Global law firm Proskauer represented American Realty Capital Properties, Inc. (NASDAQ: ARCP) in its agreement to sell its multi-tenant shopping center portfolio for $1.975 billion in cash to a joint venture between affiliates of Blackstone Real Estate Partners VII and DDR Corporation. The portfolio consists of 76 shopping centers, totaling 16.4 million square feet, in prime cities including Los Angeles, Houston, Denver, Chicago, Atlanta, Washington D.C. and Phoenix. The transaction is expected to close by late third quarter 2014, subject to customary closing conditions.
The Proskauer team was led by Steven Lichtenfeld (Co-Chair of Real Estate Capital Markets) and Perry Cacace (Co-Chair of Real Estate Department) with assistance from partner Wendy Schriber (Real Estate) and associates Michael Ellis (Corporate Real Estate), Andrea Miller (Corporate) and Jennifer Wong (Corporate).
