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Wednesday, 21 December 2011

Tenn. Retail Center Sells for $31Mln

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GBT Realty Corp. has sold the Crossings of Spring Hill, a 496,604-square-foot shopping center in the Nashville, Tenn., suburb of Spring Hills, Tenn., for $31 million to Excel Trust Inc.

GBT, of Brentwood, Tenn., had developed the property in 2008 at the corner of U.S. Highway 31 and Saturn Parkway. It is 98 percent leased to tenants that include Bed Bath & Beyond, Dollar Tree, PetSmart and Ross Dress for Less. Anchors SuperTarget and Kohl's own their stores, so Excel purchased only 219,841 sf of the property for $141/sf.

The San Diego REIT said the property's net operating income is an estimated $2.6 million, giving its purchase a capitalization rate of 8.39 percent.

GBT has developed some $210 million of retail properties in the past 30 months.

Separately, Excel Trust has paid $17.5 million, or $147.35/sf, for Anthem Highlands, a 118,763-sf shopping center in Henderson, Nev. The property, anchored by an Albertson's grocery store and CVS pharmacy, generates $1.3 million of annual NOI. It was constructed in 2006 and is 82 percent leased.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.


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Additional Info

  • Syndicate to Realpoint: No
  • States: Tennessee
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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