Edens & Avant announces refinancing of unsecured revolving credit facilities
Columbia, S.C. — Edens & Avant announced Tuesday that it has closed on the refinancing of its $350 million unsecured revolving credit facility and $30 million unsecured working capital line.
Both will mature in September 2014, but include two, one-year extensions that could extend both facilities through September 2016.
“Edens & Avant remains committed to preserving a conservative, flexible balance sheet that enables us to focus on operations and strategic, community focused investment opportunities,” said Mark Garside, managing director of Edens & Avant. “The closing of these facilities advances our balance sheet strategy while lowering our overall cost of capital.”
StreetMac acquires Texas and Oklahoma malls
Northbrook, Ill. — StreetMac Asset Managers announced that an affiliate has purchased the Brazos Mall in Lake Jackson, Texas, and the Shawnee Mall in Shawnee, Okla., through a joint venture with an affiliate of Stamford, Conn.-based Five Mile Capital Partners. The seller was Lightstone Properties.
The two malls have a combined 1.14 million sq. ft. of leasable retail space. Terms were not disclosed. The acquisitions represent StreetMac’s inaugural purchases of retail malls in markets nationwide.
Chicago’s Urban Retail Properties will serve as the property manager and leasing agent for both malls.
Brazos Mall is a 682,831-sq.-ft. regional shopping center anchored by Dillard’s, J.C. Penney, Sears and the Starplex Cinema, with junior anchors that include Ross, Palais Royal and Powerhouse Gym.
Shawnee Mall is a 453,861-sq.-ft. regional mall anchored by Dillard’s, J.C. Penney, Kohl’s and Sears.
OfficeMax to relocate in College Station
College Station, Texas — Houston-based Baker Katz, an X Team International partner, said that it has completed a lease for the relocation of OfficeMax in College Station, Texas.
The 20,000-sq.-ft. space is located on the northeast corner of Texas Avenue and Harvey at 1505 South Texas Avenue in College Station. OfficeMax is relocating from its current space at 410 Harvey Road, where it has been for more than 15 years. Co-tenants include Kohl’s, Spec’s Wines, Spirits & Finer Foods, AT&T, Anna’s Linens, Dollar Tree and Cato Fashions.