BUSINESS DEALS
Dec 1, 2006 12:00 PM
George Smith Partners, Inc. arranged a $47.5 million permanent loan for One West Side, a 92,729-square-foot retail property in West Los Angeles. Gary Mozer, Lee Norman and Steve Orchard, of George Smith Partners, negotiated this transaction on behalf of the owner, Champion Development Group.
Realty Income Corporation completed the acquisition of 144 Buffets/Ryan's restaurant properties from the affiliates of Fortress Investment Group, LLC for approximately $348 million. The properties are being leased to subsidiaries of Buffets, Inc. under 20-year, net-lease agreements.
Glimcher Ventures Southwest sold a portion of Parke West, a $250 million mixed-use center under development in Peoria, Ariz., to General Growth Properties. General Growth purchased the 46-acre site for $28 million and entered into a development and management agreement with GVSW for the construction of the project.
Inland Real Estate Corporation added the Honey Creek Commons Shopping Center in Terre Haute, Ind. to its joint venture with Inland Real Estate Exchange Corporation. The company purchased the property for approximately $26.4 million and is contributing it to the joint venture at a price equal to the purchase price less $16 million in debt secured by the property. The joint venture plans to sell undivided interest in Honey Creek through a tenant-in-common offering.
Holliday Fenoglio Fowler, L.P. arranged a $38 million loan for two Texas retail centers: including 105,030-square-foot Firewheel Market in Garland and the 144,485-square-foot Crossing at 517 in Pearland. Mark West, of HFF, negotiated this transaction.
Faris Lee Investments negotiated the sale of Goodings Plaza, an 82,025-square-foot retail center in Orlando, Fla. to Orlando-based Unicorp for $22 million. Richard Walter and Donald MacLellan, of Faris Lee Investments, represented both the buyer and the seller, BP-RP Universal, LLP, in the transaction.
Divaris Real Estate Inc. negotiated the sale of a 238-acre land parcel in Williamsburg, Va. to Premier Properties USA Inc. Premier Properties plans to use the site for the development of the Marquis, a 1-million-square-foot, mixed-use, open-air center. The first phase of the Marquis is scheduled to open in the fall of 2007.
DLC Management Corporation acquired nine shopping centers from Edens & Avant, totaling more than 1.1 million square feet of space. The acquisition increased DLC's GLA by 10 percent.
Faris Lee Investments negotiated the sale of Jeronimo Center, an 82,782-square-foot mixed-use shopping center in South Orange County, Calif., for $25 million. Richard Walter and Dennis Vaccaro, of Faris Lee Investments, represented both the seller, PASSCO, and the buyer, Warmington Capital Partners, in the transaction. The center was 92 percent leased at the time of the sale.
Marcus & Millichap Real Estate Investment Brokerage Company negotiated the sale of a two-property portfolio in Florida for $22.15 million. The portfolio includes Spring Lake Square, a 28-acre center in Winter Haven, and Oak Park Plaza, an eight-acre center in Brandon. Ricardo Bovero, of Marcus & Millichap's Tampa office, represented both the buyer, National Properties, and the seller, the Swain Company, in the transaction.
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