Landesbank Baden-Wurttemberg (LBBW) has provided a $170 million mortgage on a portfolio of six shopping malls, five of which are in Southern Florida and one in Atlanta, Georgia.
The New York branch of the German bank provided the loan to a joint venture between Weingarten Realty Investors and Jamestown.
All of the malls are anchored by grocery chain Publix and combine for a total of 1.2 million sq ft.
The portfolio includes: the Northridge Shopping Center at 1003 E Commercial Boulevard in Oakland Park, Florida; the Tamiami Trail Shops at 13760 SW 8th Street Miami, Florida, Pembroke Commons at 600 N University Drive, Pembroke Pines, Florida; the Flamingo Pines at 12550 Pines Boulevard, Pembroke Pines, Florida; the Hollywood Hills Plaza at 300 N Park Road, Hollywood, Florida, and the Publix at Princeton Lakes at 3730 Carmia Drive, Atlanta, Georgia.
LBBW has a global real estate group that is active in US, UK and German real estate markets. This week LBBW financed Brookfield and China Life’s acquisition of the Aldgate Tower office building on the eastern fringes of London, where last December the bank provided Tribeca Holdings a £227.5 million loan along with TH Real Estate to refinance a retail block on Oxford Street.
Weingarten is a real estate investment trust and completed $267.8 million in acquisitions last year, according to the trust’s annual 2015 report. Jamestown is a real estate investment and management firm based in Atlanta and Germany and is focused on real estate in the US with approximately $9.4 billion of assets under management.
The bank and lenders did not respond to requests for comment in time for publication.