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TNP Secured $35M Revolving Credit Facility from KeyBank National Association

TNP Strategic Retail Trust Inc. entered, through certain of its wholly owned subsidiaries, into a secured revolving credit facility with KeyBank National Association. The facility has an initial aggregate leading commitment of up to $35 million. It replaces TNP’s existing $15 million credit facility, which matured on Dec. 17. The new facility includes an accordion feature that allows for an increase in commitments of up to $150 million as the company continues to grow. It has an initial maturity date of Dec. 17, 2013, subject to extension.
The facility will be secured by certain TNP-owned properties and will be subject to a number of financial covenants, including minimum and maximum limits on the company’s total leverage ratio, interest coverage ratio, fixed charge coverage ratio, liquidity and tangible net worth. TNP may use the facility for acquisitions and investments in real estate-related assets, capital and tenant improvements at existing and future properties, debt refinancing and other general working capital purposes.

“We are pleased to expand our relationship with KeyBank and appreciate their continued support and confidence in our company,” said Anthony W. “Tony” Thompson, CEO of TNP, in a statement. “Additionally, we expect that this increased flexibility and borrowing capacity will allow us to compete for almost any [appropriate] property.”

Phillips Edison-ARC Makes Its First Acquisitions

Phillips Edison-ARC Shopping Center REIT Inc. acquired Lakeside Plaza Shopping Center on Dec. 10 and Snow View Plaza Shopping Center on Dec. 15. The transactions mark the first acquisitions into the REIT’s portfolio.

Lakeside Plaza is an 82,033-square-foot shopping center located in Salem, Va. Anchors at the property include Kroger and CVS Pharmacy. Snow View Plaza Shopping Center is a 100,460-square-foot center located in Parma, Ohio. Giant Eagle anchors the property.
“The acquisitions of Lakeside Plaza and Snow View Plaza are consistent with our strategic plan to purchase community and neighborhood shopping centers that are anchored by the dominant grocery in the trade area,” said Mark Addy, chief operating officer of Phillips Eidson-ARC, in a statement. “Lakeside Plaza is anchored by Kroger, which has operated at this location for over 12 years and continues to increase its sales and market share. Snow View Plaza is anchored by a high-volume Giant Eagle, the leading grocer in Cleveland. We believe our focused leasing and merchandising plans will help to create additional energy and value for our investors.”

Phillips Edison-ARC is a public non-traded REIT that has commenced its initial public offering of up to 150,000,000 shares of common stock, at a purchase price of $10 per share, for an aggregate offering amount of up to $1.5 billion. The company intends to use the proceeds to acquire necessity-based neighborhood and community shopping centers throughout the United States.

Coyote Management and Garrison Investment Buy Kansas’ Central Mall

Affiliates of Coyote Management L.P. and Garrison Investment Group acquired Central Mall, a 486,444-square-foot enclosed regional mall in Salina, Kan. The property features three traditional tenants in Dillard’s, JCPenney and Sears, as well as a 10-screen Showplex Cinemas, Jo-Ann Fabrics and Old Navy.
The acquisition will bring Coyote’s owned and managed commercial property portfolio to 3.3 million square feet of space.

“The acquisition of Central Mall, along with the portfolio acquired in September comprising of six properties, has established a new corporate platform,” said Michael Rulli, Coyote’s chairman and CEO, in a statement. “We are very enthused with the momentum and direction of our company and look forward to increasing ownership of assets like these over the next one to two years.”

WP Realty Buys Mayfair Shopping Center

WP Realty acquired Mayfair Shopping Center, a single-story, 115,411-square-foot community shopping center in Philadelphia. The center, located along highly trafficked Frankford Ave., currently has an occupancy rate of 86 percent. Anchors at the property include Dollar Tree, Shop ‘n Bag and Fashion Bug. GameStop, Radio Shack, Foot Locker, Payless and Hallmark make up some of the in-line tenants.

Other Notable Deals

Marcus & Millichap Real Estate Investments Services negotiated the sales of seven Walgreens drugstores between June and October. The properties included:
A 14,550-square-foot building in Colorado Springs, Colo., which sold for $3.358 million or $231 per square foot;
A 14,832-square-foot building in Phoenix, Ariz., which sold for $7.725 million, or $521 per square foot;
A 13,905-square-foot building in Surprise, Ariz., which sold for $3.156 million, or $227 per square foot;
A 13,905-square-foot building in Mesa, Ariz., which sold for $2.994 million, or $215 per square foot;
A 13,695-square-foot building in Flagstaff, Ariz., which sold for $3.911 million, or $286 per square foot;
A 14,820-square-foot building in Buckeye, Ariz., which sold for $4.445 million, or $300 per square foot;
And a 14,550-square-foot building in Cedarburg, Wis., which sold for $381 per square foot.
Jamie Medress and Mark Ruble, of Marcus & Millichap’s Phoenix office, negotiated these transactions, representing both buyers and sellers.

Colliers International negotiated the sale of a 2-acre land parcel in St. Petersburg, Fla. for $3.5 million. The property includes a long-term ground lease with CVS. Cynthia Shelton and Mike Milano, of Colliers International, represented the seller in the transaction.

Holliday Fenoglio Fowler L.P. negotiated the sale of a 27.7-acre former Bill Heard Chevrolet site in Orlando, Fla. to Holler Automotive Group. The site has been vacant since September 2008. Brad Peterson, of HFF’s Miami office, led the company’s investment sales team in representing the seller in the transaction.

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