Retail Traffic

Deal of the Week

Regency Centers contributed four properties to its co-investment partnerships. In a transaction valued at $83.4 million, three shopping centers, including John’s Creek Center in Jacksonville, Fla., Signal Hill Shopping Center in Manassas, Va., and Hollymead Town Center in Charlottesville, Va., were added to the partnership with the Oregon Public Employees Retirement Fund. The deal featured a cap rate of 7.14 percent. In a transaction valued at $74.5 million, Silver Spring Square in Harrisburg, Pa., was added to the open-end fund, Regency Retail Partners. The deal featured a cap rate of 6.83 percent. The open-end fund has exclusive rights to Regency’s completed community centers, according to Lisa Palmer, senior vice president of capital markets. “We were the first in the sector to form such a fund,” in December 2006, she says. “Especially in light of today’s market, it’s great to have this [demand] for our completed developments.” In addition to Silver Spring Square, the fund contains eight properties with a total value of $308.0 million. The partnership with the Oregon Public Employees Retirement Fund contains 27 properties, with a total value of $640.0 million.

Other Notable Deals

The Sembler Co. sold a 759,459-square-foot portion of Winter Garden Village in Winter Garden, Fla. to an affiliate of Cole Real Estate Investments for an undisclosed sum. The mixed-use center, completed in 2008, totals 1.1 million square feet. Sembler will serve as the managing agent for the property. The sale did not include several site parcels, including tenant-owned SuperTarget and Lowe’s home improvement stores and a 25-acre tract of land zoned for residential development… The Macerich Co.. closed on three loans and secured commitments on two others, totaling $538.6 million. Among the closed transactions is a $150.0 million refinancing of Broadway Plaza in Walnut Creek, Calif.; a $29.7 million loan on Chandler Festival in Phoenix; and an $18.9 million loan on Chandler Gateway, also in Phoenix. The Broadway Plaza loan featured a fixed 6.11 percent interest rate and a seven-year term and replaces a $58.8 million loan. The Chandler Festival and the Chandler Gateway loans featured a fixed 6.15 percent interest rate and a seven-year term. On Oct. 15, Macerich expects to close on a $90.0 million loan on South Towne Center in Sandy, Utah and it will also refinance Washington Square Mall in Portland, Ore. with a $250.0 million loan…CB Richard Ellis negotiated the sale of the Shops at Chauncey Ranch, a 168,504-square-foot power center in Scottsdale, Ariz., from Vertical Holdings Co. to a private investor for $66.2 million. … Marcus & Millichap Real Estate Investment Services arranged the sale of 12 freestanding Napa Auto Parts stores net leased to Genuine Parts Co. The assets are located in Alabama, California, Florida, Georgia, Illinois, Mississippi, New York, North Carolina, Texas, Virginia and Washington. Although the sales price was not disclosed, the portfolio was listed at $18.7 million.

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