Business Deals, December 2008
Dec 1, 2008 12:00 PM
Sperry Van Ness negotiated the sale of 440 Commons, a 162,533-square-foot shopping center in Jersey City, N.J., from Developers Diversified Realty to a private investor for $24.6 million. The transaction was completed at a 6.76 percent cap rate.
Vornado Realty Trust agreed to purchase 8.0 million common shares of Lexington Realty Trust for $5.60 per share from Apollo Real Estate Advisors III, LP. The shares, part of a block of 18.7 million being sold, feature 50 percent financing recourse solely to the shares purchased. Vornado already owns approximately 8.1 million common units of Lexington Master Limited Partnership, bringing its total stake in Lexington Realty Trust to 16.1 million common shares.
Developers Diversified Realty formed a $62 million joint venture with Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot shopping center in Independence, Mo. The property previously belonged to a joint venture of Developers Diversified and Macquarie DDR Trust. The new venture will be divided 85.5 percent/14.5 percent between Cole and Developers Diversified.
KeyPoint Partners has been appointed as the property management and leasing agent for the Marketplace at Hamden in Hamden, Conn.
Sperry Van Ness Real Estate Services LLC negotiated the sale of the Shops at Zocallo, a 26,595-square-foot retail center in Scottsdale, Ariz., to Emerson Properties Inc. for $16.8 million.
Holliday Fenoglio Fowler, L.P. secured a $4.7 million permanent loan for Long Valley Village, a 29,600-sq.-ft. lifestyle center in Washington Township, N.J. The loan, which was placed with the Provident Bank, featured a 10-year term and a fixed interest rate.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a BJ's Wholesale Club ground lease in Manahawkin, N.J., from SP 72 LLC to Shubert and Booth Theatre, LLC for $14.9 million. Bayard Street Capital and Real Estate Foundations Inc. represented the buyer.
Faris Lee Investments negotiated the sale of an 11,646-sq.-ft. retail property in Palmdale, Calif., from Palmdale 2006 Co. to a private investor for approximately $6.3 million. Lee & Associates, represented the buyer.
Phillips Edison & Co. purchased Plaza North Shopping Center, a 203,250-sq.-ft. retail center in Omaha, Neb., for $11 million, at a cap rate of 9.5 percent.
Wheeler Interests sold Smithfield Shopping Center, a 90,000-sq.-ft. strip center in Smithfield, Va., to Cedar Shopping Centers for $9.4 million.
Onyx Equities, LLC sold Summerhill Marketplace, a 78,608-sq.-ft. and a 10,000-sq.-ft. pad site currently under development in East Brunswick, N.J. in a 1031 exchange transaction.
RCG Ventures acquired Governor's Crossing, a 135,491-square-foot shopping center in Sevierville, Tenn. from CW Capital for an undisclosed price.
Wheeler Interests acquired Jenks Plaza Shopping Center, a 7,800-sq.-ft. strip center in Jenks, Okla.
Coreland Cos. opened a new office in Brea, Calif. The office will serve the northern Orange County market. Cynthia Swanson will lead the Brea team.
