Rouse Properties Inc. closed on a $65 million mortgage for Lakeland Square Mall, an 883,290-sq.-ft. enclosed regional mall in Lakeland, Fla. The non-recourse loan features a fixed 4.17 percent interest rate and a 10-year term.
Previously, the asset carried a $50.3 million loan with an interest rate of 5.12 percent. Rouse received approximately $13.4 million in net proceeds from the transaction, after closing and defeasance costs.
Lakeland Square Mall was completed in 1988 and is the only enclosed regional mall within a 30-mile radius. Macy’s, Dillard’s, J.C. Penney, Sears and Burlington Coat Factory anchor the center. Inline tenants include Aeropostale, Bath and Body Works, Champs Sports, Finish Line, Kay Jewelers and Victoria’s Secret.
“The refinancing of Lakeland Square mall demonstrates Rouse’s ability to utilize its platform and strategic capital to capture the inherent value that exists throughout our portfolio,” said Andrew Silberfein, president and CEO of Rouse Properties, in a statement. “This attractive financing repays our only 2013 loan maturity and improves the company’s financial flexibility.”
Dollar Bank Provides $58M Loan for Completion of McCandless Crossing
HFF secured a $58 million loan on behalf of AdVenture Champion Partnership for McCandless Crossing, a 385,000-sq.-ft. multi-phase mixed-use development in Pittsburgh. Dollar Bank provided funding for the construction loan, which features a three-year term. Proceeds from the transaction will finance the last phase of the development and will refinance an existing bridge loan secured by Phase I and Phase II.
McCandless Crossing currently houses Lowe’s, CVS, LA Fitness and Fidelity Bank. Phase IV of the project will include a 12-screen movie theater, 58 townhomes, a 135-room hotel and approximately 185,000 sq. ft. of retail space.
In an unrelated transaction, HFF negotiated the sale of a 57,218-sq.-ft. Whole Foods store in Oakland, Calif. from the Bond Cos. to an unnamed buyer, free and clear of debt. The store was completed in 2007. Nicholas Bicardo, Matthew Lawton and Mark Damiani, of HFF, represented the seller in the transaction.
Infinity Property Fund Sells Georgia Shopping Center for $10.58M
Infinity Property Fund sold Lanier Crossing, an 111,000-sq.-ft. shopping center in Cumming, Ga., to a Northeast-based buyer for $10.58 million, or $96 per sq. ft.
Lanier Crossing was completed in 1964 and underwent an expansion and renovation in 1989. Hobby Lobby anchors the property. Other tenants at the center include Aaron’s Rents, Sherwin Williams, Subway, Sally Beauty Supply, Weight Watchers, CiCi’s Pizza and Jackson Hewitt Tax Services.
Howard Bregman, Brandon Rex and John Leonard, of Marcus & Millichap Real Estate Investment Services, negotiated this transaction.
Other Notable Deals
Super AB LLC, a private family trust, bought 3190 East Tulare St., a supermarket building in Fresno, Calif., from Tulare & 1st Fresno LLC for $8.75 million. El Super occupies the 52,400-sq.-ft. triple net-leased property. Matt Mousavi, of Faris Lee Investments, represented the buyer in the transaction. Art Flores, of CBRE, represented the seller.
Thek Family UC Realty Group sold 19 South Washington Ave., a 3,619-sq.-ft. retail property in Bergenfield, N.J., to NBSC Holdings for $400,000. The building is a former bank branch that has been recently renovated. Anthony J. Cassano, of NAI Hanson, represented both parties in the transaction.