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HFF Team Helps Arrange $27.5M Financing for Northgate North Center

HFF arranged a $27.5 million refinancing on behalf of Retail Properties of America Inc. for Northgate North, a 303,255-sq.-ft. shopping center in Seattle. ING Investment Management LLC provided the loan, which features a 15-year term and a fixed interest rate.

Northgate North is currently 99 percent leased. Tenants at the property include Best Buy, Ross Dress for Less, Petco and Sports Authority.

Kevin Mackenzie and Tom Wilson, of HFF, negotiated this transaction.

Kite Realty Secures $23M Loan for Four Corner Square Project

Kite Realty Group Trust closed on a $23 million construction loan for the redevelopment of Four Corner Square in Maple Valley, Wash. U.S. Bank provided the loan, which features a three-year term with a two-year extension option and a rate of LIBOR plus 225 basis points.

Four Corner Square will be expanded from 44,000 sq. ft. of space to 109,000 sq. ft. It is currently 84 percent leased to tenants including Johnson’s Home & Garden and Walgreens.

Phillips Edison—ARC Negotiates a $10M Unsecured Revolving Credit Facility

Phillips Edison—ARC Shopping Center REIT Inc., through Phillips Edison-ARC Shopping Center Operating Partnership L.P., entered a $10 million unsecured revolving credit facility with KeyBank National Association.

The facility matures on July 2, 2013 and comes with a six-month extension option. It features an interest rate equal to either (1) the sum of (a) the greater of (x) the prime rate announced by KeyBank from time to time or (y) the federal funds effective rate plus 0.50 percent, plus (b) 4.50 percent or (2) LIBOR plus 5.50 percent.

Phillips Edison—ARC can use the credit to fund acquisitions of grocery-anchored shopping centers and for general working capital purposes.

Alberta Development Partners, Walton Street Capital Buy Foothills Mall

A joint venture of Alberta Development Partners and affiliates of Walton Street Capital acquired Foothills Mall, a 753,000-sq.-ft. enclosed superregional mall in Fort Collins, Colo.

Macy’s and Sears anchor the property. Inline tenants include Victoria’s Secret, Ann Taylor Loft, Express, The Buckle, Gymboree, Eddie Bauer, Finish Line, Corner Bakery, Auntie Anne’s and Rocky Mountain Chocolate Factory, among others.

The new owners plan to reposition the property.

Other Notable News

D&S Depierro Trust sold a 7,000-sq.-ft. retail property in Billings, Montana to King Avenue Billings LLC for $2.09 million in an all-cash transaction. The price translates to $299 per sq. ft., the highest price paid for a multi-tenant retail property in the past two years. The building was completed in 2010 and houses Men’s Wearhouse and Qdoba Mexican Grill Restaurant. Jeff Conover, of Faris Lee Investments, represented the seller in the transaction. Ben Prather, of Colliers International, represented the buyer.

WP Realty sold Devon Village, an 89,000-sq.-ft. shopping center in Devon, Pa. to a subsidiary of Kimco Realty Corp. Whole Foods anchors the property. Other tenants at the center include AAA Mid Atlantic, Beneficial Bank, Starbucks, Devon Nails and Spa and Avero.

A joint venture of Advance Realty and Structure Tone Equities purchased Windsor Hights Shopping Center, a 132,733-sq.-ft. neighborhood retail center in East Windsor, N.J. The center is currently 40 percent occupied, with tenants including PNC Bank and Taco Bell. Christopher M. Bellapianta, of Advance Realty, represented the buyers in the transaction.

O’Connor Capital Partners and Wafra Investment Advisory Group, through O’Connor/Wafra Retail Partners, acquired Carmel Plaza, a 11,781-sq.-ft. lifestyle center in Carmel, Calif. Tenants at the property include Tiffany & Co., Louis Vuitton, Bottega Venetta, J.Crew and Anthropologie.

Houlihan-Parnes Realtors and Q10 NY Realty Advisors LLC negotiated a $650,000 first mortgage for 124-128 East Road Post, a 5,800-sq.-ft. building housing Full Moon Thai Restaurant, El Cafetero, a Columbian bakery and Papaniche Ristorante in White Plains, N.Y. The non-recourse loan features a five-year term with a five-year extension option, a 4.50 percent interest rate and a 30-year amortization schedule. Craig Weitz, of Metro Property Group and Houlihan Parnes Realtors negotiated this transaction.

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