Retail
Saul Takes Three Grocery-Anchored Shopping Centers for $168.5M
Saul Centers Inc. has increased its footprint in the metropolitan Washington, D.C./Baltimore area by 635,000 square feet with the purchase of three shopping centers for $168.5 million.
Breaking News: Blackstone Purchases 36 Shopping Malls for $473M from Equity One
In a deal expected to close in the fourth quarter of this year, Blackstone Real Estate Partners VII has purchased 36 shopping centers from Equity One, Inc., for $473.1 million, including $177.4 million in mortgage debt.
Stan Johnson Co. Opens NYC Office
Despite the prevailing economic headwinds, the net-lease space continues to perform. As proof, look no further than the opening of Stan Johnson Co.’s New York City office, the firm’s fourth major expansion since 2009.
Fitch: Commercial Properties Have a Long Road to Recovery
U.S. commercial properties have seen some minor improvements of late, but the sector still has quite a ways to go before it can completely shake off the effects of the economic recession, according to Fitch Ratings.
GGP, Canada Pension Plan Partner on Plaza Frontenac, Saint Louis Galleria
General Growth Properties and Canada Pension Plan are teaming up, forming a partnership to purchase the upscale 482,000-square-foot Plaza Frontenac and for CPPIB to acquire a minority stake in GGP’s 1 million-square-foot Saint Louis Galleria.
California’s Great America Amusement Park to Trade for $70M
Cedar Fair, owner of California’s Great America in Santa Clara, Calif., has signed a deal to sell the amusement park to JMA Ventures L.L.C. in an all-cash transaction. The active property owner will pocket $70 million on the deal.
Houston’s CityCentre Sold by HFF, Equitized by JLL in Two Deals
In two separate deals on the same property, JLL and HFF each came away with good news: HFF closed on the sale of the 1.8 million-square-foot CityCentre II and JLL secured the equity funding for both the acquisition of CityCentre II and the development of CityCentre III.
GGP Refinances Staten Island, Boise Malls for $413M
Refinancing debt-laden properties has been a high priority for General Growth Properties since emerging from Chapter 11, and to that end, the company refinanced Staten Island Mall in New York and Boise Towne Square in Idaho for an aggregate $413 million.
Meridan Negotiates $66M Senior Mortgage for Chicago Retail Center
Meridian Capital Group L.L.C. has arranged $66 million in financing for a 178,700-square-foot shopping center in Chicago owned by Baker Development Corp. The loan was supplied by an unnamed balance-sheet lender.
Sabal Financial Acquires $158M CRE Loan Portfolio
Through the FDIC’s Small Investor Program, Sabal Financial Group has acquired a $158 million portfolio of performing and non-performing commercial real estate loans from FirsTier Bank of Louisville, Colo.