Countrywide Commercial Real Estate Finance of Calabasas, CA financed the acquisition but a company representative declined to disclose the purchase price. However, retail investment brokers in the six markets tell GlobeSt.com the estimated total purchase price is in the $400 million-plus range or about $106.95 per sf. At $106 per sf, replacement cost would still be below the average estimated hard construction costs today of about $150 per sf for comparable properties, construction sources in the Southeast tell GlobeSt.com.

Besides the 130-store Colonial Mall Bel-Air, the other acquisitions are the 525,000-sf, 62-store Colonial Mall Myrtle Beach in Myrtle Beach, SC; the, 525,000-sf Colonial University Village in Auburn, AL; the 507,000-sf, 60-store Colonial Mall Glynn Place in Brunswick, GA; the 450,000-sfl, 65-store Colonial Mall Greenville in Greenville, NC; and the 400,000-sf, 65-store Colonial Mall Valdosta in Valdosta, GA.

On an individual property basis, Countrywide Commercial originated a 10-year, 5.30% fixed loan for $122.4 million with a 30-year amortization period, a 79% loan-to-value ratio and three years interest-only for Colonial Mall Bel-Air. The 10-year, 5.29% fixed loan for Colonial Mall Greenville totaled nearly $44.68 million with a 30-year amortization period, a 75% loan-to-value ratio with three years interest only payments.