Atlanta - Equity Investment Group (EIG) recently added 546,927 sq. ft. to its shopping center portfolio by acquiring properties in Colorado and Pennsylvania.
The Atlanta-based privately held REIT acquired Arvada Plaza, a 96,861 sq. ft. center in Arvada, Colo., from Indianapolis-based Simon Property Group. The center is anchored by King Soopers, ARC Thrift Store, Goodyear, and Payless Shoesource. Chicago-based Mid-America Real Estate Corp. brokered the transaction.
EIG also acquired Fairlane Village Mall in Pottsville, Pa., from The Claverton Corp., based in the Netherlands. The 450,066 sq. ft. enclosed center is anchored by Boscov's, Value City, D&K Stores, CVS, Fashion Bug and Carmike Theatres. New York City-based Rockwood Realty Associates brokered the transaction.
Financial terms were not disclosed.
Chicago - Syndicated Equities Corp., a Chicago-based real estate investment firm, recently arranged the sale of four retail properties for a total of $15.5 million.
In Charlotte, N.C., Syndicated sold a 10,125 sq. ft. retail property, on which CVS Drugstore holds a long-term lease, for $4.2 million. The purchaser was an undisclosed Chicago investor.
In Lilburn, Ga., the firm sold a 15,120 sq. ft. retail property, on which Walgreens Drugstore holds a long-term lease, for $3.8 million. The purchaser was an undisclosed Washington, D.C., real estate investment firm.
In Las Vegas, Syndicated sold a 44,746 sq. ft. retail property, on which Raley's Supermarket holds a long-term lease, for $6.2 million. The purchaser was an undisclosed California investor.
In Tampa, the firm sold a 16,000 sq. ft. retail property on which PricewaterhouseCoopers holds a long-term lease for $1.3 million. The purchaser was an undisclosed Oregon investor.
Syndicated Equities specializes in identifying and evaluating credit-tenant, net-leased income properties to meet investor goals and 1031 Exchange guidelines. It offers an inventory of more than 300 free-standing properties nationwide, leased to investment-grade tenants.
Manhattan Beach, Calif. - Center Trust announced plans to sell six retail properties to New Hyde Park, N.Y.-based Kimco Realty Corp. for $160.6 million, including the assumption of $68.3 million in debt.
The Manhattan Beach-based REIT said the sale of the properties, which are in California, Washington and Nevada, is expected to close late in the third quarter 2000. Names of the properties will be released at that time. Center Trust now owns or controls a portfolio of 47 unenclosed shopping centers, two regional malls and six single-tenant retail centers in the western states.