Retail Traffic


Meridian Capital Group arranged a $33 million loan for Oak Tree Shopping Center, a 190,000-sq.-ft. retail property in Edison, N.J. The loan featured a 10-year, interest-only term. Israel Schubert and Ray Pinner, of Meridian Capital, negotiated this transaction.

Forest City Ratner Companies closed on a $630 million construction loan for Ridge Hill, a 1.3-million-sq.-ft. regional lifestyle center in Yonkers, N.Y. The loan is the largest single construction loan in the company's history.

Merrill Lynch Capital and Mountain Funding appointed Jones Lang LaSalle's open-air management division as the leasing and managing agent for 11 grocery-anchored shopping centers located throughout the eastern and midwestern United States. The portfolio totals 1.1 million sq. ft. of space. Mike Longmore, Sig Arnesen, Chris Rehmet, Brigette Johnson and Cindy Stasie, of Jones Lang LaSalle, will be responsible for this assignment.

Inland Western Retail Real Estate Trust, Inc. entered into a definitive agreement and plans to acquire, through four separate mergers, four Inland entities that provide it with business advisory and management services in exchange for an aggregate of 37.5 million shares of common stock valued at $10 per share.

W. P. Carey & Co. completed an $11 million sale-leaseback transaction with clothing retailer Sheplers, Inc. through its publicly held, non-traded REIT. The transaction funded a portion of Sheplers' acquisition by Gryphon Investors.

Forest City Enterprises, Inc. acquired a 60% interest in a 13-acre site in downtown Las Vegas. Forest City and Livework, the company that holds the remaining 40% interest in the property, plan to develop a major regional transportation terminal and several commercial buildings on the site. The property is valued at $136 million.

Holliday Fenoglio Fowler negotiated the sale of Lakeside Town Shops, a 78,956-sq.-ft. retail center in Davie, Fla., to Edens & Avant for an undisclosed amount. Danny Finkle, Dan Carlo, George Vail and Luis Castillo, of Holliday Fenoglio Fowler, represented the seller, Stiles Corp., in the transaction.

Savills, a London-based real estate services company, acquired Granite Partners LLC, a New York-based real estate investment banking firm. Granite Partners has been rebranded as Savills Granite LLC and will operate under the leadership of cofounder John D. Lyons, who will assume the title of Savills' chief executive in North America.

Jones Lang LaSalle Inc. acquired Zietsman Realty Partners, Inc., a Los Angeles-based real estate investment banking firm, for an undisclosed amount.

Ramco-Gershenson Properties Trust acquired Old Orchard Shopping Center, a 95,000-sq.-ft. property in West Bloomfield, Mich., as part of its joint venture with ING Clarion Partners LLC. The purchase price, plus redevelopment capital for the property, will fill the $450 million commitment Ramco-Gershenson made to the venture in December 2004.

Tremont Realty Capital originated a $25 million loan for the acquisition of Delray Square II, a 151,000-sq.-ft. retail property in Delray Beach, Fla. The loan featured a three-year term. David Ross negotiated this transaction.

ScanlanKemperBard Cos., in partnership with the Praedium Group, acquired a 505,918-sq.-ft. retail portfolio from Cerberus Management and Kimco Realty Corp. for $43 million. The portfolio includes nine former grocery stores and two gas station parcels located throughout Arizona, California and Colorado.

Capmark Finance originated a $57 million permanent loan for Westview Center, a 605,711-sq.-ft. community shopping center in Catonsville, Md. The loan featured a 10-year term. Robert Falese, of Capmark's Horsham, Pa., office, negotiated this transaction.

NAI Norris, Beggs & Simpson negotiated the sale of Blocks 1, 4 and 5 of the Brewery Blocks, a mixed-use development in Portland, Ore., to institutional investors advised by JPMorgan Asset Management — Real Estate for $292 million. The properties include 350,000 sq. ft. of office space, 100,000 sq. ft. of retail space and 210,000 sq. ft. of multi-family housing in 242 apartments. Chris Johnson, May Kay West, Robert Black and Sean Turley, of NAI Norris, negotiated this transaction.

NorthMarq Capital, Inc. arranged a $28 million construction-to-permanent loan for the Rutherford Crossing Shopping Center — Phase I, a 107,058-sq.-ft. property in Winchester, Va. Jason Smith and Gary McGlynn negotiated this transaction.

The Equity Alliance Fund, a joint venture between Grand Sakwa Properties, Inc. and Lormax Stern Development Co., acquired Cloverleaf Center, a 400,000-sq.-ft. mixed-use property in Hattiesburg, Miss.

Passco Companies, LLC acquired Creekwalk Village, a 174,484-sq.-ft. power shopping center in Plano, Texas, from RREEF. Jack Crews and Ken Bendalin, of Trammell Crow, represented both the buyer and the seller in the transaction.

ING Clarion Partners, LLC acquired a joint venture interest in the Village Shopping Center, a 212,116-sq.-ft. retail property in Boulder, Colo., for $56 million. The interest was purchased on behalf of an investment fund managed by ING Clarion from Gart Properties, which will continue to run the property.

Edens & Avant acquired Coral Shores, a 69,000-sq.-ft. grocery-anchored shopping center in Cape Coral, Fla.

Faison Enterprises sold Waldorf Marketplace Phase II, a 153,000-sq.-ft. retail center in Charles County, Md., to American Realty Advisors for $39 million. Faison will continue to manage and lease the property on behalf of the new owners. Faison's David Lampke represented the seller in the transaction, while David Reece, of American Realty Advisors, and Philip Rachels, of Walker & Dunlop, represented the buyer.

Capmark Finance Inc. originated a $35 million permanent loan for Swedesford Plaza, a 152,330-sq.-ft. retail property in Berwyn, Pa. The loan featured a 10-year term. Robert Falese negotiated this transaction.

Marcus & Millichap negotiated the sale of Mullica Hill Plaza, a 90,876-sq.-ft. shopping center in Mullica Hill, N.J. for $22 million. Mark Taylor, Dean Zang and Christopher Munley, of Marcus & Millichap, represented the seller, Madison Development Group, Inc., in the transaction. Sharon Bands represented the buyer, AEW Capital Management Inc.

Advantis Construction Co. opened a regional office in Haverhill, Mass., to serve the northeastern United States. John McEneaney, currently director of construction with the firm's Tampa, Fla., division, will oversee the new office.

Marcus & Millichap arranged the sale of Westfield Lake Village Shopping Center, a 120,573-sq.-ft. property in West Bloomfield, Mich., for $17 million. John Godwin, Ashish Vakhariya and Simon Jonna, of Marcus & Millichap, represented the seller in the transaction. Godwin and Vakhariya also represented the buyer.

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