NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.
NEW YORK CITY — SL Green Realty Corp. and The Moinian Group have signed a lease with Nordstrom to anchor three levels of retail space at 3 Columbus Circle in New York City. The store has signed a 23-year lease for 43,000 square feet of retail space. The new location will serve as an expansion of the Nordstrom full-line flagship store, which is debuting on West 57th Street. Derek Trulson of JLL and Stephen Stephanou of Crown Retail Services represented Nordstrom, while Jeff Winick of Winick Realty Group represented the landlord in the lease transaction.
LOS ANGELES — Merlone Geier Partners has purchased El Monte Shopping and Automotive Center, a 473,347-square-foot automotive and retail center located in El Monte, from Decron Properties for $84.5 million. The property is comprised of a traditional shopping center and Longo Lexus dealership. Savills-Studley Retail Investment Group represented Decron Properties, while Melone Geier Partners was self-represented in the transaction. Tenants at the center include Sears, Staples, Deardens, Big 5 Sporting Goods, RadioShack and Jamba Juice.
SALT LAKE CITY — Vestar, in a joint venture with funds managed by Oaktree Capital Management L.P., has acquired a 623,205-square-foot open-air retail and entertainment center within The Gateway, a retail, residential and office complex located in downtown Salt Lake City. The purchase price was not disclosed. The center is leased to over 100 tenants including Barnes & Noble Bookstore, California Pizza Kitchen, The Depot, Dick’s Sporting Goods, Megaplex 12 at The Gateway, Metro Fitness, Starbucks Coffee and Victoria’s Secret. Vestar plans to invest $30 million in revitalizing and rebranding the center.
NEW YORK CITY — Nets Sports and Entertainment, a subsidiary of Forest City Realty Trust, has completed the previously announced sale of its equity interests in Barclays Center arena and the Brooklyn Nets basketball team to Onexim Sports and Entertainment Holding USA. The purchase price for the non-controlling 20 percent equity interest in the team was $125.1 million, and the purchase price for the 55 percent equity interest in the arena was $162.6 million. The transaction values the team at approximately $875 million and the arena at $825 million, inclusive of debt for each asset. Evercore ISI advised Net Sports and Entertainment in the transaction.
MOHEGAN LAKE, N.Y. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired a majority interest in Cortlandt Town Center in Mohegan Lake from an entity controlled by Acadia Realty Trust. Located on Route 6, the 641,000-square-foot power center is 97 percent leased to a variety of national tenants, including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michaels, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The acquisition price was not released.
NEW YORK CITY — Taconic Investment Partners and Cogswell-Lee Development Group have acquired the ground lease on an 80,000-square-foot site at 410 W. 207th St. in Manhattan’s Inwood section. The site features an existing 34,000-square-foot building, which was a former Pathmark store, and nearly 200 parking spaces. The existing building is suitable for a big-box user or subdivision into smaller units for multiple tenants. The buyer plans to develop a 14,000-square-foot outparcel on the eastern portion of the site. The name of the seller and the acquisition price were not released.
WEST LAKE HILLS, TEXAS — Velocis, a private equity real estate manager, has sold West Woods Shopping Center in West Lake Hills, an Austin suburb. The 189,340-square-foot center was sold to Global Retail Investors, an affiliate of First Washington Realty, for an undisclosed price. Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is located at the intersection of Bee Caves Road and Walsh Tarlton Lane and is anchored by Stein Mart, Michaels, Petco and CVS/pharmacy. The property was 98 percent leased at the time of sale. HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Co. provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.
RAYTOWN, MO. — The Boulder Group has arranged the $6 million sale of a single-tenant, net-leased Walgreens property located at 9300 E. Gregory Blvd. in Raytown. The 13,905-square-foot Walgreens is located within the Kansas City MSA. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual based in the Midwest, in the sale of the property to a Northeast-based real estate investor. There are 14 years remaining on the Walgreens lease, which expires in January 2030.
ALBUQUERQUE, N.M. — Houlihan-Parnes has arranged a $9.1 million refinancing for Ladera Shopping Center, a 128,712-square-foot shopping center located in Albuquerque. Ed Graf of Houlihan-Parnes secured the five-year loan. The center is currently 95 percent occupied by 23 tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. Burger King occupies a pad site.