CBL & Associates Properties, Inc. (NYSE: CBL) announced an initiative to expand the firm's third party management business. As part of the initiative, CBL has created a new business development team, spearheaded by Jay Wiseman, vice president, responsible for coordinating third party management efforts.
“Property owners, investors, and lenders are looking for tested managers like CBL, that can provide the reliability and expertise that is critical in today’s difficult environment,” Alan Lebovitz, senior vice president, asset management, said in a statement. “Our company has the relationships and skilled personnel to present owners with a tailored program designed to maximize their property’s performance.”
In other company news, CBL executed a term sheet for the extension and modification of its secured credit facility for up to $105 million. Subject to the preparation and execution of loan documentation and other customary closing conditions, the facility will be extended to June 2011 at an interest of 300 basis points over the LIBOR with a floor rate of 4.5 percent. First Tennessee Bank NA served as administrative agent.
Other Notable Deals
Cushman & Wakefield Sonnenblick Goldman advised Kimco Realty Corp. (NYSE: KIM)on a $100 million refinancing for the 360,000-square-foot Suburban Square in Ardmore, Pa…. Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) completed an $18.9 million mortgage financing of Goodwives Shopping Center in Darien, Conn. The loan has a ten-year term with payments based on a 25 year amortization period at a fixed interest rate of 6.55 percent per annum. The mortgagee is People’s United Bank…. The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced the recent closing of a $13.6 million refinancing for Kimco for the 133,860-square-foot Novato Fair Shopping Center in Novato, Calif. The loan is a three-year, adjustable-rate loan through Wells Fargo Bank…. A limited liability company in Texas has sold a 23,524-square-foot shopping center in Beaumont, Texas to an out-of-state buyer. Marcus & Millichap's San Diego office represented the seller in the transaction and its Ft. Worth, Texas office represented the buyer. Capital Finance Inc. purchased the 5,680-square-foot Lynnhaven Quarters in Virginia Beach, Va., for $1.1 million. Thalhimer/Cushman & Wakefield Alliance negotiated the deal…. Faris Lee Investments has completed the sales of four ground-leased single-tenant retail properties for a total of $4.6 million at Paradise Valley Mall in Phoenix. The four properties include Arby’s/Wendy’s, Jared Galleria of Jewelry, Bank of America and Children’s World. Macerich Co. (NYSE:MAC) sold the properties.