Retail Traffic


The Blackstone Group and Glimcher Realty Trust, announced a partnership for the acquisition and management of two regional malls in a deal worth $320 million. As part of the deal, Blackstone will assume $218 in mortgages on the properties. It will result in net proceeds of $60 million for Glimcher.

CBL & Associates Properties Inc. closed the extension and modification of its $560 million credit facility, maintaining 100 percent lending capacity. The facility was scheduled to mature in August 2011 and has been extended to April 2014.

Kimco Realty Corp. completed the $175 million purchase of the remaining 85 percent interest in PL Retail LLC, an entity comprising 21 shopping centers that the company manages and in which the company previously held a 15 percent interest.

National Retail Properties Inc. closed a new $400 million credit facility, replacing a facility which was set to mature in May 2010. The new facility matures November 2012, with an option to extend maturity to November 2013. The facility is priced at LIBOR plus 280 basis points with a 1.0 percent LIBOR floor.

Developers Diversified Realty Corp. obtained new first mortgage financing from Goldman Sachs Commercial Mortgage Capital L.P., an affiliate of Goldman, Sachs & Co. The $400 million, five-year loan is secured by a portfolio of 28 stabilized shopping centers.

Newcastle Properties LLC, a commercial real estate investor and real estate advisory firm, today announced the acquisition of a portfolio of nine CVS drugstores located across six states for approximately $30 million. All stores are occupied by affiliates of CVS/Caremark under 25-year triple net leases. Newcastle acquired the portfolio on behalf of SVC Equity Partners LLC. Newcastle was represented by Becker & Gurian.

Phillips Edison & Co. announced that it has completed a $27 million secured loan collateralized by the 600,000-square-foot Bridgewater Falls regional shopping center in Fairfield Township, Ohio. The financing, which includes a term of four years, was provided by US Bank, N.A.

The Macerich Partnership, L.P., the operating partnership of Macerich and real estate investment management firm Heitman announced a joint venture in two of Macerich's assets. Under the terms of the deal, Macerich receives $167.5 million in net cash proceeds and Heitman acquires a joint venture interest of 49.9 percent and assumes a pro rata share of the property level debt.

Inland Western Retail Real Estate Trust Inc. closed on the sale of two assets, aggregating 334,700 square feet, for a total sales price of $100 million. In addition, Inland Western closed on the refinancing of $140 million of mortgage loans with a major life insurance company. Secured by seven retail properties having mortgages due to mature in 2009 and 2010, the new mortgage loan has a five-year term inclusive of a one-year extension option.

GFC Fifth Avenue LLC, a partnership of Crown Acquisitions, Goldman Properties and the Feil Organization paid $117 million for the 24,700-square-foot retail portion of the St. Regis New York. The seller was Starwood Hotels & Resorts Worldwide Inc.

Prudential Insurance and New York Life provided $135 million in senior mortgage debt to Brooks Shopping Center LLC for the 1-million-square-foot Cross County Shopping Center in Yonkers, N.Y. Funds from the five-year, fixed-rate mortgage will help pay for the $220 million redevelopment of the center.

Estreich & Co. helped arrange the debt for Brooks, which is owned by Dollar Land Associates and was represented by Goldfarb & Fleece in the transaction.

Getty Realty Corp. bought 36 Exxon branded gasoline station and convenience store properties in a sale/leaseback transaction with White Oak Petroleum LLC for $49.0 million. The properties were acquired in a transaction in which White Oak Petroleum acquired them from ExxonMobil and simultaneously completed a sale/leaseback with Getty Realty Corp. The properties are primarily located in Prince George's County, Md.

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