Excel Trust Inc. closed an unsecured revolving credit facility of up to $125 million. The deal gives the REIT the option to increase the facility to $400 million, subject to lender commitments and other conditions. The facility is for three years, with a one-year extension option.
Wells Fargo Securities LLC and KeyBank Capital Markets arranged the financing. Other participants in the transaction included PNC Bank, U.S. Bank, Morgan Stanley Senior Funding Inc., Barclays Bank PLC, UBS Loan Finance LLC and Raymond James Bank FSB.
“This unsecured credit facility provides great flexibility and, along with the remaining proceeds from the IPO, will enable our company to capitalize on opportunities to acquire attractive properties in an efficient manner,” said Jim Nakagawa, CFO of Excel Trust, in a statement.
Cousins Uses Sale, Extension Deals to Pay Off Term Loan
Cousins Properties Inc. closed several transactions, including the sale of one property and the restructuring of debt on two others.
Cousins sold San Jose MarketCenter, a 360,000-square-foot power center in San Jose, Calif., for $85 million. The company generated an estimated net gain of $6.5 million on the sale.
The company also secured a three-year extension for a $113 million loan on The Avenue Murfreesboro, a 750,000-square-foot power center in Murfreesboro, Tenn. The deal called for no additional recourse requirements. In addition, Cousins refinanced the loan on Meridian Mark, a 160,000-square-foot medical office building in Atlanta. The loan was refinanced for 10 years, with a reduced interest rate of 6 percent and increased proceeds of $27 million. The loan previously featured an 8.27 percent rate, with $22.2 million in proceeds.
Cousins used the proceeds from the three transactions to pay off a $100 million term loan scheduled to mature in August 2010 and to eliminate an interest rate swap associated with the loan for a cost of approximately $9 million.
HFF Arranged $3.6M Loan
Holliday Fenoglio Fowler L.P. arranged a $3.57 million refinancing for a freestanding, 9,000-square-foot convenience store in Wallkill, N.Y. The loan featured a five-year term and a fixed interest rate and was secured through People’s United Bank. The property, completed in 2010, is 100 percent leased to QuickChek.
Other Notable Deals
RealtyLink LLC sold two net leased properties in the Carolinas. In the first deal, the company sold a 3,808-square-foot Bojangles restaurant in McDowell County, N.C. to an individual investor for $1.43 million. In the second deal, RealtyLink sold a 4,500-square-foot Verizon building in Beaufort, S.C. to a private investment group for $2.3 million. Both buildings were developed in 2010.
Hanley Investment Group Real Estate Advisors negotiated the sale of a fee-simple ownership in the land leased to a single-tenant triple net leased Del Taco in Rancho Cucamonga, Calif. for $1.46 million. The 2,200-square-foot freestanding building sits on 0.41 acres of land. It is located within Haven Village, a neighborhood shopping center. Edward B. Hanley, of Hanley Investment Group, represented the seller in the transaction, Cadence Capital Investments LLC. Brian Somoza, of Marcus & Millichap, represented the buyer, Sylvia W. Augustine Family Trust.
CB Richard Ellis/Grossman Retail Advisors (CBRE/GRA) has been appointed as exclusive retail leasing agent and retail management firm for Mandarin Oriental Boston, a mixed-use property in Boston. The complex contains approximately 28,000 square feet of retail space, in addition to 50 residences, 35 apartment homes and a luxury hotel. Jeremy Grossman and Andrea Matteson will handle this assignment on behalf of CBRE/GRA.
Blue Ridge Capital LLC acquired Tanger Town Centre, a 163,250-square-foot retail property in Commerce, Ga. from Tanger Properties L.P. . The company changed the name of the center to the Shoppes at Banks Crossing. Aaron Rents, Dollar Tree and Georgia Theatre currently anchor the property.