Deal of the Week
Sep 3, 2008 3:46 PM
Equity One, Inc., in a joint venture with an affiliate of DRA Advisors LLC, acquired three value-added properties in South Florida for $53 million. The properties included Plantation Marketplace, a 230,330-square-foot community shopping center in Plantation, Fla.; Penn Dutch Plaza, a 155,628-square-foot neighborhood shopping center in Margate, Fla.; and 1900/2000 Offices, a 116,777-square-foot office complex in Boca Raton, Fla. The joint venture is split 80/20 between DRA and Equity One. The properties were acquired for $53 million and are subject to a 5.6 percent mortgage loan with an outstanding principal balance of approximately $38.9 million that matures in November 2014.
Other Notable Deals
Holliday Fenoglio Fowler, L.P. arranged $47 million in debt and equity for the construction of Pacific Station, a mixed-use project in Encinitas, Calif. When completed, Pacific Station will feature 38,500 square feet of retail, 10,000 square feet of office space and 47 residential.… Meridian Capital Group arranged a $40 million development loan for Eclipse Development Group for North Haven Commons, a 200,000-square-foot retail center in North Haven, Conn.… Capmark Finance Inc. originated a $31 million loan for the refinancing of Carmel Mountain Ranch Town Center, a 172,272-square-foot neighborhood shopping center in San Diego.… Wien & Malkin Strategic Capital V contributed $14 million to a $28 million preferred-equity investment to re-capitalize the Fashion Outlets of Niagara Falls, a 530,000-square-foot mall in Niagara Falls, N.Y.… Cohen Financial arranged a $13 million construction loan for the Shops at Brooklyn Yard, a retail development in Portland, Ore.… Urstadt Biddle Properties Inc. purchased Veteran’s Plaza Shopping Center, a 78,609-square-foot supermarket-anchored shopping center in New Milford, Conn., from a family-owned investment fund for $10.3 million.… Coreland Cos. has been appointed as a management agent for eight properties containing 1.5 million square feet of retail space in Southern California.… Aries Capital arranged a $3 million loan for Kendall Plaza, a 15,734-square-foot retail property in Dallas. The loan featured a seven-year term and a 30-year amortization schedule.… Regency Centers acquired a 92,307-square-foot retail building in East Palo Alto, Calif. from the Home Depot Expo for an undisclosed price…. Edgemark Commercial Real Estate Services, LLC negotiated the sale of a 1.9-acre parcel of land in Lockport, Ill. to National Tire and Battery.
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