TRANSACTIONS: Who’s paying how much for what

Publish Date: July 17, 2014

Topics: inland real estate corp., kimco realty corp., madison marquette


An entity controlled by Madison Marquette paid Pine Street Development $271 million for Pacific Place, Seattle. Anchors at the 350,000-square-foot mall include Barnes & Noble, AMC. Tenants include Tiffany & Co. and Barneys New York. Pine Street — which includes a group of locally based investors including Starbucks CEO Howard Schulz  —says it will donate between $10 and $15 million of the proceeds from the sale to the United Way of King County. The United Way said this donation is its first one that’s directly linked to the sale of commercial real estate.

Kimco Realty Corp. acquired a 1.4 million-square-foot portfolio of 10 shopping centers from its joint venture with SEB Asset Management for a gross price of $275.8 million, including the assumption of $193.6 million of mortgage debt. Kimco, which previously held a 15 percent ownership interest in these properties, paid approximately $69.8 million for the remaining 85 percentequity interest held by SEB Asset Management. This portfolio is located in the Mid-Atlantic region and is predominately grocery-anchored. Tenants include Giant Food, Harris Teeter, Weis Markets, Safeway, Food Lion with Kroger and Sam’s Club as shadow anchors. The properties also feature a well-known lineup of national retailers including Ross Stores, Bed Bath & Beyond, Marshalls, Kohl’s, PetSmart, and Michaels with Target and Lowes as shadow anchors.

Inland Real Estate Income Trust bought the 187,610-square-foot Dogwood Festival Shopping Center, in Flowood, Miss., from an undisclosed seller, for $48.7 million. Tenants include T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse, Hibbett Sports and several other national tenants.  The property is shadow-anchored by a Belk store, which was not acquired.

Oak Brook, Ill.-based Inland Real Estate Corp. bought the 39,710-square-foot Gateway Square, in Hinsdale, Ill., for $10 million, from Buffalo Grove, Ill.-based CP Management LLC. Tenants include Calico Corners, Kumon, Fox’s on York and Egg Harbor Café.

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