Macerich has received a $200 million loan from Northwestern Mutual Real Estate Investments and Prudential Mortgage Capital, secured by Los Cerritos Center, a 1.3 million-square-foot retail center anchored by Nordstrom, Sears and Macy's. The two life companies each contributed $100 million to the financing.
CapitaMalls Malaysia Trust priced a new equity raise at the top end of its offering range for a total deal size of $106 million. It is the first Asian company in three months to raise equity. The proceeds will be used to acquire a new shopping center.
Chesapeake Lodging Trust has expanded its $150 million credit facility to $200 million, with a provision that will allow it to increase it further to $300 million. The interest rate on this facility is lower than the previous one, CFO Douglas W. Vicari says.
Phillips Edison & Co. and CBRE Investors plan to announce a joint venture to invest $200 million in retail acquisitions. They plan to buy 15 to 20 grocery-anchored shopping centers throughout the U.S. "It is a great time to buy right now because there is not a ton of capital going into the grocery-anchored business," said Jeffrey Edison, CEO of Phillips Edison's publicly registered, nontraded real estate investment trust.
The joint venture between Cedar Shopping Centers and Canadian RioCan Real Estate Investment Trust is acquiring seven shopping centers from Pennsylvania Real Estate Investment Trust for $200 million. The properties are located in Pennsylvania, New Jersey and Virginia.