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.

Net Leased Kohl's-Occupied Building Purchased

Elk Grove, California - Net Lease Properties news for the day is that Inland Real Estate Acquisitions, Inc. has purchased a Freestanding Kohl's-Occupied Retail Building in Elk Grove, California. This Net Lease Property was acquired for $21.5 Million. The Commercial Real Estate Property was acquired on behalf of Inland Diversified Real Estate Trust, Inc.

This Net Lease Property is freestanding retail building in Elk Grove that is 89,887-square-feet. The Net Lease Property is occupied by Kohl's Department Stores, Inc., a subsidiary of Kohl's Corporation ("Kohl's"). Kohl's is on a net lease that extends through 2028, with multiple renewal options.

Kohl's is a strong and growing retailer, and a very desirable tenant that has been expanding rapidly in California. Kohl's have opened more than 30 stores and a distribution center in California in the last year. Elk Grove, is an affluent community just south of Sacramento, proved a very desirable location for Kohl's.

The retail building serves as an anchor to Calvine Pointe, a proposed 240,000-square-foot retail project currently in development. The project's developer has announced plans for the construction of multiple retail parcels, including a Fresh & Easy Neighborhood Market.

Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc. Inland has been ranked collectively the as second fastest-growing acquirer of retail property in the United States and one of the largest shopping center owners in North America.

Search For Net Lease Properties & Commercial 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 Commercial Real Estate Mortgage and Net Lease Funding to purchase a new property.

Net Lease Property Refinanced in Redondo Beach

Los Angeles, California - Net Lease Properties has news today that HFF secures $8.6 million refinancing for Kohl’s in Redondo Beach, California.
The Los Angeles office of HFF mentioned that it has secured post-closing acquisition financing of $8.6 million for an 82,957-square-foot Kohl’s at the South Bay Galleria in Redondo Beach, California.

The Commercial Real Estate Loan has terms with a five-year, fixed-rate loan with Nationwide Life Insurance Company. The client purchased the property in July 2009 for $17.25 million.
This Commercial Real Estate is a two-story property. This property is located at 1799 Hawthorne Boulevard and is part of the 950,000-square-foot South Bay Galleria regional mall in Redondo Beach.
This Shopping Center is located in the middle of the South Bay, the property is close to the 405 Freeway and affluent beach cities. Kohl’s Net Leases the entire property through January 2028.

Search For Net Lease Properties & Commercial 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 Commercial Real Estate Mortgage 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.

Search For Net Lease Properties

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.