Phoenix, AZ (PRWEB) October 18, 2012
Cole Real Estate Investments (Cole), one of the nation’s leading investors in high-quality, income-producing retail, office and industrial real estate assets, announced the acquisition of three high-quality retail power centers totaling nearly 875,000 square feet. The aggregate purchase price for the centers was $130.9 million.
The properties acquired include Hillside Town Center, a 165,000-square-foot center in Hillside, IL, for $27.0 million; White Oak Village, a 433,500-square-foot property in Richmond, Virginia, for $68.0 million; and Barrow Crossing, a 276,000-square-foot center in Winder, Georgia, for $35.9 million. Barrow Crossing is a joint venture with Faison, the original developer of the property.
“We are pleased to add these three successful retail centers in Illinois, Virginia and Georgia to our portfolio,” said Scott Holmes, Cole’s senior vice president, acquisitions, multi-tenant retail. “Each of these acquisitions is a great fit for our disciplined investment criteria. Each center has strong credit, national anchor tenants on long-term leases, and is located in an established trade area in close proximity to major highways, providing easy access for shoppers.”
Property details are as follows:
Hillside Town Center is located approximately 13 miles west of Chicago’s central business district (CBD) directly along I-290, providing high visibility and convenient access. Built in 2009, the property is situated within a strong Chicago infill location, boasting a population of approximately 135,000 within a three-mile radius. Anchor tenants include HomeGoods, Michael’s, Staples and Petco. A SuperTarget and Holiday Inn Express are also located at the property, but are not part of the acquisition. Cole was represented by Holmes. The seller was represented by Joe Girardi, vice president at Mid-America Real Estate.
White Oak Village, located directly off of I-295 and I-64, offers an array of established shops and restaurants. JCPenney, Martin’s grocery, PetSmart, Michael’s and OfficeMax are the anchor retailers in the transaction. Additionally, the property offers numerous specialty shops such as Deb Shops, dressbarn, Five Below, Rack Room Shoes, Hibbett Sports, rue21 and Bath & Body Works. Restaurants include Cracker Barrel, TGI Friday’s, McDonald’s, and Chick-Fil-A. Sam’s Club, Target, Lowe’s and Hyatt Place are also located at the center, but not included in the transaction. Built in 2008, the property is 95.5 percent leased. Cole was represented by Thomas Falatko, vice president acquisitions, multi-tenant retail, while the seller was represented by Bill Kent and Gary Lawrence of CBRE.
Barrow Crossing, located between Atlanta and Athens, Georgia, along US-29, is anchored by Belk, Publix, TJ Maxx, PetSmart and Staples. Other notable tenants include Hibbett Sports, rue21, Kay Jewelers, Sally Beauty and McDonald’s. Target is also located at the center, but not included in the transaction. The center can accommodate up to 91,000 square feet of future development. Cole was represented by Falatko and Chuck Vogel, senior vice president of real estate joint ventures. Faison, the seller, was represented by David Lampke, managing director of acquisitions and dispositions.
Cole continues to be one of the most active acquirers of core commercial real estate with approximately $2 billion of acquisitions year-to-date, including more than $650 million of multi-tenant retail. According to Real Capital Analytics, Cole is the No. 3 acquirer of retail properties and the No. 4 acquirer of all property types for the past three years, excluding joint ventures. The firm is targeting up to $3 billion of quality acquisitions in 2012.
For leasing opportunities at Cole shopping centers, contact Brett Sheets, senior vice president of leasing, at 602-778-6300 or bsheets [at] colecapital [dot] com.
About Cole Real Estate Investments
Founded in 1979, Cole Real Estate Investments is one of the most active acquirers of core real estate assets, managing one of the country’s largest portfolios of retail properties. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with creditworthy tenants, as well as single-tenant office and industrial properties, using a conservative investment and financing strategy. According to Real Capital Analytics, a leading industry research firm, Cole has established itself as the No. 1 buyer of all single-tenant assets for the past 10 years. At the end of September 2012, Cole-related entities owned and managed more than 1,925 assets representing approximately 70 million square feet of commercial real estate in 47 states, with a combined acquisition cost of more than $11.7 billion. To learn more, visit http://www.colecapital.com.