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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Johnson Creek Shopping Center Acquisition

Clackamas, Oregon - Net Lease Properties News today is that Phillips Edison & Company's Fund IV announced its purchase of Johnson Creek shopping center. This Commercial Real Estate is a 106,709-square-foot shopping center located in Clackamas, Oregon. Clackamas is a suburb of Portland. The shopping center was acquired through an all-cash transaction. It is anchored by Trader Joe's, Walgreens and Wholesale Sports.

This Commercial Real Estate shopping center acquisition focus on well-located anchored properties. The center's anchor tenancy and prime location in a strong retail corridor just off I-205 make it an attractive investment.

"This transaction demonstrates Phillips Edison's position as one of the few shopping center operating companies that has the debt and equity in place to purchase value-add and opportunistic shopping centers throughout the United States," said Hal Scudder, Chief Investment Officer.

The Johnson Creek Shopping Center is located at the intersection of SE Johnson Creek Boulevard and SE 82nd Avenue and is well positioned to service the residents of Portland suburbs.

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Net Lease Property Lowe’s Sells for $17.5M

Shippensburg, Pennsylvania - Net Lease Properties News for the day is that a 171,069-square foot Lowe's has sold. This Net Lease Property is in Shippensburg, Pennsylvania and has sold for $17.55 million, or $103 a square foot. Shippensburg is approximately 155 miles west of Philadelphia.

Lowe's has recently signed a 22-year Triple Net Lease agreement at this property. This Commercial Real Estate is located in a prime retail corridor in Shippensburg. The Net Lease Property is in a high-demand submarket, adjacent to a Walmart Supercenter and near a Kmart. The new ownership will benefit from Lowe's strong credit rating and an average total return during the lease period of more than 21 percent.

This Triple Net Lease Lowes is located at 250 South Conestoga Drive. Lowe's is situated on approximately 30 acres. Built in 2008, the property was sold with an assumable 22-year self-amortizing loan at 7.2 percent with 20 percent down.

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REIT Buys Net Lease Property Leased to CVS

Farmington Hills, Michigan - Net Lease Properties News for the day is that Agree Realty Corp. acquired a retail property in Johnstown, Ohio. The purchase price was $3.5 million.

The Net Lease Property that was acquired is a 13,200 square-foot building. This property is leased to Rhode Island-based CVS Caremark Corp. and has 24 years remaining on the lease.

Agree Realty Corporation is a fully-integrated, self-administered and self-managed real estate investment trust (REIT) based in Farmington Hills, Michigan.
Purchasing Commercial Real Estate occupied by CVS has been diversifying the real estate investment trust’s group of tenants.

As of April, the company reported that 31 percent of its real estate is occupied by Deerfield, Il-based Walgreen Co., 27 percent by Ann Arbor-based Borders Group Inc. and 11-percent by Hoffman Estates-based Kmart Corp.

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A REIT Acquires Properties for $71.7 Million

SAN DIEGO, California - Net Lease News for today is that, Excel Trust, Inc., a retail focused real estate investment trust (REIT), has acquired five more properties for a combined asset value of $71,749,078. The approximate capitalization rate is 8.5% (excluding land for development in Rockwall, TX). Excel Trust has now acquired a total of fifteen properties since its initial public offering (IPO) on April 23, 2010. Some of their most recent acquisitions. are the Plaza at Rockwall. This multi-tenant shopping center has approximately 334,027 square feet of gross leasable area. Built in 2007, the property is anchored by J.C. Penney, Dick's Sporting Goods, Staples, Best Buy and Belk Department Store.
Rockwall, a suburb of Dallas, is the 2nd wealthiest county in Texas and was the 3rd fastest growing county in the nation over the past decade according to the U.S. Census Bureau.
Another acquisition is a Lowe's, in Shippensburg, Pennsylvania. The Lowe's property has approximately 171,069 square feet of gross leasable area. Built in 2009, the property is freestanding retail under a net lease and is adjacent to a non-owned Super Wal-Mart.

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Net Leased Property Sold For $4.2 Million

FARMINGTON HILLS, Michigan - Agree Realty Corp. has purchased a retail property Net-Leased to CVS/Caremark Corp. in Atchison, Kan., for $4.2 million. This purchase of the Commercial Real Estate property that is net leased to CVS, supplements their roster of national tenants and continues to diversify their Investment Property Portfolio of net leased retail properties.

A net lease is where the tenant normally agrees to pay for ownership expenses, including utilities, repairs, insurance and taxes. Also, NNN Properties with No Landlord responsibilities in a strong retail area with an above average household income and long term net leases are highly desirable. Net Lease Properties can be purchased individually or on a portfolio basis.

Agree Realty Corporation has an Investment Property Portfolio chock full of net lease properties. As recently as June, 2010, the Company's total assets were $270,353,000. Their Investment Property Portfolio consists of 74 Commercial properties located in 15 states and totaling 3,492,468 square feet of gross leasable space. The Investment Property Portfolio was 99.2% leased at the end of the quarter. Agree Realty Corporation's construction in progress balance totaled approximately $9,738,000 at June 30, 2010. Also the Company capitalized $111,519 of construction period interest during the second quarter of 2010.

Commercial Real Estate Financing Still Available

If a Multifamily Apartment Complex is of interest to you then contact us, HERE. We can also assist you with your Commercial Real Estate Mortgage and Net Lease Funding to purchase a CVS, Walgreens, Target, Publix or other Triple Net Lease property.