Albuquerque, N.M. — Ariel Property Advisors has arranged a $5.5 million loan for the refinancing of Guadalupe Plaza, an 87,000-square-foot retail center located in Albuquerque. Matt Swerdlow, Matthew Dzbanek and Rhea Vivek secured the 15-year refinancing on behalf of the borrower, a New Jersey-based investor. The loan features one year of interest-only payments and a 30-year amortization with no prepayment penalty.
New York City — Retailer Macy’s has rejected a $5.8 billion buyout offer from Arkhouse Management Co. and Brigade Capital Management. In December 2023, the investor group submitted a bid to acquire the outstanding shares of the company not already owned by Arkhouse and Brigade for $21 per share in cash. The Macy’s board of directors has since determined “not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” according to a press release from the company. A letter to the would-be buyers cited …
Pleasanton, Calif. — Gantry has arranged an $8.6 million permanent loan to refinance Oak Hills Shopping Center, located at 5410-5480 Sunol Blvd. in the Bay Area city of Pleasanton. Raley’s grocery, BMO Bank, Mountain Mike’s Pizza, Jim’s Country Restaurant, Gymboree and Brick Fitness are tenants at the 120,000-square-foot retail center. Mitch Zeemont, Tony Kaufmann and Alex Poulos of Gantry arranged the financing for the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the 12-year, fixed-rate loan with a 20-year amortization.
Barnegat, N.J. — JLL has secured an $8.3 million loan for the refinancing of Barnegat Village Square, a 70,491-square-foot shopping center located in Barnegat on the Jersey Shore. Built in 1998, the property was 97 percent leased at the time of financing. ACME Markets anchors the center. Other tenants include Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s, Dazzlz Salon and Burger King. Jim Cadranell and Michael Mataras of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an affiliate of Walters Group.
Fort Lauderdale, Fla. — CBRE has secured a $17 million loan for the refinancing of Galt Ocean Marketplace, a 105,589-square-foot shopping center located in Fort Lauderdale. Winn-Dixie anchors the property, which was built in 1988 and was 96 percent occupied at the time of sale. Other tenants at the center include CVS/pharmacy, Holy Cross Hospital and McDonalds. Kitson & Partners acquired the property in 2006. Ahmed and Mackenzie Lampman of CBRE arranged the financing through a regional bank on behalf of the borrower.
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.
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, …
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.
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 …
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 …
