Equity One Inc. formed a joint venture with New York Common Retirement Fund to acquire high quality, grocery-anchored centers throughout the United States.
The joint venture will be 70 percent owned by CRF and 30 percent owned by Equity One. Equity One will manage and lease properties acquired by the joint venture. CRF will be advised by LaSalle Investment Management.
The joint venture has acquired two Publix anchored shopping centers—Country Walk Plaza in Miami and Veranda Shoppes in Plantation, Fla.—from Equity One for a purchase price of $39.4 million. Collectively the centers were 96.7 percent occupied at March 31, 2011.
“This venture provides us with a highly regarded capital partner who shares our long term perspective on the ownership of institutional quality shopping centers,” Equity One CEO Jeff Olson said in statement. “This new alliance will enable us to continue our strategy of upgrading and diversifying our portfolio into the most densely populated, supply constrained markets of the country.”
CBRE Arranges $111.4M Financing for Alameda Towne Center
CB Richard Ellis’ capital markets debt & equity finance group arranged $111.4 million in financing for the 595,000-square-foot Alameda Towne Centre in Alameda, Calif.
Alameda Towne Centre was recently purchased by Atlanta-based Jamestown Properties for $181 million. Prudential Mortgage Capital Co. was the lender.
The property was originally built in 1958 as South Shore Center. The center is anchored by numerous national tenants including Safeway, Trader Joe’s, Walgreens, Kohl’s, Ross Dress for Less, TJ Maxx, Bed Bath & Beyond and Office Max.
Jamestown Properties was represented in the financing by Vice Chairman Bruce Francis of CBRE Capital Market’s Phoenix office and Senior Vice President Sharon Kline of CBRE’s Newport Beach, Calif., office. Phil Voorhees and Todd Goodman, also of CBRE’s Newport Beach office, represented the sellers.
WP Realty & Angelo, Gordon & Co. Acquire Shaw’s Portfolio
WP Realty and Angelo, Gordon & Co. acquired a portfolio of seven Shaw’s anchored shopping centers and one free-standing Hannaford Bros. located throughout Massachusetts, Maine, and Rhode Island totaling 659,143 square feet.
The portfolio is comprised of the following:
- Cushing Plaza – a 71,210-square-foot shopping center in Cohasset, Mass.
- Shaw's Plaza – a 104,923-square-foot shopping center in Easton, Mass.
- Shaw's Plaza – a 57,181-square-foot shopping center in Hanover, Mass.
- Shaw's Plaza – a 59,766-square-foot shopping center in Plymouth, Mass.
- Hannaford Bros. – a 45,882-square-foot retail shopping center in Waltham, Mass.
- Shaw's Plaza – a 124,331-square-foot retail shopping center in North Windham, Maine
- Shaw's Plaza – a 119,015-square-foot retail shopping center in Waterville, Maine
- Marketplace Center – a 76,835-square-foot retail shopping center in Warwick, R.I.
The portfolio is 97 percent leased and contains a mix of national, regional, and local tenants including Shaw’s occupying 419,098 square feet across the portfolio, Hannaford Bros. (45,882 square feet), Staples (23,942 square feet), Flagship Cinemas (23,788 square feet), Michael’s (18,200 square feet), Rite Aid (16,714 square feet), and Walgreens (13,500 square feet), among others.
RKF Completes Manhattan Retail Condo Sale
Robert K. Futterman & Associates completed the sale of the 6,183-square-foot ground floor retail condominium at 750 Eighth Ave., in New York City in The Platinum, a 43-story luxury residential building. The retail condominium, currently vacant, was sold for $16.25 million.
RKF directors Michael Worthman and Brandon Eisenman were the exclusive agents for the seller, SJP Residential Properties. RKF also represented the buyer, Hersel Torkian.
Glenmont Capital Forms JV with Cal Coast to Recapitalize L.A. Center
Affiliates of Glenmont Capital Management LLC have formed a joint venture with affiliates of Cal-Coast Companies LLC in the $11.7 million recapitalization of the 98,595-square-foot Gardena Marketplace, a class-A grocery-anchored shopping center located in Gardena submarket of Los Angeles.
Since opening in 2002, Gardena Marketplace has consistently maintained close to 100 percent occupancy at rents that represent a premium to surrounding centers. The property houses retail, service, and professional tenants including Albertsons, Starbucks, Burger King, Quiznos Subs, Baskin Robbins, GNC, Blockbuster Video and Papa John’s Pizza, among others.
Following the acquisition, the venture will continue to renew leases as they expire and also evaluate potential value-added exit strategies that are alternatives to a typical institutional sale. The venture will also continue to evaluate the feasibility of converting portions within the shopping center into separate condominium units, selling each unit to either existing tenants or individual investors, which is anticipated to generate sales of approximately $650 per square foot.
