Published:
Saul Centers Acquires Three Shopping Centers
BETHESDA, Md., April 10 /PRNewswire-FirstCall/ -- Saul Centers, Inc.
(NYSE: BFS), an equity Real Estate Investment Trust (REIT), recently acquired
three shopping centers, two of which are located in the metropolitan
Washington, DC area. The Company acquired the 89,000 square foot Great Falls
Center located inGreat Falls, Virginia. Built in 1979 and renovated in 2000,
the center is anchored by a Safeway grocery store and a CVS pharmacy. The
center is 95% leased. The Company also purchased a single tenant property
leased by the 115,000 square foot BJ's Wholesale Club, located inAlexandria,
Virginia. The property was constructed in 1991 and is leased to BJ's under a
long term ground lease. The third property is the 22,000 square foot
Marketplace atSea Colony, located inBethany Beach, Delaware. The center is
100% leased by restaurants and retailers serving both permanent residents and
visitors to this Atlantic Coast vacation community.
The three properties were purchased from seller entities under common
control for a combined price of $60,600,000, including the assumption of a
$10,350,000, 5.8% mortgage loan maturing February 2024, secured by Great Falls
Center. Subsequent to closing, the Company closed on a $6,525,000 increase to
the assumed mortgage with interest-only payments for the 1st year, then
principal and interest payments based upon a 6.8% rate and 30-year
amortization period. The Company also closed a $12,750,000, 15-year mortgage
loan requiring monthly principal and interest payments based upon a 6.43%
interest rate and 30-year amortization schedule secured by the BJ's Wholesale
Club. The balance of the purchase price, $30,975,000, was funded using net
proceeds from the Company's recent Series B preferred stock offering.
Saul Centers is a self-managed, self-administered REIT headquartered in
Bethesda, Maryland. Saul Centers currently operates and manages a real estate
portfolio of 51 community and neighborhood shopping center and office
properties totaling approximately 8.2 million square feet of leasable area.
Over 80% of the Company's cash flow is generated from properties in the
metropolitanWashington, DC/Baltimore area.
SOURCE Saul Centers, Inc.
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