Glimcher Realty Trust bought University Park Village, a 173,220-sq.-ft. open-air center in Fort Worth, Texas, for $105 million. Glimcher funded the acquisition using a $60 million term loan and its credit facility and expects to obtain long-term mortgage financing on the property prior to the term loan’s maturity date on Apr. 8, 2013.
The center has average sales of more than $800 per sq. ft. It is currently 97 percent occupied. Tenants at the property include Apple, Anthropologie, J. Crew, lululemon and Madewell. University Village Park opened in 1986.
“We are pleased with the acquisition of University Park Village, a highly productive, dominant retail property in the vibrant Fort Worth market,” said Michael P. Glimcher, chairman of the board and CEO of Glimcher Realty Trust, in a statement. “This quality property offers tremendous growth potential and aligns perfectly with our acquisition strategy.”
Inland American Pays $94.7M for Shopping Centers in Oklahoma and Texas
Inland American Real Estate Trust Inc. bought Rockwell Plaza, a 254,690-sq.-ft. shopping center in Oklahoma City, and Stone Ridge Market, a 218,436-sq.-ft. shopping center in San Antonio, Texas, for approximately $94.7 million.
Tenants at Rockwell Plaza include Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree. Target shadow-anchors the property.
Tenants at Stone Ridge Market include PetSmart, Sports Authority and Half Price Books. H-E-B plus! shadow-anchors the center.
In an unrelated transaction, Inland Real Estate purchased Newington Fair Shopping Center, a 187,000-sq.-ft. power center in Newington, Conn., from a Houston-based developer for $17.5 million.
The center is 100 percent occupied. Sam’s Wholesale Club and L.A. Fitness anchor the property. Helen Putterman and Ric Kaiser, of Cohen Real Estate, represented both parties in the transaction.
CBL to Acquire Kirkwood Mall in North Dakota
CBL & Associates Properties Inc. plans to acquire Kirkwood Mall, an 850,000-sq.-ft. mall in Bismarck, N.D., from Radiant Partners.
CBL bought a 49 percent non-controlling interest in the property in December and executed an agreement to acquire the remaining 51 percent. The transaction will close within 90 days and will include the assumption of a $40.4 million non-recourse loan secured by the mall. The loan features a fixed interest rate of 5.75 percent and a maturity date of April 2018.
“The acquisition of Kirkwood Mall will add a high-quality and growing property to our portfolio of market-dominant regional malls,” said CBL President and CEO Stephen Lebovitz in a statement. “Similar to Dakota Square Mall in Minot, N.D., which we acquired in 2013, Kirkwood Mall is enjoying remarkable growth from its proximity to the Bakken Formation oil reserves. We anticipate increasing the net operating income from the center through near- and long-term opportunities, including rent growth from roll-over leases, as well as occupancy improvements and development of peripheral property.”
Kirkwood Mall was completed in 1971 and renovated in 2002. Herberger’s, Keating Furniture, JC Penney, Scheel’s All Sport and Target anchor the property. As of September 2013, it was 87.9 percent occupied with more than $400 in sales per sq. ft.
HFF Arranges Financing Deals throughout the Country
HFF arranged a $62.4 million refinancing on behalf of Win Properties for a portfolio of 56 retail properties located in 17 states. ING Investment Management provided funding for the transaction, which includes a $58.4 million loan with a fixed interest rate and a 15-year term and a $4 million loan with a floating rate and a five-year term.
The portfolio includes 52 properties that already served as collateral with ING and four new properties that were cross-collateralized into the portfolio. Most of the assets are freestanding single-tenant retail buildings. The 52 properties that were already used as collateral are located in Arizona, California, Connecticut, Florida, Illinois, Indiana, New Jersey, New Mexico, New York, Massachusetts, Michigan, Mississippi, Missouri, Oregon, Tennessee, Utah and Virginia. The new collateral contains assets located in the New York metropolitan area and leased to tenants including Capital One, Crumbs Bake Shop, Morgan Stanley, Pottery Barn, Sports Authority and Tiffany & Co.
HFF’s Michael Tepedino and David Fowler negotiated this transaction.
In an unrelated deal, HFF secured $60 million in financing on behalf of Shooshani Developers LLC for two retail centers in the greater Los Angeles area. Deutsche Bank provided funding for the transactions.
Shooshani Developers used a $33 million loan to refinance a maturing CMBS financing on Venice Crossroads, a 156,800-sq.-ft. grocery-anchored shopping center in Los Angeles. The center is 98 percent leased. Albertsons anchors the property. Other tenants include CVS, Ross, Office Max and Chase Bank.
Shooshani used a $27 million loan to acquire Centerpoint Mall, a 380,055-sq.-ft. power center in Oxnard, Calif. The property is 99 percent occupied. Tenants at the center include Walmart, Superior Grocers, Payless ShoeSource, Dollar Tree, Rite Aid, Auto Zone and Wells Fargo.
Brad Black and Jeff Sause, of HFF, negotiated these transactions.
In another transaction, HFF arranged a $42 million loan on behalf of Gramor Development for Progress Ridge Townsquare, a 213,809-sq.-ft. community center in Portland, Ore.
Lincoln Financial Group provided funding for the loan, which features a fixed 3.7 percent interest rate and a 10-year term.
Progress Ridge Townsquare was completed in 2011 and is 86.5 percent leased. New Seasons and Cinetopia anchor the center. Inline tenants include Ace Hardware, Play Boutique, Fuddruckers, Umpqua Bank and Gental Gental.
Casey Davidson and Lloyd Minten, of HFF, negotiated this transaction.
