$79 Million Refinancing for The Shops at Sunset Place in Miami Arranged by HFF

The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $79 million refinancing for The Shops at Sunset Place, an open-air mall in Miami, Florida.

HFF executive managing director Manny de Zárraga, director Luis Castillo and managing director Danny Finkle, in conjunction with managing director Claudia Steeb and executive managing director and managing member John Pelusi, Jr. of the Pittsburgh office of HFF, worked exclusively on behalf of the property’s ownership group comprised of Simon Property Group and Institutional Mall Investors, LLC, a joint venture between an affiliate of Miller Capital Advisory, Inc. and the California Public Employees’ Retirement System (CalPERS). The HFF team secured the 10-year, fixed-rate loan through JP Morgan Securities, Inc., which replaced a maturing facility on the property.

The Shops at Sunset Place is located at 5701 Sunset Drive at the intersection of US Route 1 and SW 57^th Avenue in South Miami. Completed in 1999, the property has three open-air retail buildings and an eight-story parking garage all connected via pedestrian sidewalks and bridges. The Shops at Sunset Place is leased to a variety of tenants including AMC Theaters, LA Fitness, Gameworks, Barnes & Noble, Niketown and Splitsville, among others.

"This is the dominant entertainment and lifestyle center in Miami and provides one of the most unique venues in the market,” said Castillo. "The combination of stellar sponsorship, strong surrounding demographics and proven operating history attracted a large number of lenders, which competed aggressively for the financing opportunity.”

Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The company currently owns or has an interest in more than 373 properties comprising in excess of 256 million square feet of gross leasable area in North America, Europe and Asia.

Institutional Mall Investors LLC ("IMI”) is a co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. (MCA) and CalPERS. MCA serves as investment manager for IMI. IMI is a core-oriented investment platform focused on high quality, market dominant, fashion-oriented retail properties. The IMI portfolio features some of the most dominant regional and super regional shopping centers in the United States. As of June 2010, the portfolio included approximately 16.4 million square feet of retail GLA and over 750 thousand square feet of prime office space. IMI also seeks to invest in productive lifestyle, mixed-use and development opportunities as circumstances warrant.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com.