INVESTMENTS BRIEFS
May 1, 2008 12:00 PM
Ashkenazy Acquisition Corp. and the Carlyle Group purchased 650 Madison Ave., a 600,000-sq.-ft. retail/office property in New York City, from Hiro Real Estate Co. for $680 million.
Inland Real Estate Acquisitions, Inc. closed the sale-leaseback of SunTrust Bank Portfolio II, a portfolio of 143 single-tenant triple-net lease properties located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C., for approximately $230 million. SunTrust Bank will lease all of the retail banking facilities for 10 years, with 10-year and 5-year renewal options.
ARC Properties, Inc. sold 26 properties from the ARC Corporate Realty Trust. The properties are located throughout 10 states and have an aggregate value of $212 million.
Saul Centers, Inc. acquired three shopping centers: the 89,000-sq.-ft. grocery-anchored Great Falls Center in Great Falls, Va., the 115,000-sq.-ft. BJ's Wholesale Club in Alexandria, Va., and the 22,000-sq.-ft. Marketplace at Sea Colony in Bethany Beach, Del. The centers were purchased from entities under common control for a total of $60.6 million.
Divaris Real Estate Inc. negotiated the sale of Haygood Shopping Center, a 178,526-sq.-ft. retail property in Virginia Beach, Va., to Steven D. Bell & Co. for $25 million. Michael Divaris, Alex Divaris and Jason Oliver, of Divaris Real Estate, represented the seller, Haygood SC, LLC, in the transaction.
Marcus & Millichap Real Estate Investment Services negotiated the sale of Covington Plaza, a 199,071-sq.-ft. shopping center in Fort Wayne, Ind., to Lamar Companies for $21 million. Greg Moyer and Lori Schneider, of Marcus & Millichap, represented the seller in the transaction. Schneider also represented the buyer.
Sperry Van Ness negotiated the sale of School Street Square, a 147,258-sq.-ft. retail center in East Hartford, Conn., for $19 million. Joseph C. French Jr., of Sperry Van Ness, represented the seller in the transaction. The buyer represented itself.
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