Kimco Realty Corp. purchased a 50 percent ownership interest in Orleans Gardens Shopping Center, a 110,000-sq.-ft. grocery-anchored center in Ottawa, Ontario, for $16.5 million. The center is part of Kimco’s new joint venture with the center’s existing owner, North American Property Group.
Loblaws Supermarket and Rexall Pharma Plus anchor the property.
Glimcher Buys Indirect Ownership Stake in Honolulu Center from Blackstone Real Estate
Glimcher Realty Trust agreed to buy an 80 percent indirect ownership interest in Pearlridge Center, a 1-million-sq.-ft. mall in Honolulu, Hawaii, from Blackstone Real Estate Partners VI for $289.4 million.
The center was completed in 1972 and renovated in the mid 1990s. The property boasts in-line tenant sales of approximately $500 per sq. ft. and an occupancy rate of more than 99 percent.
Other Notable Deals
Broadstone Net Lease Inc. acquired 18 net-leased properties for $61 million in several transactions. The properties include nine Taco Bell sites across Georgia and Florida acquired through a sale/leaseback transaction with a Taco Bell franchisee; a 13,000-sq.-ft. medical property in Denton, Texas leased to Caring for Women P.A.; a 253,000-sq.-ft industrial facility in Eureka, Minn. that serves as RotoMetrics’ world headquarters, and seven properties, including three Taco Bell restaurants, purchased through an “UPREIT” transaction, where the sellers received operating partnership units in Broadstone Net Lease though a non-taxable contribution of their equity.
NorthMarq arranged a $9.7 million loan for Trophy Club Plaza, a 106,507-sq.-ft. shopping center in Trophy Club, Texas. The center was completed in 2000 and features Tom Thumb grocery store as its anchor. Other tenants at the property include Starbucks, Verizon, Subway and Great Clips. John M. Stewart and Brock Yaffe, of NorthMarq, negotiated this transaction.
RealtyLink LLC negotiated the sale of a 45,200-sq.-ft. 12-screen Carmike Cinemas theater complex in Bethlehem, Ga. for approximately $8 million. Carmike Cinemas signed a 20-year triple net lease for the space in January 2012.
TNP Strategic Retail Trust Inc. acquired Aurora Commons, an 89,200-sq.-ft. grocery-anchored shopping center in Aurora, Ohio. The center was completed in 1973 and is currently 92 percent occupied. Marc’s, a local discount grocery store, anchors the property. Other tenants include PNC Bank, Curves and Allstate.
Spence Hill Associates arranged a $1.4 million permanent loan for North Rock Plaza, a 9,300-sq.-ft. retail center in Warrenton, Va. A community bank provided funding for the loan, which features a 4.375 percent fixed interest rate, a five-year term with a five-year extension option, a 25-year amortization schedule, a 78 percent LTV and the ability to prepay without penalty. Michael H. Trauberman, of Spece Hill Associates, negotiated this transaction.
Millennium Properties negotiated the sale of two development sites in Chicago from Republic Bank to a local developer for $830,000 in an all cash transaction. The buyer plans to construct a mixed-use property on the neighboring sites. Susan Silver and Tobin Knight, of Mercury Realty Group, represented both parties in the transaction.