Chelsea Property Group, Inc. acquired Carlsbad Co. Stores, located at 5600 Paseo Del Norte in Carlsbad, CA, for $102.9 million from a privately held company. The all-cash purchase was primarily financed with proceeds from a $100 million bridge loan at LIBOR plus 0.85% that is due upon Chelsea’s merger with Simon Property Group, Inc., which is expected to close during the fourth quarter. The first-year unleveraged return on the purchase is estimated at approximately 10.5%.