General Growth Properties Inc. refinanced Staten Island Mall in Staten Island, N.Y. and Boise Towne Square in Boise, Idaho for loan proceeds totaling $413 million. The transactions have a weighted average interest rate of 4.78 percent.
A new $273 million mortgage with a 12-year fixed interest rate of 4.77 percent for Staten Island Mall replaced a $273 million old mortgage with a 6.06 percent interest rate. The old loan was scheduled to mature in October 2015. The new financing removes $125 million of corporate recourse that was associated with it.
A new $140 million mortgage with a fixed 12-year 4.79 percent interest rate for Boise Town Square replaced an existing $65 million mortgage with a 6.64 percent rate. That loan was scheduled to mature in August 2014.
Both loans came with 30-year amortization schedules.
Year to date, General Growth refinanced 15 loans totaling $2.9 billion. The transactions resulted in proceeds in excess of in-place financing of approximately $630 million.
HFF Negotiates New Financings, Sale Transactions in California and Georgia
HFF arranged $25.6 million in financing through two separate transactions for Rancho Penasquitos Town Center Phase I and II in San Diego, Calif. Rancho Penasquitos is a 179,000-square-foot neighborhood and community shopping center anchored by a 40,000-square-foot Von’s grocery store and a 22,000-square-foot Rite Aid. The property is owned by a joint venture consisting of affiliates of UBS and Kimco Realty Corp.
HFF arranged a $14.5 million loan for Phase I and an $11.1 million loan for Phase II through Deutsche Bank Mortgage Capital—CMBS. Both loans featured 10-year terms and fixed interest rates. The anchor stores were not used as collateral. Zack Koucos, associate director with HFF, and Robert Delitsky, managing director, negotiated this transaction.
In a separate transaction, HFF negotiated the sale of Crabapple Shopping Center and Saddlebrook Shopping Center, two grocery-anchored properties in Alpharetta, Ga. to AEW Capital for $43.15 million. The sale took place free and clear of debt.
Crabapple Shopping Center contains 106,559 square feet of space. It is 94 percent leased, with tenants including Kroger, Domino’s Pizza, Subway, The UPS Store and Great Clips.
Saddlebrook Shopping Center contains 128,727 square feet of space. It is 96 percent leased to tenants including Kroger, Pizza Hut, Tuesday Morning and Goodyear.
Jim Hamilton and Richard Reid, of HHF, represented the seller, LaSalle Investment Management, in the transaction.
Agree Realty Buys CVS, Aldi Stores Through Deals Totaling More Than $20M
Agree Realty Corp. acquired a CVS pharmacy in Roseville, Calif. and an Aldi grocery store in New Lenox, Ill. for an aggregate cost of $20.25 million. The CVS has 18 years remaining on the base term of its lease, while the newly constructed Aldi comes with a full 20-year lease term.
The Shops at Ledgebrooke in Connecticut Sells for $15M
Winrock LLC purchased The Shops at Ledgebrooke, a 105,000-square-foot grocery-anchored shopping center in Winsted, Conn., from Gladstone Development Corp. for $15.36 million. The center is currently 92 percent occupied. Super Stop & Shop and Rite Aid anchor the property, while in-line tenants include Cingular, State Farm, TD Bank and Webster Bank.
Marcus & Millichap Negotiates $10M Sale of Pennsylvania Shopping Center
Marcus & Millichap Real Estate Investment Services negotiated the sale of the Shoppes at Adams Ridge, a 49,060-square-foot grocery-anchored shopping center in Mars, Pa. for $10.08 million. The price works out to $205 per square foot. The Shoppes at Adams Ridge includes a 41,837-square-foot building and two out parcels housing a 3,723-square-foot Dairy Queen and a 3,500-square-foot Citizens Bank. McGinnis Sisters, a specialty grocery store, anchors the property. The center was built in 2008.
Steven J. Siegel, of Marcus & Millichap’s Manhattan office, represented the seller in the transaction. Erin Patton, Scott Wiles and Craig Fuller, from Columbus and Cleveland, Ohio offices, represented the buyer. Spencer Yablon, of Marcus & Millichap’s Philadelphia office, also provided representation.
