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Company newsFinanceInvestment salesNew YorkNews

Kimco Closes Acquisition of RPT Realty

by Hayden Spiess

Jericho, N.Y. — Kimco Realty has closed the acquisition of RPT Realty. The acquisition includes 56 open-air shopping centers comprising 13.3 million square feet of gross leasable space, adding to Kimco’s existing portfolio of 527 properties. Kimco and RPT first entered into the agreement Aug. 28 of last year. The all-stock transaction includes the assumption of debt and preferred stock and will result in an earnings accretion of roughly $34 million, approximately 85 percent of which is expected to be realized in 2024. 

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FinanceLeasingNew MexicoNews

Houlihan-Parnes Arranges 43,900-Square-Foot Lease at Ladera Shopping Center in Albuquerque

by Hayden Spiess

Albuquerque, N.M. — Houlihan-Parnes has arranged a 43,900-square-foot lease at Ladera Shopping Center, a retail center located in Albuquerque. Built in 1986, the property totals 128,712 square feet. ARC Thrift Stores will now occupy the anchor space, a former grocery store, at the center. Ed Graf and Ted Sannella of Houlihan-Parnes arranged the lease and secured a $2.8 million loan for the tenant improvement buildout on behalf of the landlord, an entity doing business as Ladera Partners LLC. Other tenants at the property include Dollar Tree, Taco Cabana, Planet Fitness, Dogtopia, …

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FinanceFloridaGeorgiaGrocery-anchoredInvestment salesNews

BWE Secures $16 Million Financing for Two Shopping Centers in Florida, Georgia

by Hayden Spiess

West Palm Beach, Fla. and LaGrange, Ga. — BWE has secured two loans totaling $16 million for the financing of a pair of shopping centers located in Florida and Georgia. The deals include a $6 million loan for the refinancing of Palm Beach Commons, a 70,000-square-foot, Family Dollar-anchored retail center in West Palm Beach; and a $10 million acquisition loan for Publix at Merganser Commons, a newly built, Publix-anchored shopping center spanning 46,791 square feet in LaGrange. Logan Petersmeyer of BWE originated both loans, which are underwritten with full-term, interest-only payments. 

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CaliforniaFinanceInvestment salesNews

Gantry Arranges $9.6 Million Acquisition Financing for Retail Center in Metro Sacramento

by Hayden Spiess

Auburn, Calif. — Gantry has secured a $9.6 million permanent loan for the acquisition of The Plaza, a retail center located in the Sacramento suburb of Auburn. Situated on 3.4 acres, the property comprises 74,000 square feet of retail space. Tenants at the center include Best Buy, Mel’s Original Diner, Little Caesars Plaza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric and T-Mobile. Tony Kaufmann and Erinn Cooke of Gantry secured the financing on behalf of the borrower, a private real estate company. A …

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Company newsFinanceNewsPennsylvania

PREIT Files for ‘Prepackaged’ Chapter 11 Bankruptcy, Will Operate as Private Company

by Hayden Spiess

Philadelphia — PREIT (OTCQB: PRET), a mall REIT giant based in Philadelphia, has filed for Chapter 11 bankruptcy protection. The “prepackaged” bankruptcy was agreed to ahead of time by PREIT’s creditors, which will shorten the duration of the company’s bankruptcy proceedings. PREIT expects it will be able to emerge from bankruptcy by early February 2024. PREIT owns and operates 18 malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolinaand South Carolina. The company has also expanded in recent years to the multifamily, hotel and healthcare sectors. According to PREIT’s third-quarter financial …

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FinanceNewsVirginia

Macerich Secures $710 Million Refinancing of Tysons Corner Center in Virginia

by Hayden Spiess

Tysons, Va. —Macerich has secured a $710 million loan for the refinancing of Tysons Corner Center, a retail center located in Tysons. Nordstrom, Bloomingdale’s and Macy’s anchor the property, which totals 1.8 million square feet. The financing will replace an existing $666 million loan that was scheduled to mature on Jan. 1. A Macerich joint venture owns the center. 

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CaliforniaFinanceNews

PSRS Arranges $3.7 Million Refinancing for Retail Center in Mammoth Lakes, California

by Hayden Spiess

Mammoth Lakes, Calif. — PSRS has arranged a $3.7 million loan for the refinancing of Mammoth Gateway, a retail center in Mammoth Lakes. Rite Aid anchors the property, which totals 54,854 square feet. Built in 1973 on 3.5 acres, the center features 13 retail spaces. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate financing on behalf of the undisclosed borrower.

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FinanceNew YorkNews

Voya Investment Management Provides $37.5 Million Financing for Long Island Shopping Center

by Hayden Spiess

Commack, N.Y. —Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. Tenants at the center, which is situated on 15 acres, include Lidl, Planet Fitness and PGA Superstore. Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

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FinanceMixed-useNewsUtah

Bridge Investment, Lowe Property Group Receive $157.5 Million Refinancing for Mixed-Use Project in Salt Lake City

by Hayden Spiess

Salt Lake City — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use development located in downtown Salt Lake City. Part of a three-phase project, Post District features 26,000 square feet of retail space, in addition to residential units. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. 

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FinanceLeasingNew YorkNews

PEBB, Sagamore Hill Secure $18.8 Million Refinancing for Soundview Marketplace on Long Island

by Hayden Spiess

Port Washington, N.Y. — A joint venture between PEBB Enterprises and Sagamore Hill Partners has secured $18.8 million for the refinancing of Soundview Marketplace, a 188,109-square-foot retail center located in Port Washington on Long Island. Deutsche Bank AG is providing the loan to the joint venture, which acquired the property in December 2020. The financing will include a $15.8 million initial advance, as well as $3 million allocated for future funding of capital improvements and leasing costs. Built in 1962 and 1977, the center comprises four buildings situated on 11 acres. …

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