Shopping Centers Today International

NOV 2015

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

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T H E B O T T O M L I N E $19.6 million Acadia Realty Trust purchased the 40,306-square-foot Roosevelt Galleria, in Chicago, from Ravine Park Partners and Development Resources. Tenants include Golfsmith, Petco, Sleepy's and United Healthcare $110.2 million Federal Realty Investment Trust and two local partners bought The Shops at Sunset Place, a 515,000-square- foot, mixed-use center in South Miami, from Simon $134.8 million Greenberg Gibbons sold Towne Centre at Laurel (Md.) to UBS Realty Investors. Harris Teeter and Sports Authority are anchors at the cen- ter, which was pre- viously the enclosed Laurel Mall $147 million MX3 Ventures sold The Shoppes at Chino Hills (Calif.), a 378,000-square- foot lifestyle center, to Dunhill Partners. Anchors include Forever 21, H&M and Trader Joe's $150.7 million Tanger Factory Outlet Centers sold five outlet centers toaling about 610,000 square feet in the aggre- gate. The centers are in Barstow, Calif., Tuscola, Ill., West Branch, Mich., and two in Kittery, Maine $300 million Starwood Capital Group bought the 1.1 million- square-foot Belmar mixed-use center, in Lakewood, Colo., from the Southern Ute Indian Tribe. Tenants include Best Buy, Chico's, Dick's Sporting Goods and Target $715 million Kimco Realty is selling its share in a 35-property joint venture with Canada's RioCan REIT back to its partner. RioCan will assume Kimco's share of the exist- ing in place debt of $231 million DEAL OF THE MONTH Deal Barometer W H O I S P A Y I N G H O W M U C H F O R W H A T HBS Global Properties, a real estate joint venture of Hudson's Bay Co. and Simon, will buy 41 Galeria Kaufhof department stores in a deal valued at €2.6 billion (about $3 billion). Hudson's Bay bought the Galeria Kaufhof chain of some 100 stores in July for $2.7 billion. With this acquisition, HBS Global Properties now owns an international property portfolio of 83 retail locations across the U.S. and Germany, including flag- ship department stores in Berlin, Cologne, Düsseldorf and Frankfurt, plus Beverly Hills, Calif., and the Greater New York City area. These generate annual cash rents of some $274 million, giving the portfolio a value of roughly $4.8 billion, based on a blended cap rate of 5.75 percent. Simon buys into German stores 58 S C T / N o v e m B e r 2 0 1 5 Macerich is selling stakes in eight malls to two differ- ent entities for a combined $2.3 billion. In one venture, Singapore's GIC sovereign wealth fund will buy 40 percent in five Macerich malls. In the second, global real estate management firm Heitman will purchase 49 percent in the other three Macerich properties. The deal demonstrates international investors' continued interest in U.S. malls, says Arthur M. Coppola, chairman and CEO of Macerich. "These transactions highlight the significant differential between the private and public market valu- ation of our assets." British landlord Hammerson PLC and the real estate arm of German finance firm Allianz are teaming up to buy a portfolio of defaulted Irish retail loans backed by five malls and devel- opable land in Ireland, for €1.85 billion ($2.08 billion). The companies aim to take over the properties and boost their profitability. The seller was Ireland's National Asset Manage- ment Agency. "This agreement provides Hammerson with exposure to a significant new platform of high-quality, well-let retail prop- erty as well as strategically located development opportuni- ties in Ireland, Europe's fastest-growing economy," said CEO David Atkins, in a press release. "The transaction fulfills our strategy to focus on growing a portfolio of high-quality retail destinations in prime locations, which stand to benefit from high footfall, attractive catchments and positive consumer trends." The portfolio's crown jewel is Dundrum Town Centre, a 1.5 million-square-foot center anchored by House of Fraser, M&S, Harvey Nichols and Penneys. Hammerson, Allianz buy $2 billion in Irish mall loans $2.3 BILLION MACERICH DEAL HIGHLIGHTS MALL APPEAL D E P T F O R D ( N . J . ) M A L L

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