Regency Centers Corp.’s operating partnership, Regency Centers L.P., completed the sale of $150 million of 6.0 percent 10-year senior unsecured notes under its existing shelf registration statement.
The notes are due June 15, 2020 and were priced at 99.299 percent. Interest on the notes will be payable semiannually on June 15th and December 15th of each year, beginning on December 15, 2010. The net proceeds will be used to repay near-term maturing indebtedness and for general corporate purposes.
J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC acted as joint book-running lead managers for the transaction. The co-managers were Banc of America Securities LLC, Capital One Southcoast Inc., Comerica Securities Inc., Daiwa Securities America Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Keegan & Company Inc., PNC Capital Markets LLC, RBC Capital Markets Corporation, SunTrust Robinson Humphrey Inc. and US Bancorp Investments Inc.
Cedar Shopping Centers Receives Additional $12.6M Proceeds From RioCan JV
Cedar Shopping Centers Inc. completed the transfer of the 294,000-square-foot Loyal Plaza Shopping Center in Williamsport, Pa., to an existing joint venture between Cedar (20 percent) and RioCan Real Estate Investment Trust (80 percent).
Cedar received from RioCan for its 80 percent interest, cash proceeds of approximately $12.6 million, which were used to pay down the company's secured revolving credit facility for stabilized properties of $285 million, the outstanding balance of which, subsequent to such payment, is now approximately $84 million.
Loyal Plaza’s principal tenants include a 103,000-square-foot Kmart and a 67,000-square-foot Giant Food Stores supermarket. Additional tenants include Staples, Rite Aid, Western Auto Supply, Pennsylvania Liquor Control Board, Williamsport National Bank, Dollar Tree, Fashion Bug, Hallmark, Olympia Sports, Radio Shack, Rent-A-Center and others.
The property was valued at approximately $27 million for purposes of the transfer to the joint venture and is subject to a loan of approximately $12.5 million due June 2011. The parties expect to arrange new financing for the property at that time at 50 percent to 60 percent loan-to-value.
Marcus & Millichap Completes Two Single-Tenant Deals
Marcus & Millichap Real Estate Investment Services announced the sale of a 3,388-square-foot AT&T Wireless in Prattville, Ala., for approximately $1.5 million, and the sale of a 7,430-square-foot Bridgestone/Firestone in Cypress, Texas for approximately $2.3 million.
Alvin Mansour and Phil Sambazis, net-leased investment specialists in Marcus & Millichap’s San Diego office, in association with Edwin Greenhalgh, an investment specialist in Marcus & Millichap’s Birmingham office, had the exclusive listing to market the AT&T property on behalf of the developer. The buyer, a private investor based in Florida, was secured and represented by Andrew Chason, an investment specialist in Marcus & Millichap’s Birmingham office. Matt Fitzgerald, broker, assisted in closing this transaction.
Mansour and Sambazis, in association with Chris Gomes, also had the exclusive listing to market the Bridgestone/Firestone on behalf of the developer. Tim Speck, broker, assisted in closing this transaction.
North American Development Announces Four Acquisitions
North American Development Group acquired three grocery anchored shopping centers, located in Jacksonville Fla., Houston, Texas and Commerce City (Denver), Colo. and one grocery anchored development site in Vero Beach, Fla. The centers were acquired from four different sellers for a combined purchase price of approximately $30.4 million.
The four properties include the 42,448-square-foot Riverside Market Square in Jacksonville, the 189,340-square-foot Presidio Square in Houston, the 83,775-square-foot Commerce City Plaza in Commerce City and the to-be-developed 92,000-square-foot Harbor Point in Vero Beach.
Holliday Fenoglio Fowler L.P. senior managing director Rusty Tamlyn and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, Camden Securities, on the Presidio Square deal. The shopping center is currently 89.9 percent leased. Major tenants at the center include H-E-B , Palais Royal, Radio Shack, IHOP and JPMorgan Chase.
Other Notable Deals
WP Realty and Angelo, Gordon & Co. acquired the 447,037-squqre-foot Fairlawn Town Centre in Fairlawn, Ohio. The center includes five buildings including one restaurant pad and is anchored by several national and regional retailers including Giant Eagle, Target, Home Goods, Pet Supplies Plus, and Marc’s. The acquisition of the center also included a vacant 39,840 square foot junior anchor box formerly occupied by Circuit City.
Fariba Kavian, who recently joined NAI Capital’s West Los Angeles office, has completed the sale of a vacant 178,889-square-foot shopping center in El Centro. Kavian represented both the seller, HRG Fresno THS, LLC and the buyer, Imagine 26 Partners LLC in the investment transaction.
Faris Lee Investments completed the $5 million sale of an 11,841-square-foot, four-tenant retail property fully occupied by Sally Beauty Supply, Payless Shoesource, West Coast Dental and Fashion Q. Located in Paramount, Calif., the property is situated within Paramount Towne Center. Donald MacLellan, senior managing director, and Richard Walter, president, Faris Lee Investments, represented the seller, UBS / Vestar. The buyer was Los Angeles-based Leem Family Trust, who was represented by Peter Baek with CPI Real Estate.