Shopping Center Business

JUN 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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10 • SHOPPING CENTER BUSINESS • June 2018 NEWSLINE INVENTRUST ACQUIRES GROCERY- ANCHORED PGA PLAZA FOR $88 MILLION InvenTrust Properties Corp. has acquired PGA Plaza, a 120,000-square-foot shopping center in Palm Beach Gardens, for $88 million. Menin Development Inc. sold the center. The Delray Beach- based company invested $14 million to renovate the property in 2015. PGA Plaza was 95 percent leased at the time of sale to tenants such as Trader Joe's, Marshalls, Ulta Beauty, Verizon Wireless, Orangetheory Fitness and Chase Bank. KIMCO SELLS 89,305-SQUARE-FOOT RETAIL BUILDING OCCUPIED BY KOHL'S NEAR ST. LOUIS FOR $8.6 MILLION Kimco Realty Corp. has sold an 89,305-square-foot retail building occupied by Kohl's in Manchester, Missouri, a suburb of St. Louis, for $8.6 million. Kohl's has occupied the property since 1998 and recently executed a 10- year lease extension. Marc Mandel, Steve Schrenk and Danny Kaufman of HFF represented Kimco in the sale. The buyer was not disclosed. HFF ARRANGES $55.2 MILLION SALE OF MACARTHUR COMMONS IN LEHIGH VALLEY HFF has arranged the $55.2 million sale of MacArthur Commons, a 371,886-square-foot, grocery-anchored retail center located in the Lehigh Valley community of Allentown, Pennsylvania. HFF represented the seller, an affiliate of Abrams Realty & Development, in the transaction. HFF also arranged $50.4 million in acquisition financing for the undisclosed buyer. The buyer was able to obtain long-term lease extensions with the anchor tenants. Current tenants at the 47-acre center include Giant Food Stores, Dick's Sporting Goods, Big Lots and TJ Maxx. WESTWOOD FINANCIAL ACQUIRES TWO SPROUTS-ANCHORED CENTERS FOR $66.2 MILLION Westwood Financial LLC has acquired two Sprouts-anchored retail centers located in Decatur, Georgia, and Chandler, Arizona, for a combined $66.2 million. The properties were acquired in separate transactions. In Decatur, located seven miles east of downtown Atlanta, Westwood acquired Decatur Crossing, an 81,900-square-foot shopping center that was constructed in 2017. Fuqua Development developed and sold the property, according to the Atlanta Business Chronicle. HFF arranged a loan through Unum Group on behalf of Westwood. Decatur Crossing was fully leased at the time of sale. In Chandler, an eastern suburb of Phoenix, Westwood acquired Boardwalk at Andersen Springs. Constructed in 2005, the property is the home of the original Sprouts Farmers Market. Sprouts is currently undergoing M O N E Y M AT T E R S CBL, JV PARTNERS RECEIVE $155 MILLION CMBS LOAN TO REFINANCE COOLSPRINGS GALLERIA MALL CBL Properties, along with its 50/50 joint venture partners TIAA and APG, has received a $155 million, non- recourse loan for CoolSprings Galleria, a 1.1 million-square-foot mall in Franklin, Tennessee, 20 miles south of Nashville. Wells Fargo Bank NA provided the 10-year, CMBS loan with a fixed 4.8 percent interest rate. Proceeds of the loan were used to retire an existing $97.7 million loan, which was scheduled to mature in June. CBL's share of $29 million in excess proceeds will be used to reduce outstanding balances on its unsecured lines of credit. The Chattanooga, Tennessee-based company owns and manages a portfolio of 117 retail properties totaling 73.4 million square feet, located across 26 states. KEYBANK ORIGINATES $25.9 MILLION IN CMBS FINANCING FOR RETAIL CENTER KeyBank Real Estate Capital has originated a $25.9 million CMBS loan for the refinancing of The Marketplace at Smokey Point, a 185,352-square-foot shopping center in Marysville, Washington. The center is home to 19 tenants, including Hobby Lobby, Dick's Sporting Goods, Ulta Beauty, Party City, Tuesday Morning and Fitness Evolution. Josh Berde of Key's Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and 30-year amortization schedule. The name of the borrower was not disclosed. NORTHMARQ ARRANGES $13.4 MILLION ACQUISITION FINANCING FOR WALGREENS PORTFOLIO IN TEXAS, OHIO NorthMarq Capital has arranged a $13.4 million loan for the acquisition of three Walgreens properties located in Texas and Ohio. Steve Hollister of NorthMarq's San Diego office arranged the five-year, fixed-rate loan with a 25-year amortization schedule on behalf of the undisclosed borrower. Each of the Walgreens properties totals 14,820 square feet. MONEY360 PROVIDES $3.2 MILLION BRIDGE LOAN FOR RETAIL CENTER NEAR COLUMBIA, SOUTH CAROLINA Money360 has provided a $3.2 million bridge loan for a retail center in Richland, South Carolina, located roughly eight miles east of Columbia. The two-year, interest-only loan has a loan-to-value ratio of 52 percent. The name of the borrower was not disclosed. Bi-Lo recently vacated the center, and a fitness concept backfilled the space.

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