The Wilder Companies acquired a portfolio of 10 shopping centers totaling 2.3 million square feet from the Flatley Company. The portfolio includes dominant regional centers, lifestyle centers and grocery-anchored shopping centers located throughout Massachusetts and New Hampshire, with the average occupancy rate of 98 percent. Cushman & Wakefield represented the Flatley Company in this transaction.
Capital Lease Funding, Inc. priced its previously announced common stock offering at $10.75 per share. The offering consists of 9,000,000 shares of common stock, with the option for underwriters to purchase up to an additional 1,350,000 shares to cover over-allotments.
CBL & Associates Properties, Inc. redeemed 2,000,000 outstanding shares of its 8.75 percent series B cumulative redeemable preferred stock at the par value of $50 per share. The par value, along with accrued and unpaid dividends, will be paid to shareholders on June 28, 2007.
Madison Marquette closed on its Retail Enhancement Fund, a $487 million private equity vehicle for investment in retail real estate properties. The company's strategy is to focus on major metropolitan markets with evolving living standards and shopping preferences. In particular, the fund will target Washington, D.C., Philadelphia, New Jersey, Florida, California and Seattle.
Pennsylvania Real Estate Investment Trust completed a $150 million financing for the Mall at Prince Georges, a 900,000-square-foot regional center in Hyattsville, Md. The loan featured a 10-year term and a 5.513 percent interest rate. The proceeds will be used for general corporate purposes and to repay an outstanding amount on the company's credit facility.