Retail

JACKSONVILLE, FLA. — Jacksonville-based Regency Centers Corp. (NYSE: REG) has agreed to acquire Equity One Inc. (NYSE: EQY), creating one of the largest shopping center REITs in the U.S. The all-stock merger will convert each share of Equity One stock into 0.45 shares of Regency stock. Based on Regency’s closing stock price on Monday, Nov. 14, that equates to $31.44 per share, for a total acquisition price of nearly $5 billion, according to the Wall Street Journal. At the close of the deal, Regency shareholders are expected to own approximately 62 percent of the combined company’s equity, and former Equity One shareholders are expected to own approximately 38 percent. The company will retain the Regency name and will continue to trade under the ticker symbol REG. The headquarters will also remain in Jacksonville. The combined company is expected to have a total market capitalization of $15.6 billion, making it the largest REIT by equity value in the shopping center index. The merger will create a national portfolio of 429 properties encompassing more than 57 million square feet. Regency’s Board of Directors will be increased from nine to 12 members, including two directors designated by Equity One and one director designated …

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CASA GRANDE, ARIZ. — Commercial Properties Inc. (CPI) has arranged the sale of a 12,849-square-foot strip center located in Casa Grande. The property was fully occupied at the time of sale by tenants including Cold Stone Creamery, UPS Store, Supercuts and Firehouse Subs. Sarge Glenn of CPI’s Industrial Team represented the seller, LBUBS 2004-C8 Retail 1664 LLC. Mike Sayre of Cushman & Wakefield represented the buyer, SimonMed Imaging, which purchased the property for $1.8 million.

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JERSEY CITY, N.J. — Urban Edge Properties has entered into a $43.7 million contract to acquire Hudson Mall, a retail center located in Jersey City. Developed in 1966, the 383,000-square-foot property is occupied by Marshalls, Toys R Us, Staples and Old Navy, among other retailers. The acquisition is expected to close in the first quarter of 2017 and includes the assumption of a $23.8 million, 5.07 percent mortgage maturing in 2023. The name of the seller was not released.

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BOSTON — Related Beal has topped off Parcel 1B, a residential, retail and hospitality development in downtown Boston. Designed by CBT Architects, the 484,000-square-foot property will feature 239 affordable and workforce apartment units, 10,000 square feet of street-level retail space, 220 parking spaces and a Courtyard by Marriott. Operated by Turnberry Associates, the 220-room hotel will feature 2,500 square feet of meeting space. Situated within Boston’s Bulfinch Triangle, the property is located in close proximity to public transportation.

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MANCHESTER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 2111 Route 37 West in Manchester. A limited liability company acquired the 9,790-square-foot property for $1.6 million. Known as GreenTree at Manchester, the property comprises a two-tenant, two-building retail center with a ground lease to STS and a lease to Spirits Express. David Thurston and Charles Loccisano of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the deal.

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INDIANA, MICHIGAN AND WISCONSIN — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties net leased to KFC in Indiana, Michigan and Wisconsin for $21.1 million. The restaurants are occupied under new triple-net leases with 20-year terms. Seven of the properties are under a master lease and nine properties are under individual leases. FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031 exchange sale of a property in Florida occupied by Bahama Breeze.

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CARY, ILL. — The Boulder Group has arranged the sale of a single-tenant property in Cary net leased to Starbucks for $1.6 million. The newly built property is located at 630 NW Highway. The Starbucks lease, which began in October 2016, spans for 10 years and features four five-year renewal option periods with 10 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The buyer was a private west coast-based real estate partnership.

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LEANDER, TEXAS — Cypress Equities has opened Crystal Falls Town Center, a 12.7-acre retail center located at the corner of Lakeline Boulevard and Crystal Falls Parkway in Leander. A 63,182-square-foot Randalls Food Market anchors the 93,642-square-foot center. Additional tenants include Orange Theory Fitness, Jack Brown Cleaners, La Bella Nails and Spa, ABC Liquor, Tomlinson’s Feed, Cost Cutters, GNC and Apple Springs Family Dentistry. SRS Real Estate Partners has been retained to lease the property.

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SAULT STE. MARIE, MICH. — Bernard Financial Group has arranged a $9 million acquisition loan for a 266,439-square-foot retail shopping center in Sault Ste. Marie in the Upper Peninsula of Michigan. Cascade Crossing is located at 4500 I-75 Business Spur. Tenants include T.J. Maxx, Dollar Tree and Kohl’s, among others. David Dismondy of Bernard Financial Group originated the loan. Cascade X LLC was the borrowing entity.

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FRISCO, TEXAS — Venture Commercial Real Estate has arranged the sale of a single-tenant, net-leased LA Fitness in Frisco. The 38,000-square-foot gym anchors the Frisco Market Center, a 100-acre mixed-use development located at Main Street and Dallas North Tollway. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture Commercial represented the seller, Hermansen Land Development Inc., in the sale. The name of the buyer and the acquisition price were not released.

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