Champion Seeks to Acquire $500M in Retail Properties
- May 19, 2010
May 19, 2010
By Allison Landa, News Editor
Seeking to take advantage of the battered retail market, Champion Real Estate Company said Wednesday that it plans to acquire $500 million in U.S. retail real estate.
Champion president Bob Champion told CPE that the company made the decision to purchase retail for the first time since 2006 because it can buy at below replacement cost. He added that they are seeking “B” and “C” properties in “A” areas with value-add potential, and are concentrating on the western United States.
The company has hired Steve Boss, who has been in the industry for a quarter of a century, to lead the charge as managing director of retail investment and development. Boss was previously the CEO and founder of Afton Property Investment Corporation and has held senior management positions with Pan Pacific Retail Properties and Combined Properties. Boss will use Champion’s platform to acquire existing centers with value-add opportunity, distressed assets and notes, and prime entitled shopping center land.
The company says it will consider opportunities in core markets ranging in price from $10 million to $200 million. Champion is based in Los Angeles and has developed, renovated or repositioned more than $700 million in retail, office, multi-family, and mixed-use properties.