MC Sports signs into East Peoria center
Peoria, Ill. — MC Sports will open a 22,555-sq.-ft. location at Town Centre II in East Peoria this fall, according to Cullinan Properties, the firm that arranged the lease.
Town Centre II is owned by M&L Joseph Properties, a real estate investment partnership that owns retail and office properties throughout central Illinois. M&L Joseph and Cullinan are partners in an effort to enhance the retail mix at Town Centre II.
Phillips Edison’s REIT acquires grocery anchored center
Cincinnati — Phillips Edison—ARC Shopping Center REIT Inc. has announced the acquisition of Yorktown Centre, a 196,728-sq.-ft. shopping center in Erie, Pa. Anchored by a Giant Eagle grocery store, Yorktown Centre is 100 percent occupied.
The acquisition brings the REIT’s portfolio to 53 properties with 21 leading grocers in 19 states, with an aggregate portfolio purchase price of approximately $767.7 million. Phillips Edison-ARC Shopping Center REIT is a public, non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the U.S.
CBL closes sale of three malls for $176 million
Chattanooga, Tenn. — CBL & Associates Properties has closed on the sale of three malls and three related associated centers in a portfolio transaction for a gross sale price of $176 million in cash. The properties include Georgia Square Mall and Georgia Square Plaza in Athens, Ga.; Panama City Mall and The Shoppes at Panama City in Panama City, Fla.; and Rivergate Mall and Village at Rivergate in Nashville, Tenn. An offshore investor in partnership with Atlanta-based Hendon Properties purchased to properties. Hendon will lease and manage the malls. Jones Lang LaSalle represented CBL in the transaction.
CBL used the net proceeds from the disposition to reduce outstanding balances on unsecured lines of credit. The company anticipates a net impact of approximately $0.02 per share to 2013 funds from operations (FFO) from the sale of the properties.