Shopping Centers Today

SEP 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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8 S C T / S E P T E M B E R 2 0 1 8 T H E C O M M O N A R E A T R A N S AC T I O N S $4.95 million Hannay Realty Advisors acquired Bashford Courts Atrium Mall, a 33,000-square-foot center in downtown Prescott, Ariz., from Bashford Courts LLC. Cushman & Wakefield represented Hannay D E A L B A R O M E T E R W H O ' S P A Y I N G H O W M U C H F O R W H A T $414 million Global Holdings Group acquired Washington Harbour, a 565,100-square-foot mixed-use project along the Potomac River in Washington, D.C.'s Georgetown area, from Principal Real Estate Investors $92 million Nashville, Tenn.– based GBT Realty acquired the 350,000-square- foot Ellsworth Place, in Silver Spring, Md., from a joint venture between Rockwood Capital and Petrie Richardson $23.2 million In a 1031 exchange, a private investor from Lexington, Ky., acquired Magnolia Shoppes, in Fort Lauderdale, Fla. CBRE represented seller Regency Centers, and Franklin Street represented the buyer $19.8 million Stambul bought the Walgreens building in downtown Miami from Habitat Development Corp. Colliers International represented both parties in the deal. Stambul plans to redevelop the building $18.4 million A 1031 exchange investor bought a single-tenant net-leased, 38,050-square- foot property in Kings Beach, Calif., occupied by Safeway $16.4 million Katz Properties bought Security Square, a 79,000-square- foot, 100 percent– leased shopping center in Baltimore anchored by a Weis supermarket, from Kimco Realty Corp. B rookfield Asset Management and Forest City Realty Trust announced that a Brookfield real estate investment fund will ac- quire all the Forest City outstanding shares of common stock in an all-cash transaction valued at $11.4 billion, including Forest City's proportionate share of consolidated and uncon- solidated debt. e parties say they expect to close the transaction some- time in the fourth quarter. e Forest City portfolio com- prises some 6.3 million square feet of office space, 2.3 million square feet of life-science assets, 2.2 million square feet of retail space and 18,500 multifamily units, as well as five large- scale development projects in the New York City metro area, San Francisco and Washington, D.C. David LaRue, president and CEO of Forest City, said in a press release: "We are pleased that Brookfield recognizes the success of our ongoing efforts to strengthen the business, the attractive- ness of our office, apartment and mixed-use portfolio, the skill and dedi- cation of our associates, and the signif- icant opportunities to drive future growth embedded in our more than 18 million square feet of entitlements." Brookfield has been a leading con- solidator in the industry, as seen in its recent deal to acquire GGP, the second-largest owner of U.S. malls. n Brookfield, Forest City deal worth $11.4 billion Phillips Edison & Co. (PECO) is to merge with Phillips Edison Grocery Center REIT II to create a $6.3 billion REIT with a combined portfolio of 323 grocery-anchored shopping centers, encompassing about 37 million square feet across 33 states. PECO says the combined company will boast a 3.2 percent higher annualized base rent per square foot, a 2.4 percent increase in average household income and a 3.8 percent rise in population density within a three-mile radius of its shopping centers. "In REIT II we raised $1.1 billion in equity in 2014 and 2015 and have acquired real estate valued at approximately $1.9 billion since," said Jeffrey S. Edison, chairman and CEO of PECO, in a press release. "PECO earned fees as the external adviser and property manager, and now PECO has the opportunity to merge with this complementary, institutional- quality portfolio, materially increasing its size, scale and diversification." n PHILLIPS EDISON MERGER TO CREATE $6.3 BILLION REIT Brookfield Place, New York City

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