{"id":1004042694,"date":"2012-07-09T12:14:53","date_gmt":"2012-07-09T20:14:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004042694"},"modified":"2022-12-03T22:43:54","modified_gmt":"2022-12-04T06:43:54","slug":"july-briefssales-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/july-briefssales-development\/","title":{"rendered":"July – Briefs\/Sales & Development"},"content":{"rendered":"

Glimcher Buys 1MSF Hawaii Retail Center<\/p>\n

\"\"<\/a>

Pearlridge Center 1<\/p><\/div>\n

In a transaction valued at approximately $289.4 million, Glimcher Realty Trust has acquired an 80 percent indirect interest inPearlridgeCenter, a 1 million-square-foot shopping mall located in the community ofAieain metropolitanHonolulu. A Glimcher affiliate previously owned 20 percent of the asset. The acquired 80 percent was owned by affiliates of Blackstone Real Estate Partners VI.<\/p>\n

Glimcher and Blackstone had owned Pearlridge since 2010, when the partners purchased the asset for $245 million, financing the acquisition with proportional equity contributions and a new $175 million mortgage loan. The large asset was developed in 1972 and received a substantial upgrade in 1996. It is the second largest-mall in the state of Hawaii and has an occupancy rate exceeding 99 percent.<\/p>\n

Ivanhoe, Hines Announce $300M Chicago Tower<\/p>\n

Ivanhoe Cambridge and co-investor Hines have announced a 45-story, $300 million tower inChicagothat will be located at 444 W. Lake St. The asset will be known as River Point and should see construction begin by the end of 2012, with tenant occupancy beginning around 2016. There will be approximately 900,000 square feet of leasable space alongside a 1.5-acre public park and 1,000 feet of river frontage.<\/p>\n

SL Green Grabs 304 Park Ave.<\/p>\n

SL Green Realty Corp. has entered into a $135 million purchase agreement to acquire304 Park Ave., a 215,000-square-foot mixed-use office-and-retail asset located in the Gramercy Park neighborhood of Manhattan. SL Green Realty Corp. will buy the asset from a partnership headed by David Berley, chairman of Walter & Samuels Inc., with approximately 50 percent cash and 50 percent operating partnership units. The asset is currently 95 percent leased to a boutique office tenancy, with lead tenant IMG Models.<\/p>\n

Weingarten Sells $382M Industrial Portfolio<\/p>\n

Weingarten Realty Investors has closed the sale of its wholly owned industrial portfolio to DRA Advisors L.L.C.\u2019s Growth and Income Fund VII. The 9.6 million-square-foot portfolio consists of 52 industrial properties inFlorida,Georgia,Tennessee,TexasandVirginia. The $382.4 million sales price represents a cap rate of about 8 percent. J.P. Morgan Securities L.L.C. advised Weingarten Realty Investors on the sale.<\/p>\n

HSBC, Edge Fund Advisors Buy 1.1 MSF NYC Asset<\/p>\n

HSBC Alternative Investments Ltd. and Edge Fund Advisors L.L.C. have completed the purchase of the 1.1 million-square-foot 4New YorkPlazain Downtown Manhattan for a reported $270 million from Harbor Group International. Harbor Group acquired the asset two years ago from JPMorgan Chase & Co. for $107 million in a sale-leaseback transaction that saw the bank leasing back 75 percent of the property on a long-term basis. Today, the property is 95 percent occupied by several large media tenants.<\/p>\n

Shorenstein Picks Up Seaport Center<\/p>\n

Shorenstein Properties has purchased Boston\u2019s Seaport Center for $115 million. The 461,046-square-foot property sits in the Seaport District along the south waterfront of the Central Business District. Shorenstein completed the acquisition on behalf of Shorenstein Realty Investors Ten L.P., a $1.2 billion fund. The seller was a partnership between The Beal Cos. and Rockpoint Group.<\/p>\n

Cole Buys L.A.-Area Retail Center for $147M<\/p>\n

Cole Real Estate Investments has purchased an 805,000-square-foot retail center in West Covina, Calif., from The Westfield Group for $147 million. The Eastland Center\u2014which is 100 percent leased to retailers including Target, Albertson\u2019s, Dick\u2019s Sporting Goods and PetSmart\u2014spans 49 acres just east of Los Angeles. Built in 1957, The Eastland Center has twice undergone redevelopment, once in 1979 and again in 1997.<\/p>\n","protected":false},"excerpt":{"rendered":"

Glimcher Buys 1MSF Hawaii Retail Center; Ivanhoe, Hines Announce $300M Chicago Tower; SL Green Grabs 304 Park Ave.; Weingarten Sells $382M Industrial Portfolio; HSBC, Edge Fund Advisors Buy 1.1 MSF NYC Asset; Shorenstein Picks Up Seaport Center; Cole Buys L.A.-Area Retail Center for $147M.<\/p>\n","protected":false},"author":1335,"featured_media":1004042695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743],"tags":[],"class_list":["post-1004042694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals"],"acf":[],"yoast_head":"\nJuly - Briefs\/Sales & Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/july-briefssales-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"July - 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