REAL ESTATE

Ulta to open at Hall Road Crossing

BY Staff Writer

Shelby Township, Mich. — Centro Properties Group US announced that Ulta will open a 9,405-sq.-ft. store at Hall Road Crossing, located in Shelby Township, Mich.

Centro Properties Group, based in New York City, is the owner of Hall Road Crossing.

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REAL ESTATE

Donahue Schriber completes $1.2 billion recapitalization

BY Staff Writer

Costa Mesa, Calif. — Costa Mesa, Calif.-based shopping center developer Donahue Schriber announced it has successfully completed the final piece of a $1.2 billion balance sheet recapitalization.

The recapitalization occurred through several transactions. The final piece was a $365 million refinance with a bank syndicate led by Bank of America and also included Wells Fargo Bank, U.S. Bank, PNC Bank, Union Bank and City National Bank.

The loan refinances a portfolio of 31 of Donahue Schriber Realty Group’s assets encompassing grocery-anchored and power centers across California, Arizona, Oregon and Nevada. The new financing has a term of five years with a built-in option for a two-year extension, a lower interest rate and eliminates many restrictive covenants. Utilizing assistance from Chatham Financial, the company also locked in a LIBOR swap of $255 million as a hedge against potential rising interest rates. The transaction results in an annual interest savings in excess of $6 million.

In addition, the Company’s major investors, the New York State Teachers’ Retirement System and the J.P. Morgan Chase Bank Strategic Property Fund, converted their $188 million of preferred stock and accrued dividends into shares of common stock. They have also committed to provide the company $100 million of additional common capital for future growth opportunities. Included in the recapitalization total is the $248,545,000 ten-property refinance with Allstate Life Insurance Co. that closed May 31, 2011.

The recapitalization is described by Donahue Schriber Chairman and CEO Patrick S. Donahue as one of the most important events in the company’s 42-year history. “The Bank of America loan restructure is the last big piece of putting the company’s balance sheet in order, securing our position as a leader in the retail real estate industry. We could not have done any of this without the confidence and support of our Major Shareholders, NYSTRS and J.P. Morgan Strategic Fund. We’re grateful to them, to Bank of America and to the other banks in the syndication that share our vision,” said Donahue.

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REAL ESTATE

Carl’s Jr. expands in Texas

BY Staff Writer

Dallas — Venture Commercial Real Estate announced the completion of several transactions that will bring new Carl’s Jr. restaurants to Garland, Balch Springs, Lufkin, and Beaumont, Texas, by the end of the year.

With the addition of these four locations owned and operated by RWJP Star Enterprises, the total number of Carl’s Jr. restaurants in Texas will be 48.

“Our goal is to open 120 restaurants across Texas over the next eight years, making us the largest Carl’s Jr. franchisee in the U.S.,” said Richard White of RWJP Star Enterprises.

The four Carl’s Jr. transactions include a 2,911-sq.-ft. lease in Garland, expected to open in September; a 31,504-sq.-ft. tract of land in Balch Springs that will host a new restaurant opening on Aug. 30; a .666-acre tract in Lufkin for a new restaurant opening Aug. 16, and a .813-acre tract in Beaumont with a Sept. 13 restaurant opening.

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