PREIT completes sale of two power centers
Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.
In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.
PREIT carried out the two sales in conjunction a strategic plan to dispose of non-core properties and reduce debt to strengthen its balance sheet. During 2013, non-core property sales have enabled the company to pay down $359 million in debt.
Camden Village in suburban Atlanta sells
Atlanta — A private investor from the Atlanta, suburb of Johns Creek has acquired Camden Village Shopping Center from a California corporation. According to Marcus & Millichap of Atlanta, which represented the seller and buyer in the transaction, the purchase price totaled $6,150,000.
The center includes popular local tenants like Marlow’s Tavern and Noche Restaurant among others.
Jerry Bob’s Restaurant expands in Tucson
Tucson, Ariz. — Jerry Bob’s Restaurant plans to open its 15th restaurant in the Tucson area — in River Crossing. JB Restaurants V, the franchisee, will own the 2,400-sq.-ft restaurant that is slated to open in January 2014.
Commercial Retail Advisors represented the Landlord, La Cholla and River Road Associates, and CBRE represented JB Restaurants.