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Elk Crossing Shopping Center Sold in Chicago Suburb
Aug. 19, 2008
Mid-America Real Estate Corp.'s Investment Sales Group of Oakbrook Terrace, Ill., announced the sale of Elk Crossing, a 121,507-square-foot grocery-anchored shopping center in Elk Grove Village, a northwest suburb of Chicago.
Teen Retailer Buys Office Space in Manhattan
Aug. 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.
Ramco-Gershenson Adds Shopping Center to Florida JV
Aug. 19, 2008
Ramco-Gershenson Properties Trust has sold the 330,000-square-foot Plaza at Delray shopping center in Delray Beach, Fla., to its $450 million joint venture with the state of Florida, which is advised by Heitman L.L.C.
Miami Mixed-Use Project Resumes with Extension on $60M Loan
Aug. 15, 2008
ArteCity Holding Ltd., developer of the mixed-use ArteCity project in Miami Beach, can breathe a sigh of relief, now that Corus Bank has extended the maturity of its $60 million loan on the project.
Construction Begins on $24M JV in La Quinta, California
Aug. 15, 2008
Marinita Development and Regency Centers are breaking ground on Jefferson Square, a commercial development of 90,000 square feet in La Quinta, a city near Palm Springs in the Coachella Valley . The project is being planned in sections. Phase One, a shopping center, is expected to be completed by the end of the first quarter of 2009.
Palms Shopping Center Sold for $26M
Aug. 14, 2008
Cushman & Wakefield of Florida has finalized the $25 million sale of Hollywood Palms Shopping Center, a 210,864-square-foot retail plaza located at the intersection of Taft Street and North 68th Avenue in Hollywood, Fla.
Vornado Increases Presence in India with New $500M Retail JV
Aug. 14, 2008
Paramus, N.J.-based Vornado Realty Trust has just formed a joint venture with Mumbai-based Reliance Industries Ltd. to acquire, develop and manage shopping centers in major cities across India. Vornado and Reliance will each contribute as much as $250 million to the partnership.
CVS to Acquire Longs Drugs for $2.9B
Aug. 13, 2008
In one of the year’s notable retail acquisition announcements, Longs Drug Stores Corp. has agreed to be acquired by Woonsocket, R.I.-based CVS Caremark for $2.9 billion or $71.50 per share. The purchase price includes the assumption of Longs’ outstanding debt.
Colliers International, PKF Capital List Houston's Historic Humble Oil Building for Sale
Aug. 08, 2008
The historic Humble Oil Building in Houston has been listed for sale by a team that includes PKF Capital, Colliers International - Dallas, and Colliers International multi-family Houston.
summerlin center General Growth Postpones Summerlin Opening
Aug. 07, 2008
General Growth Properties has delayed the opening of its 1.4 million-square-foot Las Vegas regional mall development, the Shops at Summerlin Centre, by perhaps a much as a year. Such a delay would push the opening of the property to 2010, when General Growth anticipates a stronger financial and retail environment.
Macy's to Join Idaho Gateway Center
Aug. 07, 2008
Developers Diversified Realty has has announced that Macy's will occupy an anchor position at Nampa Gateway Center, a 968,000-square-foot, open-air shopping center in Nampa, Idaho, a western suburb of Boise.
Retail Investors Seek Bright Spots
Aug. 07, 2008
It is hardly a secret to investment sales professionals that the retail sector is going through tough times and that the prospects for the rest of the year are uncertain at best. "We don’t have a crystal ball here, but I think the economy is the wild card," said Dan Fasulo, managing director for Real Capital Analytics Inc. "This is the first consumer-led recession we’ve had in two decades." Retail was also among the first sectors to bounce back in 2003-04 during the earlier part of the cycle, he noted.
Steve & Barry's Acquired by Bay Harbour Affiliate
Aug. 07, 2008
Port Washington, N.Y.-based Steve & Barry's LLC announced that the U.S. Bankruptcy Court for the Southern District of New York approved a "stalking horse" Asset Purchase Agreement with BH S&B Holdings LLC, a newly formed subsidiary of investment firm Bay Harbour Management.
Bankruptcy Court Signs Off on Boscov's First-Day Motions
Aug. 07, 2008
Boscov's Department Store L.L.C. just announced that the United States Bankruptcy Court for the District of Delaware has signed off on the Reading, Pa.-headquartered company's first-day motions, which were heard on Aug. 5. Sidelined by a souring economy that has put a damper on retail sales, Boscov's filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code earlier this week.
$27M Financing Deal in Place for Seattle Shopping Center
Aug. 01, 2008
The 306,000-square-foot Northgate North Shopping Center on Northgate Highway in Seattle has just been refinanced to the tune of $26.7 million.
68,000SF San Diego Shopping Center Finds Canadian Owner
Aug. 01, 2008
Ownership of a 68,000-square-foot grocery-anchored shopping center five miles from San Diego in National City has changed hands.
RioCan in $40M Sale-Leaseback of Ottawa Retail Property
July 31, 2008
RioCan Real Estate Investment Trust, Canada’s largest REIT, has purchased a 142,000-square-foot, two-story retail building in Ottawa for $40 million and agreed to a 15-year lease to the seller and primary tenant, Canadian Tire.
Linens 'n Things to Close Fewer Stores Than Expected
July 29, 2008
Linens 'n Things, which filed bankruptcy protection in May, will close 30 fewer stores than initially expected, Reuters reported.
Suburban KC Lifestyle Center Changes Hands
July 28, 2008
Arciterra Group L.L.C. has acquired a lifestyle shopping center in Olathe, Kan., for $29.3 million from Maefield Development Corp. The 289,400-square-foot property, Olathe Pointe, opened in 2006, but is not completely built out.
Southeast Strip Center Investment Market Feels a Chill
July 28, 2008
With the slowdown of the economy and the huge downturn in the housing market, the retail real estate market is taking a hit across the board and many investors are feeling sheepish--especially in the southeast. According to Ray Hayhurst, vice president of retail investment with real estate services firm Grubb & Ellis|Commercial Florida, the Southeast's previously hot strip-center investment market has cooled down more than any other region in the country.
$54M Financing Deal Closes for Suburban Philly Shopping Center
July 25, 2008
Pennsylvania Real Estate Investment Trust has secured $54 million in financing on Paxton Towne Centre, the company's 703,000-square-foot shopping center in Harrisburg, Pa., less than 15 miles from Philadelphia. The transaction marks PREIT's third financing deal within the last month.
Off-Price Retailer to Join List of Anchors at 336,000SF Clermont Landing
July 25, 2008
Ross Dress for Less has signed a lease to occupy one of the anchor positions at Clermont Landing, a 366,000-square-foot in Clermont, Fla., at the intersection of Route 27 and Route 50, about 20 miles west of Orlando.
Washington Square Shopping Center Sold in Palm Desert
July 24, 2008
On behalf of the seller, a local shopping center developer, and the buyer, a TIC sponsor, Marcus & Millichap Real Estate Investment Services has arranged the sale of Washington Square, a 49,972-square foot shopping center in Palm Desert, Calif.
Prospect Proceeds in Buying IndyMac Mortgage Branches
July 22, 2008
Prospect Mortgage has decided to proceed with its acquisition of most of IndyMac's retail mortgage branches in a deal scheduled to close early next month.
Kennedy Funding Closes Loan to National Retail Development Partners for Arizona Mixed-Use
July 22, 2008
Kennedy Funding Inc. closed a $11 million loan to National Retail Development Partners for site development and construction of a mixed-use office and retail complex in Scottsdale, Ariz.
 

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