Equity One Inc. closed a $200 million unsecured term loan. The loan comes with a seven-year term and an accordion feature allowing for expansion to $250 million. It bears interest at the annual rate of LIBOR plus 190 basis points, subject to a pricing grid based on changes in the company’s credit ratings. Equity One also entered into interest rate swaps to convert the loan’s LIBOR rate to fixed interest rate, providing it with an effective fixed interest rate of 3.46 percent per year.
Equity One plans to use the proceeds from the transaction to pay down the outstanding balance on its $575 million revolving credit facility, in addition to acquisitions, development projects and general corporate purposes.
PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. acted as joint lead arrangers and joint book runners on the loan. PNC Bank N.A. served as administrative agent, and SunTrust Bank as syndication agent. Other participants included BB&T, Raymond James Bank and TD Bank N.A.
TIAA-CREF Buys The Shops at Wisconsin Place for $113.3M
New England Development sold The Shops at Wisconsin Place, the 118,000-sq.-ft. retail component of the mixed-use Wisconsin Place development in metropolitan Washington, D.C. to TIAA-CREF for $113.25 million.
The center is 99 percent leased. Whole Foods Market anchors the property, while Bloomingdale’s serves as a shadow anchor. Other tenants include Anthropologie, The Capital Grille, Talbots, P.F. Changs China Bistro and Sephora.
Robert E. Griffin, Jr., Geoffrey Millerd and Allen Potts, of Cushman & Wakefield, negotiated this transaction.
Mesa West Finances Centers in Oregon and Arizona
Mesa West Capital provided a $41.2 million first mortgage on behalf of Karlin Real Estate for Shea Scottsdale and Shea Scottsdale East, two adjacent grocery-anchored shopping centers in Phoenix, and Willamette Marketplace, an office and retail center in Portland, Ore.
Shea Scottsdale and Shea Scottsdale East total more than 277,000 sq. ft. of space. Safeway, CVS Pharmacy and Harkins Theaters serve as anchors for the centers. The properties are 85 percent leased. Willamette Marketplace totals 61,604 sq. ft. of space. The retail portion of the center is 44 percent leased, with tenants including Legacy Health Systems, Five Guys Burgers and Fries and McMenamins.
CBL Sells North Carolina Centers for $40.4M
CBL & Associates Properties Inc. sold Westridge Square and Oak Hollow Square in North Carolina in two separate transactions totaling $40.4 million.
Kimco Realty Corp. purchased Westridge Square, a 215,000-sq.-ft. grocery-anchored shopping center in Greensboro, N.C., for $26.1 million. The property came unencumbered by debt. Westridge Square is 98 percent leased. Kohl’s, Harris Teeter and Rite Aid anchor the center.
Fairway Investments bought Oak Hollow Square, a 139,000-sq.-ft. retail center in High Point, N.C., for $14.3 million, also free of debt. Oak Hollow Square is 97 percent leased. Harris Teeter and Stein Mart anchor the property.
Richard Reid, Coleman Benedict and Jim Hamilton, of HFF, represented the seller in the transaction.
Urstadt Biddle Closes $28M Loan on Connecticut Shopping Center
Urstadt Biddle Properties Inc. closed a $28 million loan on The Dock Shopping Center, a 271,000-sq.-ft. shopping center in Stratford, Conn. The loan featured a fixed 4.85 percent interest rate, a 10-year term and a 30-year amortization schedule.
A 60,000-sq.-ft. Super Stop and Shop and a 107,000-sq.-ft. BJ’s Wholesale Club anchor the center. Other tenants include West Marine, Staples, Petco and Citibank.
Cantor Commercial Provides $25.5M Loan for California Mall
Passco Cos. LLC secured a $25.5 million loan to refinance Hanford Mall, a 483,214-sq.-ft. regional mall in Hanford, Calif. The loan features a fixed interest rate and a 10-year term. Cantor Commercial Real Estate provided the financing.
The mall was completed in 1993 and expanded in 1999.
Terranova Negotiates $22.5M Loan for an Affiliate’s Shopping Center in Florida
Terranova Capital Corp. negotiated a $22.5 million loan on behalf of Suniland Associates Ltd., an affiliate of Terranova, to refinance Suniland Shopping Center, an 82,000-sq.-ft. shopping center in Pinecrest, Fla. PNC Corp. provided the loan, satisfying an existing, smaller loan provided by a life insurance company.
Suniland Associates Ltd. acquired the property through two transactions in 1994 and 1996 totaling $10.4 million. It has since renovated the center. Tenants at Suniland currently include CVS, Wagons West, Pete’s Barbershop, U.S. Post Office, SunTrust Bank, Citicorp and Starbucks, among others.
Bear Creek Plaza Refinanced With $15.4M CMBS Loan
Cohen Financial secured a $15.4 million CMBS loan on behalf of Bear Creek Ventures LLC to refinance Bear Creek Plaza, a 185,800-sq.-ft. retail center in Medford, Ore. The loan features a fixed interest rate, a 10-year term, a 30-year amortization schedule and no recourse. Bi-Mart, Big Lots, Dollar Tree and T.J. Maxx anchor the property.
Brandon Harrington, of Cohen Financial, negotiated this transaction.
Other Notable Deals
Westwood Financial Corp. sold Olive Square, an 86,225-sq.-ft. retail center in Glendale Ariz., to North American Realty Acquisition Corp. for $6.3 million. The center was completed in 1974 and remodeled in 2007. It is currently 92 percent leased. Jan Fincham and Patrick Dempsey, of Lee & Associates, represented the seller in the transaction.
Dreamy Hollow Apartments Co. sold two Food Lion-anchored shopping centers in North Carolina to GA-FCU Management LLC for $2.8 million. The properties included Roseboro Centre, a 36,000-sq.-ft. shopping center in Roseboro, N.C., and Mountain View Shopping Center, a 43,550-sq.-ft. shopping center in Hickory, N.C. Roseboro Center is 75 percent leased and Mountain View is 100 percent leased. Gil Neuman, of NAI KLNB, and Robbie Perkins, of NAI Piedmont Triad, represented the seller in the transaction. NAI KLNB also procured the buyer.
Baker Storey McDonald Properties bought Kroger Plaza, a 53,989-sq.-ft. shopping center in Winchester, Ky. and a former National City Bank branch in Ohio. Kroger Plaza will be 90 percent leased once a 20,000-sq.-ft. Burke’s Outlet store will open at the center in March. Protective Life Insurance Co. provided the financing for the acquisition. Baker Storey McDonald plans to build a 6,200-sq.-ft. shopping center at the former bank branch in Ohio. The company plans to complete the development in the fall of 2012. BB&T Bank provided the financing for the project.