Non Recourse Loans on Shopping Centers

Non Recourse Loans

Bloomfield Hills, Michigan - Net Lease Properties has news for the day on Taubman Centers. Taubman is known for its focus on dominant retail malls with the highest average sales productivity in the nation. Taubman Centers is a real estate investment trust (REIT) which is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong.

The new reports are regarding the non recourse loan for Arizona Mills. Located at the Arizona Mills Interchange, at the intersection of Interstate I-10 and US Highway 60 in Tempe, Arizona. The refinancing of Arizona Mills was recently completed. The terms of the refinancing are a 10-year $175 million non-recourse loan. This Commercial Loan bears interest at an all-in rate of 5.83 percent, with amortizing principal based on 30 years. Taubman will use proceeds from the refinancing to pay off the existing $131.0 million 7.90 percent loan, with excess amounts distributed to the partners.

We previously reported on the Non Recourse Loan (Click Here) for The Mall at Partridge Creek, in Clinton Township, Michigan. A brief scenario on that Non recourse loan is it was a 10-year $82.5 million non-recourse loan which bears interest at an all-in rate of 6.25 percent.

Taubman believes that conditions in the capital markets have improved over the past several months, particularly for good sponsors and good assets. They are pleased with the amount of proceeds and interest rates on these two new non recourse loans.

Second quarter reports on Taubman Centers have Tenant sales per square foot which were very strong in the quarter, up 12.1 percent, bringing the year to date increase to 11.4 percent. They are led by their centers in Michigan and Florida, more than half of their centers had sales per square foot increases in the double digits for the quarter.

Leased space for Taubman's portfolio was 90.8 percent on June 30, 2010 compared to 91.3 percent on June 30, 2009. The average rent per square foot for the second quarter of 2010 was $43.20 versus $43.40 in the second quarter of 2009.

Net Lease Properties & Non Recourse Loans

If you feel this is the right time to invest in Commercial Real Estate, Multi-Family Apartment Buildings, Shopping Centers or Net Lease Properties then contact us, HERE. We can also assist you with your Non Recourse Loan and Net Lease Funding to purchase a new property.

Refinancing Mall Operator Taubman For $82.5M Non Recourse Loan

Clinton Township, Michigan - Net Lease Properties is reporting that Taubman Centers, Inc. has announced an $82.5 million refinancing of The Mall at Partridge Creek. This shopping center is located in beautiful Clinton Township, Michigan. Previously the property was secured by a $73.8 million construction loan, which has now been repaid.

The new Non Recourse Commercial Mortgage Loan was originated by Goldman Sachs. It has a 10-year maturity, amortizing principal based on 30 years and bears an all-in interest rate of 6.25 percent.

The Mall at Partridge Creek opened in October 2007 and is located in Clinton Township. Clinton Township is a great, northeastern suburb of Detroit. The open-air center, anchored by Nordstrom, Parisian and MJR/Partridge Creek Digital Cinema 14, is home to nearly 90 distinctive stores and restaurants. Its many amenities include a nightly concert series from Memorial Day through Labor Day, a dog-friendly environment, bocce ball courts, free WiFi, pop jet fountains, a TV court, snow-melt-sidewalks and a 30-foot fireplace. Throughout 2009 and to date, the 600,000 square foot center has consistently been one of the fastest growing properties in Taubman's portfolio as measured by sales per square foot.

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If you feel this is the right time to invest in Commercial Real Estate, Multi-Family Apartment Buildings, Shopping Centers or Net Lease Properties then contact us, HERE. We can also assist you with your Commercial Real Estate Mortgage and Net Lease Funding to purchase a new property.

Nordstrom Rack plans to open in Kendall

MIAMI, Florida - Nordstrom, Inc., a leading fashion specialty retailer, has announced it will open a 35,000-square-foot Nordstrom Rack, at The Palms at Town & Country in Kendall, in spring of 2010. Kendall is a Miami suburb. Nordstrom Rack, is a unit of the Nordstrom, Inc., operating as their off-price retail division. The Palms at Town & Country is located at 8268 Mills Drive, in Kendall, Florida.

