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Kimco Announces New Joint Venture With BIG

Kimco Realty Corp. formed a joint venture with BIG Shopping Centers, an Israeli publicly traded company, to acquire high quality neighborhood and community shopping centers throughout the United States. The initial investment of $68.8 million includes two former PL Retail properties which Kimco purchased during the fourth quarter of 2009.

BIG acquired a 49.9 percent interest in the venture and Kimco will retain a 50.1 percent interest in addition to acting as the operating partner. As the operating partner, Kimco will manage the properties and earn asset management, property management and other customary fees for its role in the venture. BIG and Kimco intend to grow their joint venture over time through the acquisition of additional retail properties or portfolios

The initial properties are Town Center East in Signal Hill, Calif., and Stanford Ranch Crossing in Roseville, Calif. The centers contain a combined 343,000 square feet.

Cedar Announces RioCan JV Acquisition

Cedar Shopping Centers, Inc. and RioCan Real Estate Investment Trust announced that their joint venture has entered into a definitive contract to purchase the 361,000-square-foot Exeter Commons shopping center in Exeter Township, Pa., for $53 million.

The property was completed in 2009 and is anchored by a 171,000-square-foot Lowe's Home Improvement Center and an 82,000-square-foot Giant Food Stores supermarket, both with leases extending to 2029, exclusive of renewal options. The property is 98 percent leased and is shadow-anchored by a 133,000-square-foot Target.

It is expected that property-specific financing will be placed on the property at an estimated level of approximately 60 percent of the purchase price. Cedar will manage the property and will be entitled to certain acquisition, financing, property management, leasing, joint venture reporting and construction management fees.

Walker & Dunlop Closes $36.5 Loan for Virginia Shopping Center

Walker & Dunlop provided a $36.5 million loan for the 167,642-square-foot Burke Centre Shopping Center in Burke, Va. The loan was structured with a 10-year term and 30-year amortization and funded by Nationwide Life Insurance Co.

The property is 99 percent leased to a diverse group of 46 tenants made up of credit, national, regional and local retail businesses.

HFF Arranges More Than $50M in Financing on Four Properties

The Boston office of Holliday Fenoglio Fowler L.P. (HFF) secured more than $30 million in financing on behalf of WS Development Associates LLC for Charles River Center and Stateline Plaza, retail centers in Massachusetts and New Hampshire.

HFF directors Greg LaBine and Janet Krolman exclusively represented the borrower in the transactions. Goldman Sachs Commercial Mortgage Capital LP provided a fixed-rate refinancing for Charles River Center. Ocean Bank, a division of Peoples United Bank, provided a construction loan for Stateline Plaza.

Charles River Center is located in Bellingham, Mass. The class-A property has 199,511 square feet of space and is anchored by Whole Foods. Other tenants at the center include Gap, Old Navy, Pier One Imports, Michaels’ Stores and Regal Cinemas.

Stateline Plaza in Salem, N.H., has 181,606-square-foot retail center that includes Lowe’s Home Improvement, NAMCO and a Sovereign Bank branch.

In separate deals, the HFF’s Pittsburgh office arranged $24.15 million in permanent financing for two grocery-anchored retail centers in Wadsworth, Ohio and Pittsburgh.

HFF managing director Claudia Steeb worked on behalf of Echo Real Estate Services Co. for the borrowing entities to secure the cross-collateralized, fixed-rate loans through CUNA Mutual Group. The $10.5 million and $13.65 million loans have 20-year terms with 20-year amortization schedules. The loans will also be serviced by HFF.

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