Business Deals
Jul 1, 2009 12:00 PM
Prudential Mortgage Capital Co. closed a $103 million loan for a portfolio of properties owned by Weingarten Realty Investors. The portfolio totals more than 881,000 square feet. The fixed-rate loan featured a 104-month term.
CBL & Associates Properties, Inc. received commitments totaling $510 million, or 91 percent of the total, to extend or modify its $560 million unsecured line of credit. If CBL exercises its one-year extension option, the credit facility is currently scheduled to mature in August 2011. The commitments would allow CBL to convert the credit line into a secured facility over an 18-month period and extend the maturity date to April 2014.
Inland Western Retail Real Estate Trust, Inc. hired the Dallas office of Holliday Fenoglio Fowler, L.P. (HFF) to assist the REIT with outstanding debt maturities for retail properties nationwide. To date in 2009, HFF and Inland Western have closed 10 loan transactions totaling approximately $120 million. HFF has also secured approximately $75 million in committed financing.
Federal Realty Investment Trust completed its previously announced cash tender offer for any and all of its $163.9 million in outstanding 8.75 percent notes due 2009. The firm purchased an aggregate of $40.3 million — 24.6 percent of the outstanding securities, which were then retired. Federal paid $1,020 per $1,000 in principal plus accrued and unpaid interest.
X Team, an alliance of retail real estate advisors announced that Kansas City, Mo.-based member LANE4 Property Group, in conjunction with several local investors, purchased three Kansas City shopping centers for a total $62.1 million. The properties have a combined 416,000 sq. ft. of retail space and 154,000 sq. ft. of ground leases.
SKT Investments bought Crossroads Marketplace, a 539,270-sq.-ft. retail center in Chino Hills, Calif., from CRCH, LLC for $79 million. CB Richard Ellis' National Retail Investment Group-West represented the seller in the transaction.
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