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Federal Prices $150M Notes Offering

Federal Realty Investment Trust priced a public offering of $150 million of 10-year senior unsecured notes. The 5.90 percent notes are due April 1, 2020 and were offered at 99.812 percent of par.

Banc of America Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. Citigroup Global Markets Inc., Goldman, Sachs & Co., PNC Capital Markets LLC, RBC Capital Markets Corp., Capital One Southcoast, Inc., Sandler O'Neill & Partners L.P. and SunTrust Robinson Humphrey Inc. acted as co-managers.

Federal Realty intends to use the net proceeds to fund potential acquisition opportunities, fund its redevelopment pipeline, reduce amounts outstanding under its $250 million term loan, and/or for general corporate purposes.

Urban Retail Creates Urban Receivership for Distressed Assets

Urban Retail Properties announced a new partnership called Urban Receivership Services. The new entity was formed to provide owners and special servicers with a highly qualified solution for underperforming or distressed retail assets.

The first assignment awarded URS as manager for the 477,000-square-foot Village Mall in Danville, Ill. Appointed by the court on behalf of the mall’s owners and the lender, URS has contracted with Urban Retail to provide the day-to-day management and leasing services for the mall.

One Liberty Properties Buys Pennsylvania Asset

One Liberty Properties Inc. announced that a wholly-owned subsidiary acquired a 194,000-square-foot retail shopping center located in Royersford, Pa., for $23.5 million.

The property is co-anchored by a supermarket operated by Giant Food Stores (with a guarantee from Koninklijke Ahold, n.v.) and a Kohl's Department Store. Other tenants in the shopping center include TD Bank, KFC, and Wawa.

Approximately $17.65 million of the purchase price was paid by the assumption of an existing first mortgage encumbering the property, and the balance was paid in cash. The acquisition completed an IRC Section 1031 tax-deferred exchange that began with the sale by a One Liberty subsidiary of a property in Hanover, Pa., in October 2009.

CB Richard Ellis Brokers $12.4M Shopping Center Sale

CB Richard Ellis’s Orlando and Jacksonville offices facilitated the sale of the Pleasant Hill Commons shopping center in Kissimmee, Fla. Dan Baker and Cliff Taylor, both first vice presidents within the private client group - capital markets, exclusively marketed the property on behalf of MCP Retail LLC. The selling price was $12,375,000 or $175 per square foot.

Pleasant Hill Commons opened in 2008 and is anchored by a Publix Supermarket. In addition, there is approximately 25,000 square feet of shop space housing such tenants as Subway, Pizza Hut, Trustco Bank, Fantastic Sam's and Tijuana Flats. Outparcels included 7-Eleven, Wendy's, and Bank of America.

Other Notable Deals

Stan Johnson Co. completed the sale of a 14,550 square foot free-standing Walgreens Pharmacy leased to Walgreens Corp. located on 1.6 acres in Ruston, La., to a private investor for $4.945 million. Gill Warner of Stan Johnson represented the seller, a retail developer, and Rod Pickney and Chad Byerly of Stan Johnson represented the buyer, a private investor.

Crosland was chosen to manage all of Eastern Federal Corp.'s real estate assets, as well as two Charlotte multi-family apartment communities. Collectively, the additions to Crosland's third-party management portfolio total 224,000 square feet of retail and 489 multi-family residences in North Carolina and Florida.

NAI Hunneman brokered the sale of a 113,000-square-foot retail center in Cranston, R.I. for $3.2 million. Robert Tito, executive vice president/principal and Jonathan Aron, former senior vice president/principal at NAI Hunneman, represented the seller, Cardinal Properties LLC, and procured the buyer, OSJ of Cranston LLC.

(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)

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