This will be the retailer's third Nordstrom Rack in the state of Florida, which includes a new Nordstrom Rack that will open at Millenia Crossing, in Orlando. That grand opening is anticipated to be in the fall 2009. Additionally, the company operates nine Nordstrom full-line stores in the state of Florida. Nordstrom is well known for excellent customer service.

The Palms at Town & Country, is owned by TIAA-CREF and being redeveloped by Flagler Development Group, will unfold a total of 700,000 sf of mixed retail components, including 400,000 sf of beautiful, new Mediterranean-themed open-air retail and a 133,000 sf professional arts center. The three phase renovation will be complete in 2010. This magnificent development will include restaurants, as well as pedestrian-friendly walk-ways and personal valet parking.
Palms at Town & Country, was formerly called Kendall Town & Country Center. NNN Commercial Real Estate has awesome opportunities in this area.

Its existing tenants include Marshall's, Men's Wearhouse, New York & Co., Publix and 24 Hour Fitness.
Many shopaholics will be thrilled to be able to have a Nordstrom Rack in Miami.

Palms at Town & Country to include Loehmann's

Miami Beach, Florida - Our Net Lease Properties information is from the exciting, vibrant Miami Beach area. A Miami Net Leased Property is having a major renovation. The Net Leased Property is owned by TIAA-CREF. The Miami Net Leased Property is called the Palms at Town & Country. Initially the redevelopment is an addition of a Nordstrom Rack, which will net lease possibly 33,799 square feet. Previous reports on this Nordstrom Rack was that they would lease 26,757 square feet of this net leased property. The redevelopment stage with Nordstrom Rack should open sometime in October of 2009.

The Miami Net leased Property, Palms at Town & Country, is a 400,123-square-foot, open-air retail shopping center. This NNN Commercial Real Estate development is currently under construction. The Miami Net leased Property is located at 8268 Mills Drive in Kendall, a growing suburb in Miami Dade County.

Nordstrom Rack will sell apparel and accessories for men, women and children at this open-air Mediterranean-themed retail shopping center. Nordstrom Rack is normally in business, selling apparel and accessories at 30% to 70% off the standard retail price. Nordstrom Rack has been in net lease properties in the Seattle, Washington and California area for over a decade.

The Miami Net leased Property, the Palms at Town & Country is being redeveloped by Flagler Development Group. The commercial real estate developer, Flagler Development Group, is very experienced. The Coral Gables-based Flagler Development Group owns, develops, leases and holds in joint ventures over 9.1 million square-feet of Class-A office and industrial property space. The commercial real estate developer also is involved with an additional 1.2 million square-feet of property that is currently under construction.

Coral Gables-based Flagler Development Group space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. Flagler Development Group also owns 921 acres of entitled Florida Commercial Real Estate land. This Florida Land is held directly and through joint ventures (JV), which is available for development of up to an additional 16.5 million square-feet.

The Miami Net Leased Property will have an excellent list of Tenants when completed. The new Florida lifestyle center will house fine restaurants and specialty stores. This retail district is referred to as the new “Downtown Kendall”. The Palms at Town & Country began leasing to retailers such as New York & Company, Marshalls, Men’s Wearhouse, Kohl's, Nine West Outlet, Publix, Kirkland’s, Outback Steakhouse, Toys “R” Us, CVS Pharmacy and 24 Hour Fitness.

This Miami Net Leased Property features a Professional - Medical Arts Center and a cozy boutique hotel overlooking one of Miami-Dade County’s most pristine lakes. The Miami retail shopping center is situated on a 75 acre Florida parcel. The Miami Net Leased Property is ideally positioned at the junction of the high traffic area with the Florida Turnpike and Kendall Drive. We are not aware of the Net Lease Funding for the current construction phase on the Miami net leased property.

The net leased property owner, TIAA-CREF is one of the largest institutional commercial real estate investors in America. These commercial real estate investors manage a global investment property portfolio totaling over $65 billion. TIAA-CREF originated its first commercial loan in the year of 1934 and then started to invest in NNN commercial real estate in 1947. Today, TIAA-CREF Global Real Estate invests in and actively manages commercial real estate on behalf of individual clients and institutional clients across the globe. TIAA-CREF's Global Investment property portfolio consists of over $22 billion in equity investments in office buildings, retail net lease properties, and industrial properties situated across the United States, Canada and Western Europe.

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