$68m new plan shopping center sale.New Plan Excel Realty Trust, Inc. has completed the sale of 15 non- strategic community and neighborhood shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into to Phillips Edison & Company for an aggregate of approximately $68.5 million. The company expects to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the transaction for general corporate purposes, including the repayment of indebtedness under its $350 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. As a result of the sale transaction, the Company will record an impairment of real estate of up to $0.01 per share during the fourth quarter of 2006. The shopping centers sold include properties in Florence, AL, Holly Hill Holly Hill is the name of several places in the United States:
New Plan is one of the nation's largest real estate companies, focusing on the ownership, management and development of community and neighborhood shopping centers. |
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