$73M for Two Shopping Centers Brokered by UCR
- Oct 12, 2011
October 12, 2011
By Nicholas Ziegler, News Editor
It’s been a busy month for shopping centers. Last week, TIAA-CREF and CBL & Associates Properties Inc. announced the closing of a $1.09 billion joint venture for four malls, Karlin purchased two Phoenix-area retail centers for $50 million and Cole acquired five multi-tenant retail properties for $58.2 million. Next on the list: UCR Investment Sales has negotiated the sale of two retail centers for an aggregate $73 million.
In the first transaction, North American Development Group picked up the 205,812-square-foot Caruth Plaza from Dunhill Partners. The specialty retail center, located in Dallas, is currently 96 percent leased to stores including Bed Bath & Beyond, Sports Authority and TJ Maxx.
The second sale saw Midtowne Little Rock, a 120,633-square-foot lifestyle shopping center, purchased by Miller Capital Advisory. The mall is located in Little Rock, Ark., and is 88.15 percent leased to tenants including Ann Taylor Loft, The Container Store and Pottery Barn.
A recent report by CB Richard Ellis Group, Inc., showed that consumer recovery – and with it, retail demand – is seeing between 5 and 6 percent year-over-year growth in core sales.