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STORE Capital Completes $105M Sale/Leaseback with O'Charley's Inc.

STORE Capital, a REIT specializing in single-tenant real estate investments, completed a $105 million sale/leaseback transaction with O’Charley’s Inc. on 50 O’Charley’s restaurants. STORE Capital bought the restaurants from O’Charley’s Inc. and leased the assets back under long-term triple-net leases. O’Charley’s Inc. will use the net proceeds from the transaction, along with available cash, to redeem $115.2 million of its senior notes.

“O’Charley’s Inc. has a proven track record of operating a number of highly successful restaurant brands,” said STORE Capital CEO Christopher H. Volk in a statement. “We are proud of our ability to add value to O’Charley’s through our tailored and efficient sale/leaseback transaction and we look forward to the mutual benefits of a long-term relationship.”

Inland Western, RioCan Purchase 1890 Ranch for $97.6M

Inland Western Retail Real Estate Trust Inc., in a joint venture with RioCan Real Estate Investment Trust, acquired 1890 Ranch, a 486,896-sq.-ft. shopping center in Cedar Park, Texas for approximately $97.6 million.

PetSmart, Academy Sports, Cinemark and Ross Dress for Less anchor the property. Super Target serves as a shadow anchor.

“Cedar Park is located in the fourth largest region in Texas, and it’s one of the fastest growing areas in the country,” said Shane Garrison, chief investment officer of Inland Western, in a statement. “We’re pleased to add 1890 Ranch to our venture with RioCan and we will continue to execute on our strategy of acquiring class-A retail properties in high growth metro areas.”

Cole Buys Virginia’s Winchester Station for $26.8M

Cole Real Estate Investments acquired Winchester Station, a 167,000-sq.-ft. power center in Winchester, Va., for $26.8 million.

Winchester Station was completed in 2005 and is currently 97.5 percent leased. Tenants at the center include hhgregg, Ross Dress for Less, Bed Bath & Beyond, Michaels, Old Navy, Olive Garden and Red Lobster.

Thomas Falatko, executive vice president and head of real estate investments at Cole, served as an in-house representative for the company. R. William Kent and Gary S. Lawrence, of CB Richard Ellis, represented the seller.

JMC Helps Finance Three West Coast Walgreens

Joseph Merrill Capital structured a $20.1 million portfolio loan for a Walgreens developer located in the Pacific Northwest. The loan was collateralized by three newly constructed Walgreens stores located in secondary markets throughout the West Coast. The financing featured a fixed 4.72 percent interest rate and a 20-year term.

Phillips Edison Fund Buys Wisconsin Mixed-Use Center

Phillips Edison Strategic Investment Fund II purchased Brookfield Towne Center, a 188,000-sq.-ft. mixed-use project in Brookfield, Wis., from Harris Bank. The Bank foreclosed on the asset in 2010. Sendik’s Fine Foods anchors the property.

The transaction marks the first purchase for Strategic Investment Find II, which focuses on distressed development projects, power centers and lifestyle properties.

DDR Sells Golf Breeze Marketplace in Pensacola

DDR Corp. sold Golf Breeze Marketplace, a 333,654-sq.-ft. shopping center in Pensacola, Fla., to a private equity group. The property was completed in 1998 and features Walmart Supercenter and Lowes Home Improvement as tenants. The sale also included a freestanding Wells Fargo bank branch. Jim Michalak, Anthony Blanco and Lenard Williams, of Plaza Advisors, represented the seller in the transaction.

Other Notable Deals

DAM Clearwater LLC sold Island Estates Plaza, a 50,046-sq.-ft. grocery-anchored neighborhood shopping center in Clearwater Beach, Fla., to Publix Super Markets Inc. for $8.1 million free and clear of debt. Publix, Bank of America, Wells Fargo and The UPS Store occupy the property. Daniel Finkle and Robert Saracco, of Holliday Fenoglio Fowler L.P., represented the seller in the transaction. In addition, HFF secured acquisition financing on behalf of United Supermarkets LLC for a 71,238-sq.-ft. retail building in Lubbock, Texas. The property will be used as a Market Street store. Wells Fargo Bank provided the financing. Mark West, Coler Yoakam and Brandon Chavoya, of HFF, negotiated this transaction.

Agree Realty Corp. acquired a retail property in Salt Lake City, Utah for approximately $8.1 million. Kohl’s Department Store occupies the building, with about 14 years left on its lease.

OVA Realty Trust sold Olde Andover Village, a 55,000-sq.-ft. mixed-use building in Andover, Mass. to Lincoln Essex Capital LLC for $7.4 million. David N. Ross, Robert Tito and Gina Barroso, of NAI Hunneman, represented both parties in the transaction.

Stiles Realty negotiated the sale of two former City Furniture stores in Pompano Beach and Lantana, Fla. for more than $6.8 million in total. Spring Holdings Realty LLC bought the 58,811-sq.-ft. City Furniture showroom in Pompano Beach for $3.525 million. CB Richard Ellis represented the buyer in the transaction. Lantana Holdings LLC bought the 44,000-sq.-ft. City Furniture store in Lantana for $3.3 million. Stiles Realty represented the seller, Advanced Business Associates, in both transactions.

Cohen Financial secured a $4.264 million acquisition loan on behalf of Sean Pourteymour for Torrey Corner Shopping Center in San Diego, Calif. The non-recourse loan featured a fixed interest rate and a 70 percent loan to value ratio. Basis Investment Group LLC was the lender in the transaction. The late Leo Y. Lehat, of Cohen Financial, and Ryan Porter, negotiated this financing.

Weingarten Realty Investors purchased a 6.33-acre property on Northdale Boulevard in Carrollwood, Fla. from Northdale Associates Ltd. for $2.75 million. Weingarten plans to build a 37,144-sq.-ft. Whole Foods Market on the site, with the projected opening date of late 2012. Jeff Tolrud, of Colliers International Tampa Bay, represented the seller in the transaction.

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