Anchors Sears, Marshall Field's and Herbergers occupy an aggregate 256,000 sf, which is owned by the retailers' respective parent companies. Crown's purchase price was $151 per sf for the remaining 331,000 sf, which includes a JC Penney anchor.
Valley View is approximately 90% leased, according to Crown. Annual net operating income is expected to exceed $5 million, and tenant sales average $300 per sf.
The acquisition was financed with a $37-million, fixed-rate mortgage at 6.15% in addition to funds from Crown's line of credit. This June, Crown raised $47.2 million net proceeds from a secondary offering of common shares and used the proceeds to pay down its line of credit with the intention of later re-borrowing for acquisitions.
Mark Pasquerilla, Crown's president, chairman and CEO, described Valley View as "the only enclosed mall in a large trade area. . . it has a solid tenant roster with a complementary and diversified tenant mix [making it] a good fit for our company."
Crown's current portfolio includes enclosed regional malls in nine states for an aggregate of more than 16 million sf.
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