Inland Real Estate Corp. acquired The Point at Clark, a 95,455-square-foot multi-level retail center in Chicago for approximately $28.8 million. The $28.8 million price tag excludes closing costs and adjustments. Inland will contribute the center to its previously announced joint venture with PGGM, a Dutch pension fund administrator and asset manager.
Inland financed the acquisition with draws under its $150 million line of credit and cash on hand. The company plans to obtain property-level financing on the currently unencumbered center. It will use net proceeds from the loan to repay advances made under its credit facility to acquire the property. It will also use PGGM’s equity contribution of 45 percent to further reduce its outstanding balance.
The Point at Clark was completed in 1996. The center is 100 percent financially occupied and features tenants including DSW Shoe Warehouse, Marshalls and Michaels. It comes with parking premises for 175 cars.
“We believe The Point at Clark, located within a bustling retail corridor with high barriers to entry, is an irreplaceable asset in the trade area,” said Mark E. Zalatoris, president and CEO of Inland Real Estate Corp., in a statement. “The contribution of this newly acquired asset to the PGGM joint venture is an exciting way to launch this investment vehicle through which we expect to increase our assets under management and grow shareholder value over time.”
Faris Lee Sale Garners Highest Price This Year in Orange County
Faris Lee Investments negotiated the sale of a 7,324-square-foot retail property in Tustin, Calif. from Makena Great American to Tustin Lam Wong LLC for $4.05 million. The price represents $552 per square foot, the highest price per square foot paid for a multi-tenant retail property in Orange County year-to-date. The center closed at a 6.31 percent cap rate. The buyer assumed the existing loan on the property.
Today, tenants at the center include Le Yogurt, Game Star, Smile Dental Care, Med Spa and a nail salon.
Shaun Riley, director of advisory services with Faris Lee, represented the seller in the transaction. Ching Louie, of Louie Properties, represented the buyer.
Other Notable Deals
NYFL Commercial Holdings 2 LLC purchased Plymouth Center, a 44,769-square-foot retail strip property in Fort Myers, Fla. from Michael Winters, receiver for ESPO Capital Inc., for the price of $2.83 million. The property was 68 percent occupied at the time of sale. Mike Milano, Cynthia Shelton and Karen Johnson-Crowther, of Colliers International, represented the seller/receiver in the transaction. Chase Mayhugh, of Mayhigh Realty Inc., represented the buyer.
Holliday Fenoglio Fowler L.P. (HFF) arranged a $2.65 million loan for the Village at Timarron, a 36,284-square-foot neighborhood shopping center in Southlake, Texas. The loan, placed with the First National Bank & Trust Co. of McAlester, featured a fixed rate and a seven-year term. Loan proceeds were used to place a first lien debt on the property, which was acquired by Timarron Venture Ltd. in April. Tenants at the property include Frost Bank, Spa D’Aroma, Studio A, Nelson’s, Adventure Kids, Salon DeMello, Hexter Fair Title Company, Duncan Cleaners and K&C Tailor. Travis Anderson, associate director with Holliday Fenoglio Fowler, negotiated this transaction.
HFF also negotiated the sale of a first mortgage loan secured by the Village at Camp Bowie in Fort Worth, Texas from Wells Fargo Bank to Western Real Estate Equities LLC. The 270,069-square-foot, six-building mixed-use development was sold for an undisclosed price. The property is 76 percent leased, with tenants including Frost Bank, Starbucks, Sprint, Edward Jones and State Farm. Doug Hazelbaker and Jim Batjer, of Holliday Fenoglio Fowler, marketed the loan on behalf of the seller.
Centurion Partners sold a 5,000-square-foot retail property in Concord, N.C. to Peters Enterprises LLC for $1.4 million. The building is part of the Northlite Shopping Center development. Tenants at the property include T-Mobile and DentalWorks.