Business Deals
Mar 1, 2009 12:00 PM
Cohen and Co., Inc. Real Estate negotiated the sale of the 234,045-sq.-ft. Ormond Towne Square, in Ormond Beach, Fla., from Developers Diversified Realty to the Jaffe Corp. for $20 million.
A subsidiary of Cleveland-based Forest City Enterprises, Inc. secured a $161.9 million refinancing from Gramercy Capital Corp. and certain co-lenders on a key loan associated with the company's Atlantic Yards project in Brooklyn, N.Y. The original loan covered land acquisition costs at the project site and was set to come due this month. The refinancing will now be due in February 2011.
RioCan REIT signed an agreement to purchase six grocery-anchored shopping centers with a combined 450,000 sq. ft. in suburban Montreal from ING Real Estate Canada L.P. for $83.5 million.
Acadia Realty Trust purchased the 640,000-sq.-ft. Cortlandt Towne Center in Cortlandt, N.Y., from Centro Properties Group for $78 million. The price represents a 40 percent discount to the center's replacement cost. Cushman & Wakefield brokered the deal.
Inland American Real Estate Trust Inc. purchased seven grocery-anchored shopping centers totaling 588,522 sq. ft. from Macquarie CountryWide Trust for $71.1 million. The centers are located throughout Alabama, Florida, Georgia, Washington and the Carolinas. The sale is part of an agreement between Macquarie and Inland Real Estate Acquisitions for the purchase of equity and interest in 30 U.S.-based retail assets by March 2009.
Regency Centers sold a single-tenant, 77,028-sq.-ft. H-Mart shopping center in Lynnwood, Wash. to a local developer for $14.9 million.
Inland American Real Estate Trust purchased the first phase of the 235,144-sq.-ft. Streets of Indian Lake, in Hendersonville, Tenn., from Continental Real Estate Companies for $20.8 million, plus it assumed the $40.8 million first mortgage. Inland plans to acquire an additional 21,249 sq. ft. at the center for $8.0 million at a later date.
New York-based real estate investment banking firm Savills LLC represented a joint venture between JP Morgan Investment Management and Centro Properties in the $40.7 million sale of the 260,000-sq.-ft. New London Shopping Center in New London, Conn., to Cedar Shopping Centers, Inc. The price equates to a 7.7 percent cap rate. Cedar Shopping Centers also acquired the 264,199-sq.-ft. San Souci Plaza in California, Md., from WP Realty for $31.8 million. Both properties were acquired through a joint venture with Prime Commercial Properties PLC, a London-based real estate/development company. The joint venture is a 60/40 partnership with Prime controlling the majority stake.
Holliday Fenoglio Fowler, L.P. (HFF) secured $43 million in financing for the 296,239-sq.-ft. Hollymead Town Center in Charlottesville, Va; the 95,170-sq.-ft. Signal Hill Shopping Center in Manassas, Va.; and the 89,921-sq.-ft. John's Creek Center in Jacksonville, Fla. The borrower was Columbia Regency Partners II, a joint venture between Regency Centers and the Oregon Public Employees Retirement Fund. HFF placed the seven-year, fixed-rate loan with New York State Teachers Retirement System.
RCG Ventures purchased the 146,121-sq.-ft. Shenandoah Plaza, in Newnan, Ga., from Centro Properties.
Acceptable Use Policy blog comments powered by Disqus
