"This financing was undertaken to accurately reflect the valueof the property which had appreciated under Thor Equities' expertmanagement," Michaels tells GlobeSt.com, explaining the purpose forthe refinancing. "Carlton arranged long-term fixed-rate financingat an attractive rate that the client was unable to achieveindependently." Thor Equities acquired the 938,000-sf shopping mallin 2002 for $51.5 million.

Located on a 76-acre site near the intersection of I-64 andI-264, the Gallery at Military Circle was once known as theMilitary Circle Mall. Today the regional shopping center boasts abevy of big-name anchors, including a 128,000-sf Sears store,Hecht's, JCPenney, an 84,000-sf 18-screen Cinemark Theater, as wellas a 208-room Doubletree Hotel. With well over 120 specialtystores, the single-level indoor mall with eight outside pad sitesis currently leased to 96.2% capacity.