Cigna Investments provides $65 million financing for Sunrise Mall Philadelphia-based Cigna Investments Inc. has provided $65 million first mortgage financing for Sunrise Mall, a 1.25 million sq. ft. regional mall located in Long Island, N.Y. Philadelphia-based Legg Mason Real Estate Services arranged the financing, which is based on a 6.75% interest rate and a 10-year term. Sunrise Mall's major tenants include Sears, JCPenney and Macy's.
BPP Retail to acquire 28 centers for $663.4 million BPP Retail LLC, a co-investment between San Diego-based Burnham Pacific Properties and Sacramento, Calif.-based California Public Employees' Retirement System (CalPERS), will acquire 28 shopping centers for $663.4 million from San Francisco-based AMB Property Corp.
The centers together total 5.1 million sq. ft. and will be purchased in three separate transactions. The first is expected to close this month with the other two closing July 31 and Dec. 1, 1999. In a separate transaction, six more centers totaling 1.5 million sq. ft. are under contract with BPP retail for $284 million, awaiting financing confirmation. The deal is expected to close by the end of this year. The centers are located throughout the United States including Washington, California, Connecticut, Florida, Illinois, Texas, Nevada, Georgia, New York, and Minnesota.
The transaction includes an option granted by AMB to CalPERS for acquiring an additional 2 million original issue common shares of AMB for $25 per share, which may be exercised on or before March 31, 2000. BPP also granted CalPERS an option to acquire up to 1 million original issue common shares of BPP for $15 3/8 per share, which may be exercised on or before June 30, 2000.
Konover Property Trust acquires RMC Realty Cos. Cary, N.C.-based REIT Konover Property Trust purchased the properties managed by Tampa, Fla.-based RMC Realty Cos. LP on April 1, 1999. The centers Konover purchased will be leased and managed by RMC/Konover Property Trust LLC (RMC/Konover) in Tampa.
Konover's purchase of RMC will increase the total number of shopping centers it owns to 154. It also will bring its total portfolio under third-party management to 8.7 million sq. ft.
Mixed-use New Roc City nears completion in New Rochelle, N.Y. Next month, White Plains, N.Y.-based New Roc Associates L.P. will unveil New Roc City, a 1.2 million sq. ft mixed-use entertainment and retail development in New Rochelle, N.Y. The project is expected to "wow" visitors to the city and reinvigorate New Rochelle's downtown district.
New Roc City is designed to encourage pedestrian traffic along tree-lined streets and promenades. Built on the former Macy's and New Rochelle Mall sites, New Roc City is the cornerstone of the revitalization of downtown New Rochelle. An improvements program will link vehicular traffic from I-95 to the downtown retail district.
This $190 million complex will be home to Regal Cinemas' 19-screen megaplex with an IMAX theater, as well as two indoor skating rinks, a food court, video games and the Huguenot - a roof-top attraction that will propel riders more than 200 feet into the air. Other facets of this development include three restaurants, a 120-room Marriott hotel, a Bally fitness center, a Super Stop & Shop and 110,000 sq. ft. of Class-A office space.
Financing for New Roc City was arranged through public and private sources, including a low-interest loan from Albany, N.Y.-based Empire State Development Corp. Valhalla, N.Y.-based Cappelli Enterprises Inc. is the project's general contractor.
Lend Lease sells interest in Century III Mall Atlanta-based Lend Lease Real Estate Investments has sold its 50% interest in the 1.3 million sq. ft. Century III Mall to Indianapolis-based Simon Property Group for $57 million, including Simon's assumption of $33 million in debt. This transaction marks the last property to be sold from Lend Lease's Asset Enhancement Fund.
Century III Mall is located in suburban Pittsburgh and is anchored by JCPenney, Sears, Joseph Hornes and Kaufmanns.