Samuels & Associates and a division of JPMorgan Chase & Co. purchased the 950,000-square-foot Landmark Center office and retail complex in Boston for $530.5 million from Abbey Group.
Landmark Center is 99 percent leased. Retail tenants include Bed Bath & Beyond, Best Buy and Regal Entertainment Group movie theaters. The property was constructed in 1928 and was operated by Sears until the 1980s.
The building was vacant for years until it was redeveloped in 2000.
Inland Western Amends And Expands Credit Facility
Inland Western Retail Real Estate Trust Inc. closed on an oversubscribed two-year $585 million secured credit facility, including a $435 million revolving line of credit and a $150 million term loan. The new credit facility was arranged by KeyBanc N.A. and J.P. Morgan Chase Bank N.A. and a syndicate of banks including Citibank N.A., Deutsche Bank Trust Co. Americas, RBC Bank (USA), Bank of Montreal, Norddeutsche Landesbank Girozentrale, Bank of America, Regions Bank and Union Bank N.A.. It replaces the company’s $200 million secured line of credit due to mature in October 2011.
The pricing on the new facility has a range of LIBOR plus 275 basis points to 400 basis points, without a LIBOR floor, based upon leverage levels. Other standard financial covenants apply and if compliance with covenants is met, a one-year extension option is available to Inland Western.
DDR Announces IPO of Brazil JV
Developers Diversified Realty Corp. announced that its joint venture, Sonae Sierra Brasil, completed an initial public offering of Sonae Sierra Brasil's common shares on the Sao Paulo Stock Exchange.
Sonae Sierra Brasil's shares began trading on the Novo Mercado segment of the exchange under the ticker symbol SSBR3, beginning on Feb. 3, 2011.
Sonae Sierra Brasil's portfolio consists of 10 shopping centers in Brazil, eight of which are located in the state of Sao Paulo. The centers represent approximately 2.2 million square feet of owned gross leasable area. Three additional shopping centers are currently under development.
The offering included 21,739,130 common shares priced at $12.00 per share. Gross proceeds of $261 million will be used primarily for development of new retail centers and the redevelopment and expansion of Sonae Sierra Brasil's existing assets. Based on the IPO price, Sonae Sierra Brasil will have a market capitalization of $900 million.
In addition, a portion of the gross proceeds will be used to repay a loan from Sonae Sierra Brasil's parent company of approximately $43 million, of which 50 percent will be paid to Developers Diversified.
As a result of the IPO, Developers Diversified's effective ownership interest in Sonae Sierra Brasil is reduced to approximately 34 percent from 48 percent.
Marcus & Millichap Directs Sale of 13 CVS Drugstores to Cole
Marcus & Millichap Real Estate Investment Services arranged the sale of a portfolio of 13 single-tenant net-leased CVS drugstores nationwide to Cole Real Estate Investments for approximately $70.1 million. The properties are located in 11 states including California, Florida, Georgia, Kansas, Minnesota, Mississippi, New Jersey, New York, Oklahoma, South Carolina and Texas.
All of the properties in the 174,000-square-foot portfolio are new stores, opened in 2009 and 2010, and are subject to 24-year triple-net leases. Dean Zang, vice president investments; Mark Taylor, vice president investments; and Chris Munley, senior associate, are the Marcus & Millichap brokers, based in the firm’s Philadelphia office, who represented the seller in the transaction. Chad Adams, director of acquisitions, represented Cole.
Additional Marcus & Millichap investment professionals providing representation on these transactions were: J.D. Parker, broker of record (BOR) for New York State; Tim Speck, BOR for Texas; Solomon Poretsky, BOR for Minnesota; Adam Christofferson, BOR for Kansas; Bill Buford, BOR for South Carolina; John Leonard, BOR for Georgia; Greg Matus, BOR for Florida; and David Bohanon, BOR for Oklahoma.
Federal Capital and Westmoreland Partners Buy Williamsburg Property
Federal Capital Partners and Westmoreland Partners acquired the 348,890-square-foot Settler’s Market in multi-use property in Williamsburg, Va., for $13.25 million.
The joint venture acquired the property from a bank’s REO portfolio. Settler’s Market has an approved site plan for 349,890 square feet of retail and commercial space and 204 residential units, of which 47,826 square feet of retail space has been built and is presently home to tenants Trader Joe’s, BB&T, Baker’s Crust and others. All of the necessary retail-oriented site improvements have been completed.
Woolbright Acquires Village Commons
Woolbright Development acquired the 169,000-square-foot Village Commons shopping center in West Palm Beach, Fla., for an undisclosed price The property is a Mediterranean-style open-air center. Woolbright will oversee the center’s leasing, property management, construction management, marketing and promotions.
Village Common is anchored by Publix and CVS. Additional retailers and restaurants in the center include Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, Duffy’s Sports Bar and Grill, and other national, regional and local merchants.
Other Notable Deals
ACG Equities sold the 17,914-square-foot Shops at Vinings Main for $4.0 million. ACG was represented by Mark Cooley and Dan Earles of the Shopping Center Group. The Shops at Vinings Main is the retail portion of the mixed-use Vinings Main development. The property is 75 percent leased with tenants include Social Vinings, Snap Fitness, Subway, The Posh Spot and Vinings Main Cleaner.
The Boulder Group completed the sale of a single tenant net leased 14,490-square-foot Walgreens property located in St. Paul, Minn. for $5.91 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the 1031 exchange buyer, a private family trust based in California. The seller was a preferred Midwest Walgreens developer. In a separate deal, the firm sold a single tenant ground leased CVS property in Lexington, Ky., for $2.65 million. The two acre parcel is fully leased to CVS on a long-term lease. Blankstein and Goodman represented the buyer; an east coast based family office. The seller was a local real estate company.
RCG Ventures LLC is pleased to announce the acquisition of Poyner Place located in Raleigh, NC. The 199,122 SF shopping center is directly across from Town Triangle Center and is adjacent to the brand new Super Wal-Mart. The center is anchored by: Super Target, Office Max, Ross, World Market, Old Navy and Pier 1 Imports. Berkeley Capital Advisors represented the seller and the buyer represented themselves.
Haddigan Capital acquired the fee ground lease interest at a prime retail intersection in Algonquin, Ill., for $1 million. The acquisition includes the fee interest in a ground lease to YUM Brands with their KFC concept as the tenant. Bernard J. Haddigan is the principal of Haddigan Capital and acquired the property as part of a dividend oriented fund he is managing.