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CBL Closes $383M in Financing Transactions

CBL & Associates Properties Inc. closed four separate loans totaling $383 million in December. After repayment of existing loan balances, the new financing activity resulted in proceeds of more than $160 million.

The transactions included a $140 million loan secured by Cross Creek Mall in Fayetteville, N.C. An institutional lender provided the financing. The non-recourse loan featured a 10-year term and a fixed, 4.54 percent interest rate.

CBL also closed a $60 million secured by The Outlet Shoppes at Oklahoma City in Oklahoma City. The non-recourse CMBS loan featured a 10-year term and a fixed interest rate of 5.73 percent. CBL closed a five-year extension and amendment of an existing loan secured by St. Clair Square in Fairview Heights, Ill. The transaction increased the borrowing amount to $125 million and reduced the interest rate to LIBOR plus 300 basis points. The loan, secured through an institutional bank, is non-recourse.

In addition, CBL closed a recourse loan secured by The Promenade in D’Iberville, Ms. The loan featured a three-year term with two two-year extension options and an interest rate of 75 percent of LIBOR plus 175 basis points. An institutional bank provided the financing.

“These new loans demonstrate our continued strong borrowing relationships, as well as the tremendous value in our dominant mall assets,” said CBL Vice Chairman and CFO John Foy in a statement. “We are pleased to generate more than $160 million in cash proceeds from these new financings, further enhancing the flexibility of our balance sheet.”

Whitestone REIT Buys Shops at Starwood for $15.7M

Whitestone REIT bought the Shops at Starwood, a 55,385-sq.-ft. class-A shopping center in Frisco, Texas, for $15.7 million in cash. In a separate transaction, Whitestone also bought an adjacent 2.73-acre land parcel for $1.9 million, including the assumption of a $1.4 million non-recourse loan and $500,000 in cash.

The Shops at Starwood is currently 98 percent leased. The adjacent land parcel is undeveloped. It is zoned for retail and office uses. Whitestone plans to develop up to 36,000 sq. ft. of additional retail and office space on the property.

A&B Buys Land Parcel in Honolulu for $8.2M

A&B Properties Inc. acquired a 4.35-acre, fee-simple parcel within the Gateway at Mililani Mauka Shopping Center in Honolulu from Castle & Cooke Properties for $8.2 million. The parcel is zoned for commercial development and contains a 5,880-sq.-ft. multi-tenant retail building. A&B Properties plans to develop an additional 28,000 sq. ft. of retail space on the site.

Other Notable Deals

Cohen & Associates acquired Renaissance Walk, a mixed-use development in Atlanta. The property contains 140 condominium units and 30,500 sq. ft. of retail space. Renaissance Walk was developed in 2007 at a cost of $45 million. The original developer sold 21 of the 161 condo units at the property before the construction lender foreclosed on it in 2009. Since then, 90 percent of the apartments have been leased. Cohen & Associates bought Renaissance Walk at a significant discount to replacement cost. CB Richard Ellis represented both parties in the transaction. Shlomi Ronen, of Dekel Capital, arranged the financing for the sale.

Kroger Limited Partnership sold a 54,498-sq.-ft. former Kroger grocery store in Cary, N.C. to Crown/Cary Development Group LLC for $4.1 million. The Kroger store closed in August of 2008. Tommy Drew, of S. L. Nusbaum Realty Co., represented the seller in the transaction.

The Boulder Group negotiated the sale of a single-tenant, 13,905-sq.-ft. Walgreens building in Tinley Park, Ill. to a 1031-exchange investor for approximately $3.36 million. The building was developed in 1999. Walgreens has eight years remaining on its 20-year lease. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.

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