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Cedar Realty Closes on $300M Senior Secured Credit Facility

Cedar Realty Trust Inc. closed a $300 million senior secured credit facility. The facility includes a four-year $75 million term loan and a three-year $225 revolving credit facility subject to collateral in place. It comes with an initial rate of LIBOR plus 275 basis points and can range from LIBOR plus 200 to LIBOR plus 300 basis points, based on the company’s leverage ratio. Both the term loan and the revolving credit facility come with a one-year extension option and the credit facility can be increased to $500 million.

The facility replaces Cedar’s existing $185 secured revolving credit facility for stabilized properties and its $150 million secured construction facility.

KeyBank National Association served as administrative agent on the transaction. Bank of America N.A. was syndication agent, Manufacturers and Traders Trust Co. and Regions Bank were documentation agents. Other participants in the transaction included Royal Bank of Canada, TD Bank N.A., Raymond James Bank FSB, Credit Suisse AG, Cayman Island Branch and Goldman Sachs Bank USA.

“This credit facility provides the company with additional financial flexibility as it both extends our debt mature profile and lowers our cost of capital,” said Cedar CFO Philip Mays in a statement. “We appreciate the support of our bank group in completing this significant transaction.”

Cohen Refinances Chicago Area Center in $52M Transaction

Cohen Financial negotiated a $52 million refinancing for a grocery-anchored shopping center in Chicago. The loan features a 10-year term and a fixed interest rate. A life insurance company funded the transaction. Michael Wieden, of Cohen Financial, negotiated the financing.

NorthMarq Arranges More Than $50M in Loans for Shopping Centers in California and Texas

NorthMarq Capital arranged a $35 million first mortgage on behalf of California General Partnership for a 156,814-sq.-ft. shopping center in San Bruno, Calif. Tenants at the center include Marshalls, Best Buy and Lowe’s. The loan, provided by Hartford Life Insurance Co., features a 20-year term and a 20-year amortization schedule. Dennis Sidbury, of NorthMarq, negotiated this transaction.

NorthMarq also negotiated a $15.75 million first mortgage on behalf of Levcor Inc. for Plaza Del Sol, a 260,818-sq.-ft. regional mall in Del Rio, Texas. Marshalls, Ross Dress for Less, JC Penney, Bealls and Cinemark anchor the property. The loan was financed through Deutsche Bank’s CMBS platform and features a 10-year term. John Burke and Chad Ownes, of NorthMarq, negotiated this transaction.

Kimco Buys Two Southwest Properties for $17.2M

Kimco Realty Corp. purchased Woodbridge Shopping Center, a 97,000-sq.-ft. grocery-anchored shopping center in Sugar Land, Texas, and Bell Camino, a 63,000-sq.-ft. grocery-anchored shopping center in Sun City, Ariz., for $17.4 million. The price tag includes $4.2 million in mortgage debt on Bell Camino. Woodbridge was purchased unencumbered by debt.

Woodbridge is currently 96 percent leased, with Kroger serving as anchor. Bell Camino is 95 percent leased. CVS anchors the property, with Safeway serving as a shadow anchor.

Alamo Group Buys 14 Kroger and Safeway Stores for $17M

The Alamo Group purchased a portfolio of 14 single-tenant assets leased to Kroger and Safeway for $17 million. The portfolio totals 571,900 sq. ft. of space and includes properties located in Arizona, Arkansas, California, New Mexico, Ohio, Oklahoma, Texas and Washington. Chris Angelone, Jim Koury, Bill Moylan and Nat Heald, of CBRE, represented the seller in the transaction. Gleb Lvovich, of NRIG West, represented the buyer.

Metrocenter Mall Sells for $12.2M

Carlyle Development Group bought Metrocenter Mall, a 1.4 million-sq.-ft. regional mall in Phoenix, from a CMBS trust managed by Midland Loan Services for $12.2 million. The property was purchased out of receivership. The sale included a 525,225-sq.-ft. portion of the mall encompassing in-line shops, kiosks, food court, movie theater and storage area. The mall’s anchor stores and outparcel pads are individually owned and were not part of the transaction.

Metrocenter Mall was completed in 1973 and underwent a $32 million renovation in 2007.

Thomas Dobrowski, of Rockwood Real Estate Advisors, along with Michael Hackett, Ryan Schubert, Eric Wichterman and Mike Coover, of Cassidy Turley BRE, negotiated this transaction.

7-Eleven to Convert 55 Sam’s Mart Stores

7-Eleven Inc. entered into an agreement with Sam’s Mart LLC to acquire 55 Sam’s Mart stores in North and South Carolina for an undisclosed amount. The company plans to remodel and convert the stores to 7-Elevens. Robert L. Valentine, of Trefethen Advisors LLC, advised Sam’s Mart in the transaction.

Other Notable News

Rothenberg-Rosenfield Inc. acquired Phase II of Centennial Village, a 117,392-sq.-ft. neighborhood shopping center in Roswell, Ga. Tenants at the center include Kohl’s, Petco and Rite Aid. Rothenberg-Rosenfield purchased Phase I of the center in 2009.

Marabella Commercial Finance Inc. provided a $3.15 million loan for a property leased to Walgreens. The loan featured a 4.5 percent interest rate, a five-year term, a 25-year amortization schedule and 51 percent loan to value ratio.

Cooper Commercial Investment Group negotiated the sale of a 10,125-sq.-ft. CVS Pharmacy in Murfreesboro, Tenn. for $2.962 million. The transaction closed at a cap rate of 8.24 percent. CVS has a 20-year triple net lease for the property, with eight years remaining on its original lease term.

The Boulder Group negotiated the sale of a 10,722-sq.-ft. single tenant net leased CVS in Trotwood, Ohio to a New York-based 1031-exchange investor for $1.95 million. The building was completed in 1996. CVS has a new 25-year double net lease for the property. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.

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