The locally based public REIT will assume approximately $31 million of existing debt on the properties, by way of a 1031 exchange. The equity required for this acquisition will be provided from all or a portion of the net proceeds from the sale of the Park Plaza Mall in June as well as potential third-party debt sources. The Little Rock, AR center sold for $77.5 million to CBL & Associates Properties Inc. Net proceeds from the sale after closing costs were approximately $33.5 million.
The acquisition is subject to First Union's due diligence review and existing right of first offers held by certain tenants. It is expected that the transaction will close during the fourth quarter of 2004. The REIT also owns VenTek International, a manufacturer of ticket vending machines.
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