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Hilco Selling A&P Store Leases

Hilco Real Estate LLC has been appointed real estate advisor to The Great Atlantic and Pacific Tea Co. in its bankruptcy restructuring. In addition to its comprehensive role as consultant and lease restructuring advisor, HRE is managing A&P’s disposition efforts, including the immediate sale of 31 leases on stores in the process of being shuttered.

The locations range from 24,000 square feet to 60,000 square feet and are located in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania.

Gregory S. Apter, president of Hilco Real Estate, will lead the disposition team. The sale process will be managed by Ross Block, a senior disposition specialist.

HFF Arranges Refinancing and Note Sale

Holliday Fenoglio Fowler L.P. (HFF) announced a refinancing and a note sale on two different retail properties.

In the first deal, HFF arranged an $80 million refinancing for the 110,836-square-foot Whalers Village open-air shopping and entertainment center located along Kaanapali Beach in West Maui, Hi.

HFF worked exclusively on behalf of WV Sub LLC, an entity controlled by General Growth Properties, to secure the 10-year, fixed-rate loan through Goldman Sachs & Co. The securitized loan will refinance an existing loan on the center.

Originally built in 1970, the property has been renovated and expanded over the years and is currently 98 percent leased to 70 tenants including Louis Vuitton, Tommy Bahama, Coach, Pacific Sunwear, Hula Grill, Leilani’s Restaurant and Cane & Taro Restaurant.

The HFF team representing the borrower included senior managing director Paul Brindley, director John Crump and executive managing director Mark Gibson.

In a seprate deal, HFF closed the sale of notes secured by Village Walk Plaza, a 314,091-square-foot community retail shopping center in Murrieta, Calif.

HFF exclusively marketed the notes on the property on behalf of the seller, a national banking entity. Merlone Geier Partners purchased the notes for an undisclosed amount.

Completed in 2008, Village Walk Plaza is approximately 80 percent leased to a host of national tenants including Sports Authority, Bed Bath & Beyond, Babies “R” Us, Office Depot, PETCO, BevMo, Guitar Center and growing regional tenant, Jerome’s Furniture.

The HFF team representing the seller included senior managing director Ryan Gallagher and directors Bryan Ley, Kelly Rohfeld and John Crump.

Lightstone Group Acquires Festival Bay Mall

The Lightstone Group, one of the largest private real estate owners in the country, in conjunction with Paragon Outlet Partners, announced today the acquisition of Festival Bay Mall in Orlando, Fla., a 750,000-square-foot shopping center that sits on 139 acres, for approximately $25 million.

Lightstone's goal is to reposition the asset, which is located near Universal Studios, Sea World, Walt Disney World and the Orange County Convention Center.

Opened in 2003, Festival Bay Mall is a 750,000-square-foot, single-level and enclosed entertainment and shopping center located at 5250 International Drive in Orlando, Fla.

Acadia/ Terranova Buy 3 Buildings in $52M Deal

Joint venture affiliates of Acadia Realty Trust and Terranova Corp. closed on a landmark three building deal for the acquisition of 741 Lincoln Road, 600 Lincoln Road, and 723 North Lincoln Lane in Miami Beach, Fla., for a total purchase price of approximately $52 million.

Current tenants at the properties include Starbucks, Geox Shoes and Zagat-rated restaurants Sushi Samba Dromo and Tacontento. Terranova will manage and lease the 61,000-square-foot portfolio.

Lincoln Road, an 8-block open-air pedestrian mall, features high-end restaurants, boutiques, and bars where shoppers and diners can expect to enjoy the most modern shopping and entertainment paired with a lively nightlife scene. The street generates some of the highest per square foot sales in Florida as one of the only 24-hour retail destinations.

Other Notable Deals

CASTO has sold 20 acres of land at Columbus Corporate Center in Columbus, Ohio, to Menards, which will build a 160,000-squrae-foot store on the site. As part of the project, to the north of the Menards site, the completion of Brice Road will take place, providing a connection to Reynoldsburg-New Albany Road.

Venture Commercial Real Estate announced the sale of the 28,511-square-foot Expo Retail Center in Rowlett, Texas, to Lakeview Expo Ltd. and Standridge Cos.. The property is 61 percent occupied, with tenants including Fuzzy’s Taco Shop, Fresenius Medical Care, and Amelia’s Mexican restaurant. Doug Archer, CFO of P.O’B Montgomery served as the court appointed receiver for this property for the past 18 months. Sean Byrne of Byrne Co. and Jason Byrne of Venture Commercial represented the seller, Rowlett Lakeview Investments L.P., with Doug Archer of POB Montgomery as special servicer for Midland Loan Services. Tommy Crowell and Stacy Standridge negotiated the deal on behalf of Standridge Companies.

The Boulder Group completed the sale of a single-tenant net-leased Citibank property located in Chicago for $2.2 million. The 5,500-square-foot retail condominium is the first floor of a mid-rise building and is 100 percent leased to Citibank. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate joint venture based in Chicago. The buyer was a family partnership based in California.

Cedar Shopping Centers Inc. completed the sale of an approximate 7.7-acre-parcel near Ephrata, Pa., for $1.9 million. The parcel, originally purchased before the downturn for future retail development by the company, was sold at a small gain to a local church group.

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