Inland Acquires $424M Portfolio from Joint Venture
Mar 5, 2010 12:45 PM
Inland Real Estate Acquisitions Inc., the purchasing arm of the Inland Real Estate Group of Companies Inc., completed a $424 million acquisition of 16 shopping centers containing 3.5 million square feet, from a joint venture between TIAA-CREF and Developers Diversified Realty.
The purchase was made on behalf of Inland American Real Estate Trust Inc., a public non-traded REIT with a diversified portfolio of commercial real estate assets. The CB Richard Ellis’s national retail investment group represented the seller. The portfolio included properties in Florida, Georgia, North Carolina, South Carolina and Virginia.
The largest properties in the portfolio are the 375,067-square-foot Bartow Marketplace in Cartesrville, Ga., the 363,685-square-foot Hiram Pavilion in Hiram, Ga., the 335,420-square-foot Venture Point in Duluth, Ga. and the 324,985-square-foot Sarasota Pavilion in Sarasota, Fla.
“This portfolio represents the type of core retail real estate assets that play a prominent role in people’s everyday lives, and we believe that makes it an attractive investment,” Mark Cosenza, vice president, Inland Real Estate Acquisitions Inc., said in a statement.
Marcus & Millichap Brokers Two Deals
Marcus & Millichap Real Estate Investment Services brokered the sale of the 194,451-square-foot Lakeview Shopping Centre in Royersford, Pa. The sales price of $23.5 million represents $121 per square foot or a 7.7 percent cap rate.
Brad Nathanson, a vice president investments and director of the firm’s national retail group in Philadelphia, represented the seller, Reitnour Investment Properties LP, and the buyer, OLP Lakeview LP.
Lakeview Shopping Centre’s major tenants include KFC, Marshalls, TD Bank and Wawa.
In a separate deal, Marcus & Millichap arranged the sale of a 64,240-square foot CarMax in Garland, Texas.
Martin B. Cohan, a vice president investments and a senior director of the firm’s national retail group in West Los Angeles, represented both the seller, MSKW Garland Investments and the buyer, a national real estate investment trust. Tim Speck, first vice president and regional manager of Marcus & Millichap’s Dallas office, also provided representation.
CarMax is on a triple-net lease and there are 12 years remaining on the base term of lease and there are two 10-year options with 10 percent increases with each option.
Colliers International Directs 7-Eleven Portfolio Sale
Colliers International directed the portfolio sale of 12 retail buildings owned and operated by 7-Eleven Inc. in transactions valued at more than $20 million.
The 7-Eleven properties, located in Nevada, Virginia and Texas, all feature 10-year NNN leases that are guaranteed by 7-Eleven. The properties are co-anchored by one to three tenants, most of which are long term and serve the local market.
The buyers ranged from high net worth individuals to nationally recognized companies. Five 7-Eleven properties in Texas were sold to Los Angeles-based Westwood Financial Corp.
Mehran Foroughi, senior vice president in Colliers International’s Irvine, Calif. office, represented 7-Eleven in the disposition along with Sam Nakhleh, vice president in Colliers International’s Vancouver office.
Other Notable Deals
Faris Lee Investments completed the sale of a 8,047-square-foot three-tenant retail property in Fullerton, Calif. for $4.98 million, which represented a 6.7 percent cap rate and $619 per-square-foot. Faris Lee represented the seller, Accretive Laguna Partners LLC, and Realtyland represented the buyer, Seyoung LLC. This sale marks the highest price-per-square-foot paid for a multi-tenant retail property in Orange County over the past 15 months, according to CoStar.
On behalf of Flagship Associates LLC, Meridian Capital Group LLC secured $3 million to refinance the 40,000-square-foot Flagship in Union, N.J. The loan is a 10-year fixed rate term loan with a 30-year amortization schedule at a rate of 6.0 percent.
(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)
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