A wholly owned auxiliary of Inland American Real Estate Trust, Inc. has entered into a best joint venture with Centro NP Residual Holding LLC on 25 trade shopping centers with a total value of around $471 million.
The properties, totaling around 4.5 million square feet, are mainly grocery-anchored or necessity-based community shopping centers, situated in 13 states, with an average tenancy over 91% as of September 30, 2010.
The new joint business enterprise arrangement provides Inland American with a noteworthy equity stake and certain governance rights in the recapitalized portfolio, in addition to a preferred capital position and a favored return. Goldman Sachs and J.P. Morgan provide the joint venture 10-year CMBS financing of around $310 million secured by 24 properties within the joint venture. Prior to the close of the joint venture, Inland American had an existing participation on a part of the prior first mortgage loan encumber the 25 retail shopping centers?
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