CB Richard Ellis negotiated the sale of the Shops at Chauncey Ranch, a 168,504-sq.-ft. power center in Scottsdale, Ariz., from Vertical Holdings Co. to a private investor for $66.2 million.
Realty Income Corp. closed a public offering of 2,925,000 shares of the company's common stock, including 225,000 shares purchased by the underwriters upon the exercise of their over-allotment option. Net proceeds from the offering are expected to reach $75 million and will help repay $120 million in outstanding notes.
ING Clarion Partners LLC closed ING Clarion Development Ventures III (CDV III). The fund, which raised more than $200 million, will invest in development, redevelopment, joint venture, mezzanine financing and distressed asset opportunities across most commercial property types.
Savills LLC launched a distressed real estate division. The division will tap the firm's international investment base for recapitalizations, acquisitions of joint venture interests, investments in operating companies and programmatic joint venture investments, in addition to bankruptcy assignments and a full spectrum of note sales.
Regency Centers Corp. contributed three properties to its co-investment partnership with Oregon Public Employees Retirement Fund in a transaction valued at $84 million.In a transaction valued at $75 million, it also added the Silver Spring Square in Harrisburg, Pa., to the open-end fund, Regency Retail Partners. The deals featured cap rates of 7.1 percent and 6.8 percent.
The Macerich Co. closed on three loans and secured commitments on two others, totaling $539 million.
The Sembler Co. sold a 759,459-sq.-ft. portion of Winter Garden Village in Winter Garden, Fla., to an affiliate of Cole Real Estate Investments for an undisclosed sum.
CBL & Associates Properties, Inc. secured $288 million in new financings and an $85 million term loan that will address all of the company's maturities for 2008.
Cedar Shopping Centers, Inc. completed a $78 million syndicated property-specific construction financing for Upland Square, a 655,000-sq.-ft. shopping center in West Pottsgrove, Pa.
Ramco-Gershenson Properties Trust extended its $150 million unsecured revolving credit facility through December 2009. Pricing remained unchanged at LIBOR plus 115 to 150 basis points, depending on the company's overall leverage. Ramco-Gershenson also has an option to extend the facility through 2010.
Pennsylvania Real Estate Investment Trust obtained $40 million in additional funding under its previously announced unsecured term loan, which has an outstanding balance of $170 million. The company swapped $130 million of the loan to an average fixed rate of 5.33 percent. The remaining $40 million will feature a stated term rate of LIBOR plus 2.50 percent.
Metro Commercial has been appointed as the regional broker for restaurant chain Quiznos in its expansion throughout Pennsylvania, New Jersey and Delaware.
NorthMarq Capital Inc. arranged a $20 million first mortgage for Sharyland Towne Crossing, a 344,467-sq.-ft. retail center in Mission, Texas. The loan featured a 20-year term and a 20-year amortization schedule.
Marcus & Millichap Real Estate Investment Services negotiated the sale of 12 freestanding Napa Auto Parts for an undisclosed amount. The properties are net leased to Genuine Parts Co.
iCap Realty arranged a $16.2 million loan for the refinancing of a 10-unit convenience store portfolio located throughout Georgia.