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GGP Closes Public Offering

General Growth Properties Inc. closed its underwritten public offering of 135 million shares of its common stock at a public offering price of $14.75 per share, less the underwriting discount.

GGP also announced the underwriters exercised their option to purchase additional shares of common stock and will purchase approximately 19.9 million shares. The closing of the over-allotment option is expected to occur on November 23, 2010, subject to customary closing conditions. In all, GGP will raise approximately $2.3 billion through the offering.

Goldman, Sachs & Co. and Deutsche Bank Securities served as joint global coordinators for the offering. Wells Fargo Securities, RBC Capital Markets, Barclays Capital, UBS Investment Bank and Morgan Stanley served as joint book-running managers for the offering, Macquarie Capital and TD Securities served as senior co-managers and Piper Jaffray served as co-manager.

HFF Secures $11.5M Refinancing for Orange County Mixed-Use Property

The Los Angeles office of Holliday Fenoglio Fowler, L.P. (HFF) secured an $11.5 million refinancing for Plaza Empresa, an 87,943-square-foot mixed-use property in Rancho Santa Margarita, Calif.

HFF director Chris Vittetoe and senior managing director Paul Brindley represented the borrower in the transaction. An adjustable-rate non-recourse loan was provided by Prime Finance, a commercial real estate finance company with offices in San Francisco, Chicago and New York.

Plaza Empresa is situated on a 7.17-acre site. The property was renovated in 1997 and includes five single-story buildings that are 70 percent leased to primarily service retail, restaurants and medical office tenants.

Phillips Edison Strategic Investment Fund Acquires Ft. Smith Pavilion

Phillips Edison & Co. acquired the Ft. Smith Pavilion in Ft. Smith, Ark. The center, anchored by Target, Bed Bath and Beyond, Best Buy, Old Navy and Michaels, was purchased in an all cash transaction using funds from the Phillips Edison Strategic Investment Fund.

This was the second major shopping center purchased by the Phillips Edison Strategic Investment Fund. Last year the fund bought the 600,000-square-foot Bridgewater Falls development in Fairfield Township, Ohio, which had been a lender-owned asset.

Currently the fund is seeking additional opportunities nationwide with a focus on operationally complex assets that require access to cash and can benefit from Phillips Edison's nationally recognized operating platform.

Agree Realty Acquires Lowe's in Concord, North Carolina

Agree Realty Corp. acquired a property ground leased on a long-term basis to Lowe’s in Concord, N.C. for $9.9 million. Lowe's has 18 years remaining on the base term of the ground lease. The site is across the street from the Concord Mills Mall.

Newly Formed Morris Capital Partners Closes on Stillwater, Oklahoma, Shopping Center

Fort Worth retail real estate development, redevelopment and acquisitions veteran, Bill Morris, has joined with Walter Floyd, a Fort Worth commercial real estate professional, to launch Morris Capital Partners.

The firm focuses on “value add” commercial real estate opportunities including retail and commercial properties in smaller or underserved markets throughout the country. The firm announced that it has closed a deal on the 95,000-square-foot Bradford Plaza in Stillwater, Okla., for an undisclosed price.

The shopping center is being sold to the firm out of receivership from Midland Loan Services. Tenants include Famous Footwear, Old Navy, Cato and Cici’s Pizza, but has a vacant 30,000-square-foot anchor space.

Morris Capital Partners has also joined with Real Estate Development Advisors to purchase the 168,000-square-foot Worthington Square Mall/ in Worthington, Ohio. Anchors include Talbots, Chicos, Jos. A. Bank and Ann Taylor.

Cohen Financial Secures $5.3M Financing for Bellevue Property

Cohen Financial secured $5.3 million in financing for the 53,180-square-foot Magnolia Complex in Bellevue, Wash. The Magnolia Complex is anchored by a Harley-Davidson dealer and Magnolia Audio Video.

Ed Gambee, Cohen financial director in the Portland office, originated the $5.3 million transaction, which was funded by a national bank. The borrower is Rainier Pacific Properties, a local commercial real estate investor.

Stirling Lands Management Contract

Stirling Properties was named the exclusive management and leasing firm for Clearview Mall in Metairie, La. The 700,000-square-foot enclosed mall is anchored by Target, Bed Bath & Beyond, Sears and AMC Palace Theatre 12.

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