UCR Sells Texas REO Centers
UCR Investment Sales sold three REO properties in Texas.
Centennial Real Estate Co. bought Village Park at Colleyville, a 45,057-square-foot shopping center in Colleyville, Texas. Tenants at the center include Import One, Prudential Texas Properties and Autographs Inc. The seller was a major special servicer.
J.E. Robert Co. bought United Supermarkets, a freestanding 25,825-square-foot grocery store in Muleshoe, Texas. The store features an eight-pump fueling station. It was sold for 96 percent of its list price. The seller was a private real estate investment trust.
A Texas-based private investor bought Weatherford Commons, a 34,448-square-foot retail center in Weatherford, Texas. Tenants at the center include Starbucks, Payless ShoeSource, Hallmark, GameStop, Palm Beach Tan, Great Clips, Cotton Patch Café, WingStop and Cash Store. LNR Partners was the seller.
Tommy Tucker and Kevin Catalani, of UCR Investment Sales, represented the sellers in all three transactions.
NorthMarq Arranges Loans in Texas and Missouri
NorthMarq Capital arranged a $5.15 million first mortgage for FM 3009 Shopping Center, a 40,483-square-foot retail center in Schertz, Texas. The center is 91 percent occupied, with major tenants including Dollar Tree and MedCo. The mortgage featured a 20-year term and a 20-year amortization schedule. William Luedemann, senior vice president, and Lori Sowa, vice president with NorthMarq’s Houston office, arranged the financing on behalf of the borrower, FM 3009 Horizon LP.
In a separate transaction, NorthMarq arranged refinancing of an existing loan in the amount of $4 million for Lafayette Center, a 126,179-square-foot property in Manchester, Mo. Dierbergs Market and Petco anchor the center. The loan featured a 10-year term and a 30-year amortization schedule and was arranged through PPM Finance. Jeff Chaney, senior vice president in NorthMarq’s St. Louis office, negotiated this transaction.
Other Notable Deals
One Liberty Properties Inc. acquired two Chicago area properties from hhgregg Inc. for an aggregate price of $8 million. hhgregg operates the properties as consumer electronics stores. They include a 33,089-square-foot store in Niles, Ill. and a 32,446-square-foot store in Crystal Lake Ill.
CHVA Properties LLC purchased a 22,657-square-foot former Circuit City building at Southpark Square in Colonial Heights, Va. for $1.1 million. The property sits on 2.92 acres of land. Connie Jordan Nielsen, of Cushman & Wakefield | Thalhimer, negotiated this transaction.
BSV Crestview LLC purchased Crestview Square Shopping Center, a 68,000-square-foot neighborhood retail center in Landover Hills, Md., from AG-FCP Cherry Hill LLC. The center is 100 percent occupied. Value Village anchors the property, with other tenants including Family Dollar, Crestview Wine and Spirits, Pizza Hut, Subway and Premium Beauty. Andy Stape and Mat Adler, of KLNB Retail Investment Sales Group, represented the seller in the transaction. The buyer represented itself.
A partnership of Henzlik-Oliver Real Estate Cos. LLC and Joshua Simon of S/I Real Estate purchased North Hill Shopping Center, a 145,000-square-foot shopping center in Harrison, Ark. The center is 100 percent occupied, with tenants including Tractor Supply, Carmike Theatre, Fred’s, Big Lots and Country Mark Grocery.
Bayview Loan Servicing sold 5708-5712 W. Diversey, a formerly bank-owned mixed-use property in Chicago, to a private investor. The property contains four retail units and four two-bedroom apartments. Brad Thompson, vice president of Millennium Properties R/E Inc., represented both the buyer and the seller in the transaction. Chris Koziol served as a counsel for the buyer, and Potestivo and Associates counseled the seller.
Daisas Medical LLC dba Medifast purchased a 4,375-square-foot retail building at 810 Paseo Del Rey St. in Chula Vista, Calif. from La Jolla Nautilus Ltd. for $950,000. Joe Yetter, Mike Clark and Brent Williams, of Cassidy Turley BRE Commercial, represented the seller in the transaction. Daniel Knoke and Peter Merz, of Colliers International, represented the buyer.