$220 million in financing secured for McLean, Va., mall In a deal believed to be one of the largest financing transactions for a U.S. shopping center on record, The L&B Group, Dallas, has secured a $220 million fixed-rate loan for Tysons Corner Center, a 1.9 million sq. ft. superregional mall in McLean, Va. Houston-based L.J. Melody & Co. arranged the financing with the New York State Teachers' Retirement System and Metropolitan Life as co-lenders. With 230 stores -- including Bloomingdale's, Hechts, JCPenney, Nordstrom and Lord & Taylor -- Tysons Corner Center has sales exceeding $600 million.
Edens & Avant closes $145 million equity capital investment Columbia, S.C.-based Edens & Avant Commercial Real Estate has closed an equity capital investment of approximately $145 million by the State of Michigan Retirement System (SMRS). Edens & Avant will use this transaction, combined with simultaneous debt financing by Morgan Stanley Mortgage Capital, to implement its strategic growth plan. The company has plans to acquire and develop food- and drug-anchored retail centers in Southeastern markets and to increase its scope of services for its clients.
Stadium entertainment complex planned An entertainment complex with a multiplex movie theater and several restaurants is being planned for development at the new Redskins Stadium in Landover, Md. The entertainment complex site, at the entrance to the stadium, covers a 43-acre area. The Retail Group -- a division of Washington, D.C.-based Smithy Braedonencor International -- is representing the owners, Land Over Land Inc., a subsidiary of Citicorp, New York. The outdoor facilities at the complex site are set to open in mid-1998, with the indoor facilities slated for completion by mid-1999.
Planet Hollywood, AMC form joint entertainment concept Planet Hollywood International Inc., Orlando, Fla., and Kansas City, Mo.-based AMC Entertainment Inc. have formed a joint venture to develop, own and operate a movie, dining and retail concept internationally. The complexes, to be branded "Planet Movies by AMC," will combine an AMC mega-plex with Planet Hollywood theming and additional dining, retail and entertainment opportunities.
Initially, seven existing AMC megaplex theaters will be rebranded under a license arrangement to incorporate certain elements of the new concept. One of the projects slated for rebranding first is the AMC Pleasure Island 24 in Orlando, which is situated across from Planet Hollywood's most successful restaurant and retail site.
Midland to be master servicer for $80 million CMBS deal Midland Loan Services L.P., Kansas City, Mo., has been selected by the Eastview Credit Corp. as master servicer for its $80 million commercial mortgage-backed security transaction. The transaction, which closed June 26, 1997, consists of a single loan secured by the Eastview Mall in Victor, N.Y. UBS Securities served as the placement agent.
New cap rate/pricing data provided by PIX This month, we're featuring the first of what promises to be quarterly updates on the state of retail market cap rates and prices nationwide. This data is provided to us by a company called Property Information Exchange (PIX), based in New York. PIX is an innovative information service that links qualified institutional investors with an ever-expanding pool of investment grade properties totaling over $3 billion. This data is an empirical measure of what more than 700 of the largest real estate investors and advisory firms are chasing.
Based on the latest quarterly numbers through July 30, 1997, retail market cap rates had dropped to 9.93% nationwide, which compares to 9.98% in July 1996, and 9.96% in January 1997.
In pricing terms, PIX data shows the average price per sq. ft. has increased to $114.65 from $99.22 last July, and is up from $110.04 in January 1997.
Associate Editor Carrie King covers the retail news beat for NREI. She welcomes your comments and news items via e-mail to [email protected].