Deptford Walmart has a buyer; Pier at Caesars doesn't
RioCan of Toronto wants to own Deptford Landing; C-III can't unload Pier Shops at Caesars
Deptford Landing is anchored by a Walmart and a Walmart-owned Sam's Club warehouse store.
(By contrast, C-III Asset Management has been unable to sell the ritzy Pier Shops at Caesars development down the Expressway in Atlantic City, refusing buyers who bid under $25 milllion. The property had been appraised at $210 million in 2007. Lenders led by US Bank paid paid developer Taubman $25 million for the complex back in 2009; Taubman wrote off more than $100 million. Newark Star-Ledger on the recent failed auction here, Wall St Journal here.)
In RioCan's Aug. 10 earnings statement here, the buyer says: "RioCan expects to purchase a 100% interest in Deptford Landing for a purchase price of US $52.0 million at a capitalization rate of 6.34%.
"As part of the acquisition, RioCan will assume the existing mortgage in the amount of US $33.6 million, with an interest rate of 6.10% and maturity date of January 1, 2021."
























