BUSINESS DEALS
Apr 1, 2006 12:00 PM
CBL & Associates Properties Inc. opened a new regional leasing, management and marketing office in Dallas. It is the second regional office for CBL, which is based in Chattanooga, Tenn. The other office opened in Boston in 1988. The new office will be responsible for CBL's 11 properties in Texas, Mississippi, Arkansas and Louisiana, which represents about 8 million square feet of space.
Sterling Centrecorp sold the 100,958-square-foot McDowell Mountain Marketplace in Scottsdale, Ariz., to BlackRock Realty Advisors for $22.5 million. CB Richard Ellis brokers Glenn Smigiel, Bob Young, Steven Brabant and Rick Abraham, of CBRE's Phoenix office, represented the seller. The center was built in 2002 and is anchored by a Basha's supermarket.
Colonial Properties Trust sold four of its retail properties to a joint venture partnership with the Cornfeld Group for $127.3 million. The joint venture assumed existing securitized loans totaling approximately $74.7 million to finance the transaction. The properties in the deal contain a combined 750,000 square feet of space and include the Colonial Promenade Deerfield in Deerfield Beach, Fla.; Colonial Promenade Pembroke Pines in Pembroke Pines, Fla.; Colonial Shoppes Pines Plaza in Pembroke Pines, Fla. and Colonial Shoppes College Parkway, in Fort Meyers, Fla.
Atco Properties & Management Inc. secured a $126 million construction loan from Wells Fargo & Co. on the 400,000-square-foot Shops at Atlas Park lifestyle center, which will open in Queens later this month. Among the mix of major tenants at The Shops at Atlas Park are Regal Cinemas, New York Sports Club, Borders and Chili's.
SilverCreek Properties acquired retail property portfolio of 46 properties with a combined 770,000 square feet of space for a combined $96 million. The properties range in size from 4,000 to 50,000 square feet and are located in front of or adjacent to Wal-Mart Supercenters. The seller was a private investor based in Detroit, who was represented in the deal by Commerce CRG. SilverCreek was represented by Fouy Ly of Sperry Van Ness.
GE Real Estate Iberia, a business unit of GE Commercial Finance, acquired a 81,698-square-foot shopping center and a 78,092-square-foot office building in Madrid from Cogeinsa for about $60 million. Knight Frank will manage both the shopping center and the office building. In a separate deal, GE Commercial Finance Real Estate also acquired three shopping centers in Slovakia from development companies EuroMax a.s. and SlovakiaMax a.s. for $17 million. It acquired three “Max” centers in Trnava, Poprad and Trenchin. One is anchored by Austrian chain Billa. The other two are anchored by Hypernova supermarkets.
First Sterling Corp. bought a 19,240-square-foot retail strip at 777 Connecticut Ave. in Norwalk, Conn., for $11.4 million, a whopping $592.60 per square foot, from 51 Richards LLC. CB Richard Ellis brokers Al Mirin, Tom Pajolek and Ned Burns represented the seller. Tom Torelli of Allied Property Group represented the buyer. It is fully leased to Pier One, FedEx Kinko's and Cingular.
Woolbright Development acquired the 151,552-square-foot Lantana Square shopping center in Lake Worth, Fla., for $21.5 million. Woolbright will renovate the center to upgrade the parking lot, add landscaping and improve the store facades. Tenants include Walgreens, Stayin' Alive Fitness Center and Dunkin' Donuts/Baskin-Robbins.
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