Business Deals
Oct 1, 2007 12:00 PM
RiverRock Real Estate Group has formed a joint venture with the Alamo Group and Dudum Investments. The new entity, known as Diablo RiverRock Inc., will handle the management and leasing of approximately 1.5 million sq. ft. of retail and restaurant properties located throughout Northern California, the Pacific Northwest and Nevada. The 27 properties will include those owned by the Alamo Group and Dudum Investments.
Holliday Fenoglio Fowler, L.P. arranged a $684 million construction loan for the Bravern, a 1.6-million-sq.-ft. mixed-use project in Bellevue, Wash. When completed, in October 2008, the Bravern will include 750,000 sq. ft. of office space, 305,000 sq. ft. of retail and 456 luxury condominium units. Mike Tepedino and Steven Klein, of Holliday Fenoglio Fowler, arranged the financing for this transaction.
Simon Property Group, Inc. acquired the Shops at Las Americas, a 560,000-sq.-ft. outlet center in San Diego County, Calif., from the joint venture between Stoltz Real Estate Partners and institutional investors advised by Pacific Coast Capital. The center will be renamed Las Americas Premium Outlets and will be operated by Simon's Chelsea subsidiary.
Sperry Van Ness aligned with Landcastle Real Estate for an expanded presence in Northern California, forming Sperry Van Ness/Landcastle Real Estate. Ray Goodson and Jim Brennan (pictured) will lead the new office.
Atwell-Hicks, a land development consulting firm, merged with Kerr + Boron Associates, Inc., a design firm specializing in land planning and landscape architecture.
Faris Lee Investments completed the sale of Desert Springs Marketplace, a 105,157-sq.-ft. neighborhood shopping center in Palm Desert, Calif., from Sanderson J. Ray-Desert Spring Partners to Lakha Properties for $37 million. The purchase also included a 10,000-sq.-ft. retail pad expansion. Richard Walter, of Faris Lee, along with Michelle Schierberl and Ryan Schierberl, of Grubb & Ellis, represented the seller in the transaction. Walter also represented the buyer.
Cushman & Wakefield, Inc. negotiated the sale of Riverfront Plaza, a 129,250-sq.-ft. community shopping center in Bergen County, N.J., from Riverfront Plaza LLC to Crossroads Cos. for $45 million. David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz, of Cushman & Wakefield, negotiated this transaction.
GE Real Estate provided a $30 million “loan for the Southgate Shopping Center, a 117,000-sq.-ft. retail property in Massapequa Park, N.Y. David Cronheim Mortgage negotiated the transaction.
Hudson Realty Capital LLC purchased a $16 million B-Note investment in a debt transaction secured by two first liens and one mezzanine mortgage on properties located in Philadelphia. The properties include a 5.41-acre mixed-use development site, a 13.5-acre site with a vacant industrial building and a condominium development.
