REAL ESTATE

PREIT completes sale of two power centers

BY Michael Fickes

PhiladelphiaPennsylvania 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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
REAL ESTATE

Camden Village in suburban Atlanta sells

BY Michael Fickes

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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
REAL ESTATE

Jerry Bob’s Restaurant expands in Tucson

BY Michael Fickes

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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...