CBL closes $80 million loan secured loan
Chattanooga, Tenn. — CBL & Associates Properties, Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 75/25 joint venture with Horizon Group Properties. The 10-year loan bears a 4.9% fixed interest rate. Proceeds from the loan were used to repay a $53.2 million recourse construction loan. CBL used its share of the remaining funds to reduce outstanding balances on the company’s unsecured credit facilities.
The Outlet Shoppes at Atlanta is a 370,000-sq.-ft. outlet center located north of Atlanta in Woodstock. CBL and Horizon co-developed the project. Horizon is responsible for leasing, marketing and managing the center.
Skanska breaks ground on Seattle retail, office tower
Seattle — Skanska USA Commercial Development Inc. has broken ground on 400 Fairview alongside its first major office tenant — Tommy Bahama.
Skanska is the first developer to start work in the South Lake Union area of Seattle since the City Council rezoned the one-time industrial hub for office and retail.
The 400 Fairview building will be a 13-story tower with 320,000 sq. ft. of office space and 17,000 sq. ft. of ground floor retail. Skanska is targeting LEED Gold certification on the building.
Tommy Bahama plans to move into its new 120,000-sq.-ft. headquarters offices in 2015.
Mansour Group completes sale of Houston LA Fitness
Houston — The Mansour Group has completed the sale of an LA Fitness in Houston for $12 million. The 45,000-sq.-ft. facility is located in Houston’s Memorial Area, the wealthiest neighborhood in the city and the sixth wealthiest zip code in the state.
Mansour www.themansourgroup.com marketed the property on behalf of the seller, a national REIT. The buyer was another institutional REIT.