, Steadfast Cos., in the transaction. Mike Pappas, of Colliers International, represented the buyer.
iCap Realty Advisors arranged a $14 million permanent loan for a 136,871-square-foot retail center in Conyers, Ga. The loan featured a 30-year amortization rate.
Kornwasser Shopping Center Properties, LLC purchased a 26-acre site in Gilbert, Ariz. for the development of Higley Pavilion, a 270,000-square-foot community shopping center. The $32 million Higley Pavilion is scheduled to open in summer 2008.
Grubb & Ellis Company negotiated the sale of Parkway Commons Shopping Center, a 17,900-square-foot retail property in Houston, Texas, to FKM Partnership, Ltd. Grubb & Ellis represented the seller, Lake Houston Retail, Ltd., in the transaction. States Mortgage Company represented the buyer.
Divaris Real Estate Inc. has been appointed as the exclusive leasing agent for Albemarle Place, a to-be-developed mixed-use project in Charlottesville, Va. When completed, in 2009, Albemarle Place will include big-box and boutique retail outlets, a cinema, office and residential components and a hotel.
Weingarten Realty Investors acquired a portfolio of six neighborhood/community shopping centers in Arizona from the affiliates of Bourn Partners, LLC for $165 million. The centers total 780,000 square feet.
Cohen Financial secured a 10-year, non-recourse loan for the acquisition of 12 retail buildings in Long Grove, Ill. The acquired portfolio contains 24 specialty shops totaling 50,449 square feet of space. Steve Roth and Steve Kundert, of Cohen Financial, negotiated this transaction.
Inland American Real Estate Trust, Inc. purchased a Six Pines portfolio of 21 grocery-anchored properties for approximately $257 million. The portfolio contains a total of 1.47 million square feet of prime retail space, predominantly in areas surrounding Dallas and Austin in Texas.
Holliday Fenoglio Fowler, L.P. negotiated the sale of Perimeter Expo Center, a 175,835-square-foot power center in Atlanta, Ga., to Perimeter Atlanta SC LLC. Chris Turner and Kellie Johnson, of Holliday Fenoglio Fowler, negotiated this transaction.
Harbor Capital Group arranged a $16 million loan for the acquisition of Towne South Plaza, a 162,285-square-foot power center in Terre Haute, Ind. The loan featured a 10-year term.
Inland Mortgage Capital Corp. funded a $14 million construction loan for the development of a 36,664-square-foot shopping center in Las Vegas, Nev.
Acorn, Frame Warehouse, Francesca's Collections, Harmony Salon, HUE Studio and Trysports have signed leases at Crosland's 495,000-square-foot Blakeney development in Charlotte, N.C.
Lutz Real Estate Investment closed the sale of Bradford Plaza, a 140,000-square-foot grocery-anchored shopping center in West Chester, Penn., to UCM/TSV-Bradford Plaza LP for $27 million. Fameco Real Estate represented Lutz in the transaction.
Ramco-Gershenson Properties Trust purchased its partner's interest in Ramco Jacksonville LLC, becoming the sole owner of River City Marketplace, a retail property currently being developed in Jacksonville, Fla. When completed, River City Marketplace will encompass 1.2 million square feet of retail space.
Grubb & Ellis Company negotiated the sale of Regency North Whole Foods Center, a 74,059-square-foot retail property in Overland Park, Kan., to Southwestern Investment Advisors and AMG. George Cushing and Wendy Vandeventer, of Grubb & Ellis, represented the seller, Glenwood I and II LLC, in the transaction.
Holliday Fenoglio Fowler, L.P. arranged a $12 million loan for Prestige Plaza Shopping Center, a 62,356-square-foot retail property in Raritan, N.J. Jon Mikula and John Taylor, of Holliday Fenoglio Fowler, negotiated this transaction.
Investcorp Real Estate Group completed the sale of Cypress Point Shopping Center, a 166,933-square-foot retail property in Clearwater, Fla., to Ramco-Gershenson Properties Trust for an undisclosed amount. Staubach Capital Markets' East Coast retail investment team represented Investcorp in the transaction.
Sperry Van Ness negotiated the sale of Whittier Marketplace, a 168,263-square-foot community center in Whittier, Calif., to Whittier Marketplace, LLC for $38 million. Jereme Snyder (right) and Geoff Tranchina represented the seller, Urbatec, in the transaction. Robert Zaharia represented the buyer.
Ramco-Gershenson Properties Trust contributed Chester Springs Shopping Center, a 224,153-square-foot retail property in Chester, N.J., to its joint venture with a Heitman LLC-advised investor. Chester Springs is the last of three Ramco-Gershenson properties to be acquired by the joint venture.
Whole Foods signed a 57,000-square-foot lease at 808 Columbus Avenue in New York City. Jeffrey Winick and Lori Shabtai, of Winick Realty Group LLC, represented the landlord in the transaction. Chase Welles, of Northwest Atlantic Partners, represented Whole Foods.
Regency Centers closed the sale of Outlot 4, a 1.05-acre land site at Marketplace at Briargate shopping center in Colorado Springs, Colo., to TCF National Bank.
Sperry Van Ness negotiated the sale of Oceanview Apartments, a historic retail and apartment community in Venice, Calif. to a private investor for $10.8 million. Brent Sprenkle, Geoff Tranchina, Jereme Snyder and Tim Steurnol, of Sperry Van Ness, represented both the seller and the buyer in the transaction.