TNP Strategic Retail to Acquire North Dakota Property
TNP Strategic Retail Trust Inc., a publicly registered non-traded REIT, announced today that its board of directors authorized the company to pursue the acquisition of the 114,292-square-foot Pinehurst Square East shopping center in Bismarck, N.D.
Pinehurst Square was built in 2005 and is more than 90 percent leased. Major tenants include T.J. Maxx, Old Navy and Shoe Carnival. Tenants have staggered lease expirations that range from 2011 to 2017.
The acquisition is subject to various conditions to closing.
Aztec Secures $8.5M in Bridge Financing for Biscayne Harbour Shops
Aztec Group Inc. announce that Senior Managing Director Howard Taft and Director Charles Penan secured $8.5 million in acquisition bridge financing for Biscayne Harbour Shops, an approximately 44,500-square-foot, three-building retail center in Aventura, Fla.
Financing was provided by a New York based real estate finance company. Terms of the 2-year facility include a 60 percent loan-to-value and floating rate. The buyer, Blue Green Capital LLC is an affiliate of Aventura, Fla.-based Triarch Investment Group.
DeBartolo Development Acquires Chicago-area Property
DeBartolo Development LLC acquired the company’s first property in the Chicago market, Prairie Stone Crossing, a 61,000-square-foot mixed-use community center in the Chicago suburb of Hoffman Estates, Ill. Acquired on behalf of DeBartolo Opportunity Fund I L.P., for an approximate 49 percent discount to the outstanding loan balance, the property is the Fund’s fifth asset.
The center is comprised of a 42,000-square-foot Sports Authority, a 12,000-square-foot multi-tenant retail building and a 6,000-square-foot retail/restaurant building. The property is currently 80 percent leased.
NorthMarq Arranges Financing for Four Retail Properties
NorthMarq Capital released the details of four recent retail financings last week.
In the largest deal, Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, and Charles P. Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, cooperated to arrange a $7.7 million construction and permanent loan for the 30,000-square-foot Jericho Crossing Shopping Center in Syosset, N.Y. Financing was based on a total term of up to 12-years and was arranged for the borrower by NorthMarq through its relationship with a regional bank.
The property is an existing 22,000-square-foot former car dealership that is being expanded by 8,000 square feet and converted to a high-end neighborhood retail center. The loan facility includes two-year acquisition, construction and renovation financing component with a non-recourse permanent loan option of up to 10 years.
In the second deal, Matthew Kohlhoss, vice president, and Gary McGlynn, senior vice president and managing director, of NorthMarq’s Washington, D.C. regional office arranged permanent first mortgage financing of $3.3 million for the 70,416-square-foot Staples Mill Plaza in Richmond, Va.
Financing was based on 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Woodmen of the World.
In the third deal, Kohlhoss and McGlynn arranged permanent first mortgage financing of $2 million for the 88,298-square-foot Midlothian Crossing shopping center in Richmond, Va.
Financing was based on 20-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with StanCorp Mortgage Investors LLC.
Lastly, Doug Austin, vice president of NorthMarq’s San Diego regional office, arranged first mortgage financing of $1.75 million for a 10,797-square-foot retail property in Chula Vista, Calif. Auto Zone is the major tenant at the property. Financing was based on a 3+3+3 year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Symetra Life Insurance Co.
Other Notable Deals
Mark Caston and Rick Wu of Voit Real Estate Services’ San Diego office directed the acquisition of a 10,650-square-foot office building in San Diego that will be used for a retail redevelopment. Caston and Wu represented the buyer, Roy and Helen Lee, who also own the contiguous property. The seller, Odom Family Trust, was represented by Tim Kerrigan of CB Richard Ellis.
AmREIT Inc. purchased Brookwood Village, a 28,777-square-foot CVS-anchored shopping center in Atlanta. The property is 96 percent leased and occupied and was purchased for an undisclosed price.
Q10 | New York Realty Advisors LLC closed of a $3.5 million first mortgage loan on a CVS-anchored neighborhood shopping center on Staten Island. The loan was placed with a NY-based lender. The interest rate was fixed for 7-years at 5.375 percent with an option to extend the loan for an additional 5-year term on either a fixed or floating-rate basis. The amortization was for 30-years. There was no lender fee charged.
The Shopping Center Group facilitated the sale of a 6,955-square-foot O’Reilly’s Auto Parts building in Lynn Haven, Fla., for $1.3 million in a deal with a 7.5 percent cap rate. Lynn Haven O’Reilly LLC sold the property to California 1031 buyer. Josh Randolph, an associate with firm’s investment properties division, represented the seller. O’Reilly’s Automotive Inc. recently signed a 20-year lease for the location.