Glimcher Realty Trust closed a joint venture with the Blackstone Group for the acquisition and management of two regional malls, including Lloyd Center in Portland, Ore. and WestShore Plaza in Tampa, Fla. An affiliate of Blackstone will acquire 60 percent of the joint venture and an affiliate of Glimcher will retain a 40 percent interest. Both malls are existing Glimcher properties. Glimcher Properties Limited Partnership will continue to manage the operation of both centers.
The gross value of the combined transaction is approximately $320 million and includes the assumption of approximately $215 million in mortgage loans secured by the properties. The transaction generated net proceeds of about $60 million for Glimcher, after debt assumption fees and closing costs. Glimcher used the proceeds to pay outstanding borrowings on its credit facility. As a result, the outstanding balance on its credit facility has been reduced to approximately $232 million.
“We are excited about our new relationship with Blackstone, a highly respected and strategic investor, which furthers our goal of raising additional capital now while positioning our mall platform for future potential growth as the economy recovers,” said Michael P. Glimcher, Glimcher CEO and chairman of the board, in a statement.
Faris Lee Completes First Retail Property Sale in Murrieta since 2008
Faris Lee Investments completed the sale of an 11,716-square-foot retail property in Murrieta, Calif. from Carlmart LP to Westerntuf LLC for $5.2 million. The price represents approximately $444 per square foot. This was the first retail center sold in the Murrieta/Temecula area since 2008.
The property is anchored by a Super Target, Walgreens, Bank of America and Dixieline Lumber. Inline tenants include Starbucks, Subway, UPS Store, Verizon, Juice it Up, Xtreme Frozen Yogurt and Orchard Nail Spa. The center is currently fully occupied.
Donald MacLellan, senior managing director with Faris Lee Investments, and Chris Tramontano, director, represented the seller in the transaction. MacLellan also represented the buyer. In addition, Faris Lee arranged financing for the buyer through a local lender.
Hanley Investment Group Negotiates Four Sales Totaling More Than $13M
Hanley Investment Group Real Estate Advisors negotiated the sale of Family Place, a 27,300-square-foot shopping center in Las Vegas, Nev., from Family Place Station LLC to 99 Cents Only for $4.83 million. The price represented $177 per square foot.
Edward B. Hanley, president, and Eric P. Wohl, of Hanley Investment Group, represented both the buyer and the seller in the transaction.
The property was built in 2003 and was 100 percent occupied at the time of the sale. Tenants include 99 Cents Only, Burger King, Launderland and Moneytree.
Hanley and Wohl also represented the seller, Westwood Financial, in the sale of Walnut Newport Center, a 9,597-square-foot retail property in Orange County, Calif., to Lee Family Trust for $2.99 million in an all-cash transaction. The price represented $312 per square foot.
Built in 1986, Walnut Newport Center was 100 percent occupied at the time of the sale.
Edward B. Hanley and William B. Asher negotiated two separate NNN 1031 exchange transactions at the Countryside Marketplace in Menifee, Calif. for a total of $5.29 million. The first transaction involved the sale of a single-tenant, 5,250-square-foot Wells Fargo for $3.25 million. The second transaction was the sale of a fee-simple ownership in the land leased to a single-tenant, 6,050-square-foot Red Robin Restaurant.
Hanley Investment Group represented the seller, Donahue Schriber Realty Group, in both transactions. Lew 1st—Crenshaw Properties LLC was the buyer and was represented by James Kwon, of Coldwell Banker Best Realty.
RKF Sells Retail Condo in Midtown Manhattan
Robert K. Futterman & Associates completed the sale of a 2,658-square-foot retail condominium in New York City from Vintage Group LLC to 2792 Ocean Realty LLC for $2.55 million. Located on 44th Street, between Fifth and Madison Avenues, the condominium sits at the base of a 20-story boutique residential development.
David Alani and Brian Segall, RKF directors, represented the seller in the transaction.
Cohen Secures Multi-Million Refi for Evanston Building
Cohen Financial secured a multi-million dollar refinancing for a 44,380-square-foot office/retail property in Evanston, Ill. on behalf of owner Sherman Grove LLC. The loan featured a 50 percent LTV, a fixed interest rate of 6.75 percent, a five-year term and a 25-year amortization schedule. The lender is a suburban Chicago bank.
The property, which consists of six contiguous buildings, features street-level retail on the first floor and office space on the second floor, in addition to 45 parking spaces. A popular restaurant, Pete Miller’s Steakhouse, occupies 30 percent of the retail space. Overall, the property is more than 95 percent leased.
Don C. Trossman, managing director in Cohen Financial’s Chicago office, secured the loan.