General Growth Properties Inc. entered into a definitive agreement with certain affiliates of Pershing Square Capital Management L.P. to acquire a 14.1 percent interest in Aliansce Shopping Centers S.A., a Brazilian shopping center developer, owner and manager, for $195.2 million. GGP plans to fund the acquisition with available cash resources. The transaction will bring its overall stake in the company to 45.6 percent.
As of Aug. 13, Aliansce’s regional mall portfolio was 98.2 percent occupied and generated 10.1 percent growth in same-store sales compared to last year.
The acquisition is scheduled to close in the third quarter of 2012.
California Shopping Center Garners Record Price at $790 Per SF
Catellus sold stock in the company that owned The Landing, a 44,289-sq.-ft. grocery-anchored shopping center in Newport Beach, Calif., to an unidentified buyer for $34.89 million in an off-market transaction. The price works out to $790 per sq. ft. on a fee simple basis, which would make it the highest price per sq. ft. paid for a grocery-anchored center in California in the past five years.
The Landing recently underwent an extensive renovation. Vons Pavilions anchors the property. Other tenants include Gina’s Pizza, Crow Bar and Kitchen, Chipotle and Chase Bank.
Edward B. Hanley and Eric P. Wohl, of Hanley Investment Group, and HOM Real Estate Group negotiated this transaction.
“The Landing presented a very unique opportunity for the buyer to own a trophy grocery-anchored retail center in one of the best beachside communities in Southern California offering upscale demographics, high barriers to entry and quality tenant mix,” said Eric P. Wohl, senior vice president with Hanley Investment Group, in a statement.
Florida Shopping Center Trades Hands for $15.7M
Plantation Crossings LLC purchased Plantation Crossings, a 70,000-sq.-ft. shopping center in Plantation, Fla., from SCPlantation CB L.P. and SCPlantation LV L.P. for $15.7 million. The purchase price included the assumption of an existing $11 million securitized loan on the property.
Plantation Crossings is fully leased. Comp USA, Michael’s and Pier I Imports anchor the center. Adam Lustig, of Bilzin Sumberg Real Estate, represented the buyer in the transaction.
Petra Capital Management Sells Queens Retail Shell for $14M
Petra Capital Management sold 160-08 Jamaica Ave., a retail shell in Queens, N.Y. with 156,000 buildable sq. ft. to United American Land for $14 million. The property has been vacant for 20 years. Yosef Katz, of GFI Realty Services Inc., represented both parties in the transaction.
Brixmor Sells Five Shopping Centers in Houston MSA
Brixmor sold five shopping centers totaling 262,755 sq. ft. of space in the Houston metropolitan area to a Dallas-based private investor group for an undisclosed amount.
The properties included North 45 Plaza, a 132,230-sq.-ft. regional shopping center in Houston; Tidwell Place Shopping Center, a 41,855-sq.-ft. shopping center in Houston; Lazybrook Shopping Center, a 10,745-sq.-ft. strip center in Houston; Parkview West Shopping Center, a 39,739-sq.-ft. neighborhood center in Pasadena, Texas and Parkview East Shopping Center, a 38,186-sq.-ft. neighborhood center in Pasadena.
Jerry Goldstein, of Marcus & Millichap Real Estate Investment Services, negotiated this transaction.
Other Notable Deals
Hillhurst/Los Feliz LLC sold 4500 Los Feliz Blvd., a 14,000-sq.-ft. restaurant/retail building in West Los Angeles to CMC Asset Management LLC for $9.25 million. Duncan Lemmon and John Battle, of Lee & Associates, who are partial owners of the building, represented the seller in the transaction. James Chu represented CMC in-house.
Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., arranged a $7.1 million loan to refinance a 13,386-sq.-ft. Walgreens built in 2009. The loan features a 75 percent LTV ratio, a 4.5 percent rate, a 10-year term and a 30-year amortization schedule. Farhan Kabani negotiated this transaction.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 4,195-sq.-ft. single-tenant Chase Bank building in Miami to a private investor for $5.96 million. The transaction closed at a cap rate of 4.9 percent, a record-breaking cap rate for a Chase property. Chase recently signed a 20-year triple-net lease for the space. Tim Giambrone, of Marcus & Millichap, represented both parties in the transaction.
HFF arranged a $5 million loan on behalf of Cencor Realty Services to refinance Pine Hollow Shopping Center, a 107,358-sq.-ft. shopping center in Conroe, Texas. Aetna Life Insurance Co. provided the loan, which features a fixed interest rate and a 10-year term. Pine Hollow is currently 92 percent leased. Tenants at the center include Aaron’s, Northern Tool+Equipment, Dollar Tree and Star Cinema Grill. Travis Anderson, of HFF, negotiated this transaction.
Camden Holdings sold a 533-sq.-ft. single-tenant retail property in Montebello, Calif. to Sunset Enterprises Trust for $1.822 million in an all-cash 1031 exchange transaction. The transaction closed at a cap rate of 6.75 percent. Chevron occupies the property and has 19 years remaining on its triple net lease. Jeff Conover, of Faris Lee Investments, represented the seller in the transaction. Marcus & Millichap represented the buyer.
San Fiz LLC purchased a 44,941-sq.-ft. vacant lot in Palm Springs, Fla. for $825,000. The buyer plans to build an 8,200-sq.-ft. retail/medical office building on the site. CBRE represented the seller in the transaction.