L.J. Melody & Co., the real estate banking arm of CB Richard Ellis, arranged $47 million and $37 million, respectively, in acquisition and permanent financing for Southmont Shopping Center in Bethlehem, Pa. The property was purchased by Morris Bethlehem Association LP with funding provided by CIBC World Markets Corp.
L.J. Melody also arranged $37 million in financing for the Berkeley Square-Preston Towne Crossing in the Dallas area.
Los Angeles-based Sonnenblick-Eichner Co. has secured $153 million of first mortgage leasehold financing for San Francisco's Pier 39. It provides for a 10 year term including a period of interest-only payments and then debt services based on a 30 year amortization schedule. The interest rate is about 5.25 percent. The financing will be used to retire debt, fund capital improvement and recapitalize partnership equity
Boston-based Holliday Fenoglio Fowler LP has arranged $18.5 million in financing for 400 Mill Creek Road in Secaucus, N.J. The buyer is Hartz Mountain Industries. The transaction involved a letter of credit and a master lease. The lender was not named.
KKE Architects Inc., based in Minneapolis with offices in Pasadena and Newport Beach, Calif., has acquired Howard F. Thompson Associated through KKE of Nevada Inc. The acquisition doubles the size of KKE's Southwestern professionals to 40.
West Los Angeles-based SCI Real Estate Investments led a tenants-in-common group of 17 investors who bought another parcel of the Plaza at Puente Hills at 6.94 percent cap rate for $36.2 million. Faris Lee Investments, which advised the property breakup, represented the seller in both transactions. Developers Diversified Realty and Coventry Real Estate Partners announced two separate transactions involving the sale of Olympiad Plaza in Mission Viejo, Calif., and a portion of the Plaza at Puente Hills in City of Industry, Calif. Developers Diversified share was $51.3 million and $10 million respectively; the joint venture gained $13.6 million. It also said its joint venture with Macquarie DDR Trust of Australia has acquired two community shopping centers in Aurora, Colo., and Irving, Texas with a total value of about $64 million
Houston-based Creekstone Partners, a division of Creekstone Cos., headed up a tenants-in-common deal to buy Preston Center Pavilion and Square, which includes retail, in the Highland Park and University Park suburbs of Dallas, from Lincoln Property Co. and Prudential Real Estate Advisors. Lincoln Property will continue to manage the property.
The Lightstone Group, Lakewood, N.J. has closed on a $48.2 million acquisition of two retail properties from the Archon Group: the 445,000-square-foot Shawnee Mall in Shawnee, Okla., and the 697,000-square-foot Brazos Mall in Lake Jackson, Texas. In 2004, Lightstone acquired about $1 billion in property.
Bala-Cynwyd, Pa.-based Stoltz Real Estate Fund in a joint venture with Pacific Coast Partners LLP, with offices in San Francisco and L.A., has acquired The Shops at Las Americas in San Diego from JER Real Estate Partners LLC. The mortgage was provided by Redwood Capital Finance Co. Construction of a second phase including Neiman Marcus, Polo, Coach and Kenneth Cole will open in May.
Los Angeles-based Passco Real Estate Enterprises Inc. and its tenant-in-common investor group have completed a $53 million acquisition of Althe Station Phases I and II, a power/entertainment center in a fast-growing area of metrolopolitan Kansas City. The previous owner was A.B./Olathe Ltd. Parntership and A.B. Olathe II Ltd. Partnership. Plans include retenanting, exterior upgrades and improvements to the common areas.