A definitive joint venture has been announced this week between Inland American CP Investment, LLC, a wholly owned subsidiary of Inland American Real Estate Trust, Inc., and Centro NP Residual Holding LLC, a subsidiary of Super LLC, which is jointly owned by CER, Centro Properties Group and CMCS40, on 25 retail shopping centers with a total value of approximately $471 million according to a CoStar report.
Goldman Sachs and J.P. Morgan provided the joint venture 10-year CMBS financing of approximately $310 million secured by 24 properties within the joint venture. "We believed that these were quality properties when we purchased the original loan participation, and this new joint venture agreement reaffirms that we still believe in them," said Michael Podboy, Vice President, Inland American Business Manager & Advisor, Inc. "We are excited about our partnership with Centro and the resolution of our existing participation on a portion of the prior first mortgage loan as it provided an attractive business deal. These are high-traffic shopping centers with high occupancy rates, which demonstrates their strong mix of national and regional retail tenants, including Wal-Mart, Publix, Kroger, Best Buy, Kohl's, Staples, Bed Bath & Beyond and T.J. Maxx."
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