Data and information management

ARC-RCA Closes Shopping Center Acquisition

By Bonnie Sinnock

Published December 31, 2012, 4:11 p.m. EST

1 Min Read

American Realty Capital-Retail Centers of America Inc. disclosed over the weekend that it closed its acquisition of San Antonio-based San Pedro Crossing Shopping Center for $32.6 million, using a combination of debt and equity financing.

Processing Content

"ARC-RCA's second acquisition strongly demonstrates its focus on building a portfolio of retail power centers with a host of national tenants," said company CEO Nicholas S. Schorsch in a press release.

The property contains 201,965 rentable square feet and is 97% leased to 10 tenants, of which three—Toys/Babies "R" Us, Barnes & Noble and The Container Store—represent 62% of the annualized rental income of the property. The Toys/Babies "R" Us lease expires in January 2021, the Barnes & Noble lease expires in February 2014 and The Container Store lease expires in January 2018.

Some analysts have been cautious in rating retail. Two of the key tenants backing this property, Toys/Babies “R” Us and The Container Store, has passed muster with major credit rating agencies, according to ARC-RCA.

Capital Markets Editor

Bonnie Sinnock is National Mortgage News' Capital Markets Editor at Arizent and has worked for NMN and affiliated publications since 1995. Her... Read full bio

For reprint and licensing requests for this article, click here.

Data and information management

MORE FROM NATIONAL MORTGAGE NEWS

Fraud

FBI: Real estate cyberfraud rises with more AI, crypto scams

The industry reported $275 million in losses from internet crimes last year, a 59% annual increase as losses nationwide surpassed $20 billion.

By Andrew Martinez
Reporter

April 10
Home equity loans

HEI customers file new class action against Unison

A Colorado couple filed suit after realizing they might owe as much as $279,000 on a home equity investment contract used to obtain $88,000 in 2018.

By Spencer Lee
Technology Reporter

April 10
Economic indicators

War, oil and inflation: What it means for rates

Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed's path forward.

By Brad Finkelstein
Originations Editor

April 10
Inflation

Energy prices drive up inflation by 0.9% in March

A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.

By Ebrima Santos Sanneh
Reporter

April 10
Originations

Jumbo lending playbook: automation, overlays and ROI

Jumbo loans demand more scrutiny and documentation, but automation is streamlining the process — and lenders who master the product stand to gain in a moderately bullish market.

By Brad Finkelstein
Originations Editor

April 10
LoanDepot

LoanDepot taps Figure to launch 5-minute loan product

LoanDepot will integrate Figure's proprietary credit and loan underwriting engine into its own proprietary mello technology platform and point of sale system.

By Colin McNamara
Reporter

April 9

Load More