North American Development Acquires Three Shopping Centers, One Development Site for $30.4M

The four acquisitions are the 42,448-square-foot Riverside Market Square shopping center in Jacksonville, Fla.; the 189,340-square-foot Presidio Square shopping center in Houston; the 83,775-square-foot Commerce City Plaza shopping center in Commerce City, Colo.; and an 18-acre site in Vero Beach, Fla., which will be the location of the to-be-developed 92,000-square-foot Harbor Point shopping center.

May 28, 2010
By Allison Landa, News Editor

North American Development Group said Thursday that it has acquired three grocery-anchored shopping centers and one grocery-anchored development site for a combined purchase price of $30.4 million.

The four acquisitions are the 42,448-square-foot Riverside Market Square shopping center in Jacksonville, Fla.; the 189,340-square-foot Presidio Square shopping center in Houston; the 83,775-square-foot Commerce City Plaza shopping center in Commerce City, Colo.; and an 18-acre site in Vero Beach, Fla., which will be the location of the to-be-developed 92,000-square-foot Harbor Point shopping center.

NADG has been busy over the last eight months, having acquired 12 existing shopping centers and food supermarket development sites with a gross leasable area of approximately 1 million square feet. The company’s present concentration is on acquiring both large-format and neighborhood community retail centers and development sites throughout a number of major U.S. markets.

The firm is the managing partner and owner of more than 10 million square feet of existing shopping center space in the U.S. and Canada, with an additional 3 million square feet in development or pre-development. NADG is also the owner of approximately 1400 acres of land for future retail development in the U.S. and Canada. Throughout its history, the company has been active in the development, acquisition, redevelopment and management of more than 150 shopping centers in excess of 20 million square feet of gross leasable space with an enterprise value of more than $2.5 billion.