Glimcher Realty trust entered into an agreement to sell its Lloyd Center regional mall in Portland, Ore. to Merlone Geier Partners IX LP. Merlone will pay $192 million, which includes assumption of the $127.5 million mortgage on the property. Glimcher also received a term sheet from its lead arrangers, KeyBanc Capital Markets Inc. and Banc of America Securities, for the modification and extension of its current $470 million unsecured credit facility.
The Macerich Partnership LP, the operating partnership of Macerich and GI Partners, formed a joint venture for Macerich's 1.4-million-sq.-ft. FlatIron Crossing Mall in Broomfield, Colo. Macerich received about $116 million in net cash and GI Partners acquired a 75-percent interest in the asset. Sale proceeds have contributed to Macerich paying off $446 million in term notes due in 2010.
Ramco-Gershenson Properties Trust completed the $27.4 million sale of three net-leased assets, including two Wal-Mart stores and a standalone Home Depot in Taylor, Mich. The two Wal-Mart stores anchor the company's Northwest Crossing shopping center in Knoxville, Tenn. and the Taylors Square center in Taylors, S.C.
Kimco Realty Corp. closed a $108 million loan on a 1.5-million-square-foot retail portfolio, which includes seven grocery-anchored shopping centers and one community center located throughout Florida, New Hampshire, New Jersey, North Carolina, Pennsylvania and Texas.
Stonemason Partners LP has completed its initial round of fundraising for Fund I. The company plans to acquire more than $100 million in multi-tenant retail assets and distressed commercial property in the Southeast and along the Eastern seaboard over four years.
Developers Diversified Realty sold the second tranche of 15 million common shares to the Otto family for $60 million. Also, between August 10 and September 17, the company sold approximately 18.4 million common shares for approximately $157 million.