New York-based real estate investment banking firm Savills LLC represented a joint venture between JP Morgan Investment Management and Centro Properties in the $40.7 million sale of the 260,000-square-foot New London Shopping Center in New London, Conn. to Cedar Shopping Centers, Inc. The price equates to a 7.7 percent cap rate.
“This sale proves that well positioned and strong performing assets are still attracting investor demand despite a highly turbulent market,” Savills managing director John A. Williams said in a statement. “Savills' expertise with the retail investment market and the active players in this market helped us to consummate the deal. We will keep leveraging our understanding of capital markets to help existing and new clients complete deals in a challenging economic environment.”
The center is anchored by a ShopRite supermarket, Marshalls, HomeGoods, PetSmart and A.C. Moore. Additional tenants include Guitar Center, West Marine, Famous Footwear, Hallmark, Sally Beauty and Chili’s Bar & Grill.
Other Notable Deals
DJM Realty, a Gordon Brothers Group company, has been retained to exclusively manage the disposition of all remaining Circuit City Stores, Inc. real estate in the United States. As of December 31, 2008, Circuit City operated 567 stores. Overall, DJM has 578 leases that are available for assignment ranging from16,844 square feet to 82,555 square feet…. A joint venture led by Hilco Consumer Capital, L.P. and Gordon Brothers Brands, LLC has acquired the intellectual property assets of Linens 'n Things, including its internet domains and proprietary brands. The two firms plan to relaunch Linens ‘n Things as a global licensed brand later this year, opening the door for stores-in-stores, direct-to-retail licensing and e-commerce. The firms also control the intellectual property assets of Sharper Image and Bombay Brands.… Glimcher Realty Trust announced that it recently closed on a $25 million mortgage loan on Grand Central Mall in Vienna, W. Va. For a period of up to six months after the initial funding, the loan amount can be increased up to $47 million. Glimcher used the $25 million to repay a portion of an existing $46 million loan on the mall. The new loan has a term of five years comprised of an initial three-year maturity with two, one-year extension options. The loan is 50 percent recourse with a floating interest rate of LIBOR plus 3.5 percent per annum with an interest rate floor of 5.5 percent per annum. Shortly after closing on the new loan, the company sold an outparcel at Grand Central Mall for approximately $5 million....Marcus & Millichap Real Estate Investment Services arranged the sale of the 259,056-square-foot Charter Oak Marketplace in Hartford, Conn. The property was listed at $19.3 million, or $74 per square foot. Sharon Bands, a vice president investments and a senior director of Marcus & Millichap’s National Retail Group in Manhattan, represented the seller, Centro Properties, and also secured the buyer, a New Jersey-based shopping center REIT. … Marcus & Millichap also arranged the sale of the 136,827-square-foot Berkeley Commons shopping center in Goldsboro, N.C. for $19 million. The price represents a cap rate of 7.7 percent. Alvin Mansour, a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in San Diego, represented the seller. Steven Siegel, a vice president investments and senior director of Marcus & Millichap’s National Retail Group in Manhattan, represented the buyer. … Attiq Investments, LLC, has acquired the 43,400-square-foot Sweetwater Village Shopping Center in Spring Valley, Calif., for $6.2 million from Westcore Properties. Pete Bethea, John Jennings and David Bradley of Cushman & Wakefield represented Westcore. Brad Ihde of USA Realty & Loans handled the transaction for Attiq Investments.