FINANCE

Cedar Shopping Centers to acquire up to seven centers for $200 million

BY CSA STAFF

Port Washington, N.Y. Cedar Shopping Centers said Monday that, in a joint venture with RioCan Real Estate Investment Trust of Toronto, Canada, it has agreed to acquire five shopping centers from Pennsylvania Real Estate Investment Trust for approximately $134 million.

A sixth property is under consideration, pending certain conditions and terms of an existing partnership between a third party joint-venture partner and PREIT.

The properties will be purchased by the existing Cedar (20%) and RioCan (80%) joint venture which has acquired a number of properties to date.

Cedar has also agreed to purchase from PREIT a seventh property, which will be owned by Cedar and RioCan on a 50-50 basis. Closing is subject to reaching agreement with a third-party joint venture partner of PREIT.

The aggregate purchase price for all seven properties would be approximately $200 million.

Three of the initial five properties to be acquired by the Cedar/RioCan joint venture are located in Pennsylvania, one in New Jersey, and one in Virginia.

The remaining two properties potentially to be acquired are also in Pennsylvania.

Four of the properties are anchored or shadow-anchored by supermarkets or a “club” store. The aggregate owned-GLA of the initial five properties is approximately 936,000 sq. ft.; for the seven properties the total owned-GLA is approximately 1.8 million sq. ft.

The initial five properties are Monroe Marketplace in Selinsgrove, Pa.; Creekview Shopping Center in Warrington, Pa.; Pitney Road Plaza in Lancaster, Pa.; Sunrise Plaza in Forked River, N.J.; and New River Valley Center in Christiansburg, Va.

The remaining two properties under consideration are Red Rose Commons in Lancaster, Pa., and The Whitehall Mall in Allentown, Pa.

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REAL ESTATE

LoopNet acquires LandsofAmerica

BY CSA STAFF

San Francisco Online real estate marketplace and database LoopNet said it has acquired Austin, Texas-based LandsofAmerica, the operator of an online marketplace specializing in land for sale at LandsofAmerica.com.

The LandsofAmerica management team, including its founders Allen Shannon and Jake Massengale, will remain with LoopNet to manage and grow the business.

LandsofAmerica.com generated almost 600,000 unique visitors to its websites in August, according to Google Analytics, and will contribute a significant lift to LoopNet’s overall website traffic of approximately two million unique visitors, also measured by Google Analytics. 

In addition, LandsofAmerica.com expands LoopNet’s overall share of active land for sale listings. 

Terms of the transaction were not disclosed. 

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News

Blockbuster loss widens, reaches new forebearance agreement

BY CSA STAFF

DALLAS Blockbuster reported that total revenues for the second quarter of 2010 were $788 million, compared with total revenues of $982 million for the same period one year ago. Net loss for the second quarter of 2010 was $69 million, or 32 cents per share, compared with a net loss of $37 million, or 21 cents per share, in the second quarter of 2009.

The company announced that it has also reached a new forbearance agreement with noteholders who have, collectively, represented that they hold approximately 70% of the company’s 11.75% senior secured notes due 2014. The executing noteholders have agreed to forbear from exercising certain rights and remedies they may have under the indenture and related collateral documents arising from not receiving payments due under the senior secured notes on July 1. The forbearance period, under the new forbearance agreement, will expire on Sept. 30, unless earlier terminated in accordance with its terms, the company reported. The forbearance period may be extended upon written agreement by the parties.

Jim Keyes, chairman and chief executive officer of Blockbuster, stated, “We appreciate the continued cooperation of our senior secured noteholders and the other parties involved in our ongoing recapitalization efforts. While making progress, this extension allows additional time to complete these complex, multiparty negotiations. To take advantage of its unique multi-channel model and revitalize its global brand, Blockbuster will require an improved capital structure. Our objective is to complete a recapitalization as soon as possible so we are better positioned to focus our attention and resources on the strategic opportunities to continue our business transformation.”

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