JUNE BUSINESS DEALS
Jun 1, 2006 12:00 PM
Simon Property Group, Inc. completed an offering of $800 million of senior notes by its operating partnership subsidiary, Simon Property Group, L.P. The offering consisted of $400 million of 5.75 percent notes due 2012 and $400 million of 6.10 percent notes due 2016.
Northern Realty Group, Ltd. sold off the mixed-use Deerfield (Ill.) Village Centre to investment advisor RREEF for $34.9 million. Northern Realty Group was the codeveloper of the property. The property includes 44,500 square feet of retail space, 56 luxury rental apartments and 20,200 square feet of office space.
Antares Investment Partners secured a $103-million loan from Goldman Sachs Commercial Mortgage Capital and RBS Greenwich Capital. Funds from the loan will allow Antares to proceed with the next steps in the redevelopment of Stamford, Conn.'s waterfront along the South End. The loan will repay all existing debt on the property, and will fund predevelopment expenses for the next 18 months of the project.
Schostak Brothers & Co. and Kimco Realty Corp. purchased 28 shopping center properties in 12 states for a combined $100.5 million from The Spectra Group Inc. The centers range in size from over 10,000 square feet to 40,000 square feet, and total 685,000 square feet. All are located adjacent to a Wal-Mart Supercenter.
CB Richard Ellis negotiated the sale of the 98,721-square-foot Tri-City Pavilions in Mesa, Ariz., for $16.3 million. Glenn Smigiel, Bob Young, Steven Brabant and Rick Abraham, of CBRE's Phoenix office, represented the seller, Rising Sun, LLC, an affiliate of Philadelphia, Pa.-based Amerimar Enterprises, Inc. The buyer was J.G. Management.
Equity One, Inc. completed the sale of 29 Texas properties to a joint venture with Investcorp, worth approximately $388 million, representing a capitalization rate of 7.3 percent based on 2005 historical net operating income. The 29 properties comprise approximately 2.8 million square feet and were 93.0 percent leased as of December 31, 2005. The joint venture arranged $312 million in financing through affiliates of Goldman Sachs.
Westfield Group entered into agreements to divest eight U.S. non-strategic assets in separate transactions with Centro Properties Group and Somera Capital Management, raising $550 million. Seven centers will be sold to a investment funds managed and controlled by Centro with Westfield retaining a 5 percent interest. The last property, the 1,768,524-squaref-foot Northwest Plaza in St. Ann, Mo., will go to Somera for $47 million.
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