Business Deals
Apr 1, 2009 12:00 PM
Aliso Commons Corner, LLC sold a 13,386-square-foot retail property occupied by Walgreens located within the 700,000-square-foot Aliso Viejo Town Center in Aliso Viejo, Calif., for $8.9 million to Zamindari Real Estate Investment Two, LLC. Faris Lee Investments represented Aliso Commons. Lotus Investments represented the buyer.
CBL & Associates Properties, Inc. closed a $74.1 million, eight-year, non-recourse loan secured by Cary Towne Center in Cary, N.C., with a fixed interest rate of 8.5 percent.
RioCan Real Estate Investment Trust completed the previously announced acquisition of a portfolio of six grocery-anchored properties located in the greater Montreal area totaling approximately 454,000 square feet. The purchase price for the portfolio was C$67.5 million ($54.5 million).
A subsidiary of Sarofim Realty Advisors in Dallas paid $15.5 million to acquire a 72.5 percent controlling interest in a 99,718-square-foot retail plaza at 6700 W. Camelback Rd. in Glendale, Ariz., from a company formed by Michael Provenzano Sr. and Michael Provenzano Jr., the principals of Pro's Ranch Markets of Ontario, Calif. That entity retains a 27.5 percent interest in the center. The transaction was brokered by Grubb & Ellis/BRE Commercial in Phoenix.
Colliers Arnold completed the sale of the 143,000-square-foot Western Way Shopping Center in Brooksville, Fla., to Isram Western Way LLC for $11.5 million. The deal works out to a 9.3 percent cap rate. WR Dallas LP sold the property to an undisclosed buyer.
Larken Associates acquired the 107,448-square-foot Echo Executive Plaza and Echo Plaza Shopping Center in Springfield, N.J. Levin Management was named leasing agent of the property.
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