REAL ESTATE

Mid-America brokers sale of Edgewood Towne Center

BY Michael Fickes

Lansing, Mich. — Mid-America Real Estate Corporation’s Investment Sales team has brokered the sale of a portion of the 313,000-sq.-ft. Edgewood Town Center in Lansing, Mich. Office Max and Dollar Tree anchor the center, while Target and Sam’s Club shadow anchor.

RCG Ventures LLC purchased the 86,000-sq.-ft. portion, whch excludes shadow anchors, for an undisclosed amount from Ramco-Gershenson Properties Trust. Mid-America represented Ramco-Gershenson.

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REAL ESTATE

DDR closes on $1.46 billion transaction with Blackstone

BY Michael Fickes

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

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REAL ESTATE

Sembler leases 58,000 sq. ft. in Florida in August

BY Michael Fickes

St. Petersburg, Fla. — The Sembler Company leased 58,000 sq. ft. in Florida during August. Here are the individual lease signings:

  • Avant Garde Salon leased 2,045 sq. ft. at Legacy Place in Palm Beach Gardens
  • A-1 Lovely Nail renewed a 1,400-sq.-ft. lease at Crosscreek Village in St. Cloud
  • Divine Day Spa renewed a lease for 2,000 sq. ft. at Oakleaf Town Center in Jacksonville
  • John Paul Hair Salon renewed its 1,400-sq.-ft. lease at the Shoppes of West Melbourne in Melbourne
  • Styles For Less renewed a 2,710-sq.-ft. lease in Boynton Town Center in Boynton Beach
  • Spirit Halloween leased 2,5000 sq. ft. at University Plaza in Tampa
  • Gray’s College Bookstore renewed a 5,000-sq.-ft. lease at University Plaza in Tampa
  • Family Christian renewed its 3,873-sq.-ft. space at Boynton Town Center in Boynton Beach
  • Halloween City has taken 8,320 sq. ft. at Village Marketplace in Port Charlotte
  • Village Pharmacy renewed its lease for 4,100 sq. ft. in Nokomis Village in Nokomis
  • My Life Pizzeria leased 1,955 sq. ft. in Oakleaf Town Center in Jacksonville

All told, Sembler’s August leasing activity in Florida comes to 37,820 sq. ft. in newly leased space and 20,483 sq. ft. of renewed space for a grand total of 58,303 sq. ft.

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