Business Deals
Jun 1, 2008 12:00 PM
Lee & Associates negotiated the sale of Old Spanish Trail Marketplace, a 140,652-sq.-ft. retail center in Tucson, Ariz., from Brown Tucson, LLC and W.M. Grace Development to Allied Trading and Transacting Corp., N.B. for $33 million. Jan P. Fincham and Patrick A. Dempsey, of Lee & Associates, represented the sellers in the transaction.
Phillips Edison & Co. completed a $208 million secured revolving credit facility. The facility features a three-year term and two one-year extension options and can be increased to $500 million.
The debtors and the bankruptcy court handling the cases of Friedman's Jewelers and The Sharper Image appointed RCS Real Estate Advisors to market the leases belonging to the two chains. Friedman's must close all 367 of its stores. The Sharper Image must dispose of 90 leases.
Stan Johnson Co. negotiated the sale of a 14-property, 900,000-sq.-ft. retail/office/industrial portfolio to Cole Companies for $123 million. Gill Warner and Craig Kenney, of Stan Johnson Co., represented the buyer in the transaction. Mark Allison, of Investors Real Estate Agency, represented the seller.
Transwestern formed a retail advisory services group to offer tenant representation services to retailers. The group will offer strategic planning, research, site selection and implementation services.
Twenty-First Latham, LLC appointed KeyPoint Partners, LLC as the property management agent for Latham Circle Mall, a 667,478-sq.-ft. enclosed mall in Latham, N.Y.
Regency Centers Corp. acquired Sycamore Plaza and Sycamore Crossing, two retail centers in Cincinnati totaling 429,108 sq. ft. of space, for $93 million.
Commercial Defeasance, LLC formed Custom Hedging Solutions, LLC, a new business line that will help real estate companies manage interest rate risk through the use of derivative products, including interest rate swaps, caps and options.
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