(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

NEW YORK CITY-Locally based real estate investment firm Investcorp has acquired two open-air centers--one in Florida and the other in New Jersey--for $115 million. The purchases bring the company to more than $400 million in commercial investments so far this year.

Investcorp bought the 335,854-sf Embassy Crossing Shopping Center, in Port Richey, FL, from a joint venture between Prudential Insurance and DeBartolo Holdings. Bed Bath & Beyond, Ross Dress For Less and the Sports Authority anchor the property.

In Ocean Township, NJ, Investcorp purchased the 856,437-sf Seaview Square Shopping Center, from affiliates of Starwood-Heller Enterprises. Costco and Target are the primary anchors of that center.

Investcorp targets a number of different property types and has interests in the technology industry. Its best-known retail property is Desert Passage, a 447,000-sf mall on the Las Vegas Strip. Last month it bought the Palm Beach (FL) Hilton hotel for $42 million. The company has acquired about $5 billion in real estate assets over the last decade.

Investcorp is also selling assets. Earlier this year it sold the 165,037-sf Bristol Center, in Santa Ana, CA, for $48 million.

Instant Insights /

Investcorp Spends $115M on Centers

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