Deals

Sand Lake Corners North, a 151,487-sq.-ft. community center in Orlando, Florida, has been put up for sale. Transwestern is serving as broker for the property at 8115 – 8379 S. John Young Parkway.   According to Transwestern, tenants with long-term leases fill more than 90% of the center, which is located in Orlando’s tourist corridor and is surrounded by corporate campuses, including the SouthPark Center that comprises 2.9 million sq. ft. of office space.  

Three experts have joined JLL’s brokerage team in Houston. Donna Kolius, Pierce Owens, and Kaylie Walker will be focusing on multi-market dispositions, national portfolio strategies, and sale leasebacks, which will help expand JLL’s disposition business.   

San Diego-based RAF Pacifica Group recently acquired a 40,000-sq.-ft. land parcel (formerly the site of Cedros Gardens), in the Solana Beach section of San Diego for $5.5 million from a private owner.   The firm plans to develop 26,000 sq. ft. of the property, located within the rapidly growing Cedros Design District. The upscale community is known for its two-and-a-half-block, open-air shopping district housing yoga studios, eateries, galleries, and weekly farmers market.  

Inland Real Estate, the Oak Brook, Illinois, acquisition machine headed by Joe Cosenza, has purchased another center to keep the acquisition tote board on its website churning past $44 billion.   Its latest purchase is the 199,335-sq.-ft. Pentucket Shopping Center in Plaistow, New Hampshire, 40 miles north of Boston. The center houses Home Depot, Staples, and Bed Bath & Beyond and is shadow-anchored by a Super Walmart.  

Office Depot continues to make good on its promise to focus on its North American business.     The company announced it has reached an agreement to sell its business in Australia and New Zealand to Platinum Equity, a global private equity firm. The transaction is subject to regulatory approval in each country and is expected to close within the next several months.  

Neiman Marcus’ debt burden just got heavier.   The luxury retailer will make interest payments over the next six months with new debt to preserve its cash and bank line of credit.   Instead of making a current $29 million cash interest payment on $600 million notes due in 2021Neiman Marcus will issue more bonds to holders to cover the 9.5% interest, the Dallas News reported.  

One of the fastest-growing regions in the nation--in both jobs and population — will be home to another retail-heavy mixed-use project.   RPS development and High Street Residential, a Trammel Crow unit, will be building 342,000 sq. ft. of retail and restaurant space encompassing 23 buildings in Allen, Texas, according to the Dallas Morning News.  

Bass Pro Shops has lowered its bid for Cabela’s.   Under the amended merger agreement, Bass Pro will acquire Cabela’s for $61.50 per share in cash for a total deal value of approximately $5.0 bil-lion. On October 3, 2016, Bass Pro has agreed to pay $65.50 per share in cash for Cabela’s in a deal valued at $5.5 billion.