Transactions

• Philadelphia — Pennsylvania Real Estate Investment Trust (PREIT) recently acquired Beaver Mall, a 1.1 million-sq.-ft. regional in Beaver County, Pa., for $61.3 million. The seller was California Public Employees' Retirement System. To finance the acquisition, PREIT entered into a 10-year, $48 million mortgage from CS First Boston/Column Financial, at an interest rate of 7.4%.

• Roseland, N.J. — Chelsea Property Group recently acquired two top-selling outlet malls with a combined value of $103.3 million. The larger of the two transactions, valued at $76.3 million, was for 50% interest in Orlando Premium Outlets in Orlando, Fla., previously owned by Simon Property Group. Chelsea also closed on Prime Outlets at Edinburgh in Edinburgh, Ind., for $27 million in cash.

• Chantilly, Va. — Dallas-based Crow Holdings Real Estate Fund recently acquired Greenbriar Town Center, a 345,968-sq.-ft. community center in Chantilly, Va., for $61.8 million. Insignia/ESG Capital Advisors Group represented the seller, a pension fund client of New York-based JP Morgan Fleming Asset Management.

• Atlanta — Inland Retail Real Estate Trust recently acquired the Publix-anchored Hairston Crossing shopping center in Decatur, Ga., for $6.65 million.

• Valencia, Calif. — Newport Beach, Calif.-based Hopkins Real Estate Group recently acquired four retail properties northeast of Los Angeles. The company plans to close on a fifth location there this summer. The combined total GLA of the properties will be about 220,000 sq. ft.

• Houston — L.J. Melody & Co. recently arranged the sale of six Eckerd drug stores to a Michigan-based 1031 tax exchange investor for a total purchase price of $20 million. Michael Strober in L.J. Melody's Tampa, Fla., office negotiated the deal.

• Atlanta — Two former managing partners of CB Richard Ellis' Southeast/Mid-Atlantic Retail Investment Advisory team recently left the company to form NewBridge Retail Advisors. Gary Saykaly and W. Van Barron say the new venture will provide asset, capital and transaction solutions to retail asset owners and investors in the Southeast and Mid-Atlantic.

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