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Shopping Centers Today -> June 1998
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Deal of the month
After being outbid for such major portfolios as Corporate Property Investors and Retail Property Trust in recent months, General Growth Properties, Chicago, has agreed to acquire the 7.7 million-square-foot U.S. regional mall portfolio of MEPC plc. for $871 million in cash. The cap rate is 7.8%, according to Bernard Freibaum, General Growth CFO. MEPC American's centers include The Boulevard Mall, Las Vegas, and the Northridge (Calif.) Fashion Center, perhaps best known for the substantial damage it sustained in the 1994 Los Angeles earthquake, and its subsequent reconstruction.RD Capital invests $100MMark Centers Trust, Kingston, Pa., has agreed to merge with RD Capital, New York. Simultaneously, RD will make a $100 million cash investment in the company, which has had financial problems over the last few years. The REIT's name will be changed to Acadia Realty Trust. After the closing, Ross Dworman and Ken Bernstein of RD Capital will become CEO and president, respectively, of the firm.
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Haagen buys centers
Alexander Haagen Properties, Manhattan Beach, Calif., has acquired a group of five California shopping centers, with a total of 613,368 square feet, for $67 million. The properties were purchased from a series of partnerships controlled by Hughes Investments, Los Angeles. The projects are: Loma Square, San Diego; North County Plaza, Oceanside; Center of El Centro, El Centro; Vineyards Marketplace, Rancho Cucamonga; and Bakersfield Shopping Center, Bakersfield.
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GGP pays $113M for center
General Growth Properties, Chicago, has acquired Southwest Plaza, Denver, for approximately $113 million. The 1.3 million-square-foot mall was acquired from its original developer, Southwest Properties Venture. The purchase price consists of about $46 million of cash, $18 million of operating partnership units in GGP Limited Partnership and the assumption of about $49 million of debt. The center opened in 1983 and was renovated in 1994 and 1995.
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Bradley buys 4 projects
Bradley Real Estate, Northbrook, Ill., has acquired four community shopping centers for approximately $43 million. The centers are the 91,000-square-foot Oak Creek Centre, Milwaukee; the 154,000-square-foot Midtown Shopping Center, Ashland, Ky.; and two Michigan projects, the 126,000-square-foot Courtyard shopping center, Burton, and the 285,000-square-foot Redford Plaza, Redford.
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Prime obtains $305M loan
Prime Retail Inc., Baltimore, has obtained a $305 million loan from Nomura Asset Capital Corp. to fund the REIT's proposed merger with Horizon Group. Prime has also received a commitment from Nomura to provide bridge loan financing to the entity, Horizon Group Properties Inc., which will own and manage Horizon Group's remaining 13 outlet centers and two additional centers presently owned by Prime Retail.
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Donahue merges with DSC
Donahue Schriber, Newport Beach, Calif., has agreed to merge with Diversified Shopping Centers (DSC), Costa Mesa, Calif. Donahue, which now owns 10 neighborhood shopping centers, will acquire 38 retail properties from DSC in the merger, more than tripling its size. Donahue, which is a private REIT, has not disclosed the financial details of the deal. But it will be taking on a "significant" amount of debt, according to Chairman Daniel Donahue, and will issue new equity to institutional investors.
The Retail REIT Index was designed exclusively for Shopping Centers Today. The stock price movements were calculated starting at a base of 100 on Dec. 31, 1995. For the month ending April 29, the regional mall index is at 144.82, down 2.7%; the strip center index (including power, neighborhood and community centers) is at 127.04, down 3.9%; and the factory outlet index is at 95.8, down 2.2%. The index is updated monthly.
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