North Carolina’s Falls Village Shopping Center Sells for $21.5M
RCG Ventures Fund II acquired Falls Village Shopping Center, a 193,042-sq.-ft. retail center in Raleigh, N.C. for $21.5 million.
TJ Maxx, HomeGoods and Dollar Tree anchor the property. Inline tenants include Chick-fil-A, Wells Fargo, Raleighwood Cinema & Grill and BB&T. Falls Village was completed in 1974 and underwent an expansion/renovation in 2002.
Ballenger Brothers Sells Oklahoma Shopping Center for $18.5M
Ballenger Brothers LLC sold Spring Creek Village, a 70,199-sq.-ft. lifestyle-oriented neighborhood center in Edmond, Okla. to an unidentified buyer for $18.5 million. The price works out to $263.54 per sq. ft.
At the time of the sale, Spring Creek Village was 96.8 percent occupied. Tenants at the center include Morgan Stanley, Starbucks, First American Title and Trust Company, Fish City Grill, Scottrade, Legacy Bank and barre3.
RCB Bank provided acquisition financing for the transaction. CB Richard Ellis|Oklahoma negotiated the sale.
Triple Net Group Buys Walmart Supercenter in $17M Transaction
The Triple Net Group LLC purchased a 200,084-sq.-ft. Walmart Supercenter at Schillinger Towne Centre in Mobile, Ala., from Burton Property Group LLC for $17 million.
Kyle Stonis and Pierce Mayson, of SRS Real Estate Partners’ Atlanta office, represented the buyer in the transaction. Josh Burmeister and Buff Teague, of the company’s Mobile, Ala. office, represented the seller.
Marcus & Millichap Helps Refinance Houston Shopping Center
Marcus & Millichap Capital Corp. arranged a $12.5 million loan to refinance Westchase Shopping Center, a neighborhood shopping center in Houston.
The loan features a 4.9 percent rate, a 10-year term, a 30-year amortization schedule and 75 percent LTV. Marcus & Millichap’s Peter Dunn negotiated this transaction.
Agree Realty Buys Applebee’s Restaurants and an Auto Parts Store in $10.1M Deal
Agree Realty Corp. acquired a portfolio of four Applebee’s restaurants and an Advance Auto Parts store for approximately $10.1 million.
The Applebee restaurants are located in Harlingen, Texas, Wichita Falls, Texas and Pensacola, Fla. The restaurants hold 20-year leases.
The Advance Auto Part store is located in Lebanon, Va.
Other Notable Deals
Read Investments LLC acquired Mission Oaks Shopping Center, an 85,000-sq.-ft. shopping center in Atascadero, Calif., from a local investor. The sale is valued at more than $12 million. Tenants at the center include Grocery Outlet, Big Lots, Dollar Tree and Big 5 Sporting Goods.
The Crown Cos. sold a 54,500-sq.-ft. stand-alone Walmart Neighborhood Market in Cary, N.C. to an entity related to Cole Capital for $8.63 million. Joe Graham and Greg Dalton, of CBRE, represented the seller in the transaction.
Katz Properties bought Wayland Village Plaza, a 31,677-sq.-ft. retail center in Wayland, Mass., from Wayland Group Realty Trust for $6.3 million. Whole Foods Market anchors the property. Scott Dragos, Doug Jacoby, Sean Ryan and Mitch Levey, of NAI Hunneman, represented both parties in the transaction.
CBRE|Raleigh and CBRE|Fredricksburg negotiated the sale of a Wawa ground lease in Stafford, Va. for $4.25 million. Wawa has 10 years remaining on its lease. Joe Graham and Rich Daniel represented the seller in the transaction. Patrick McCabe, of CBRE’s Philadelphia office, represented the buyer.
Quantum Real Estate Advisors Inc. negotiated the sale of Blackberry Creek Shopping Center, an 11,188-sq.-ft. retail property in Montgomery, Ill., for $2.67 million. The building is 100 percent occupied. Tenants include Jimmy John’s, T-Mobile, Sport Clips and Rosati’s Pizza. Chad Firsel, of Quantum Real Estate, represented the seller and Daniel Waszak represented the buyer in the transaction.
A partnership of AEW Capital Management and M&J Wilkow provided joint venture equity, assumed the existing debt and formed a new partnership with The Retail Connection and Cheney Mathes, the existing owner and minority stakeholder respectively of Arlington Highlands, a 737,000-sq.-ft. shopping center in Arlington, Texas. Arlington Highlands was completed in 2007 and is currently 95 percent leased. Tenants at the center include Bed Bath & Beyond, PetSmart, The Container Store, Ann Taylor Loft, White Horse Black Market, P.F. Chang’s and Ethan Allen. AEW formed the joint venture on behalf of AEW Core Property Trust, its open-end core real estate fund.
An affiliate of Cole Real Estate Investments purchased West Valley/East Valley Shopping Center, a 409,909-sq.-ft. power center in Saginaw, Mich., from Sobel Co. for an undisclosed amount. Dick’s Sporting Goods, T.J. Maxx, Michaels, PetSmart, Barnes & Noble, Babies ‘R’ Us, DSW, Old Navy, Pep Boys, Burlington Coat Factory, Ulta and Dollar Tree make up the tenant line-up at the center. Ben Wineman and Daniel Stern, of Mid-America Real Estate Corp., represented the buyer in the transaction. The buyer represented itself.
Bianco Properties acquired a 102,412-sq.-ft. freestanding Kohl’s Department Store in Burnsville, Minn. from an affiliate of Cole Real Estate Investments in an all-cash transaction. CB Richard Ellis represented the seller in the deal.