According to Edward C. Maher, Jr. of Cushman & Wakefield's financial services group, both transactions involved closed-in funds for two separate clients. For the 226,021-sf center here, TA Associates and the Estate of James Campbell sold to Lend Lease Real Estate Investments. In Warwick, TA Associates and Alecta, a Swedish-based fund sold the 144,264, sf center to an undisclosed buyer. "They were selling a number of assets," Maher Tells GlobeSt.com. "This was part of their strategy.
In a released statement, Robert E. Griffin Jr., president of the New England area for Cushman & Wakefield, says that a dozen offers were made on each asset, which, notes Maher, testifies to the strength of this market. "In today's market, getting three or four offers is a victory," he points out. "Twelve offers is good. Food-anchored centers are very popular right now."
The center here is located on Route 132 and is 94% leased with its anchor tenants including Star Market, Toys "R" Us, HomeGoods, PETsMART and Old Country Buffet. The center in Warwick is located on Route 2 and is fully leased to tenants such as Super Stop & Shop, Fabric Place, Colonial Candle, Christmas Tree Shop, Babies R' Us and A.C. Moore.
Griffin, Maher and Marci B. Griffith, formerly of Trammell Crow, now with Cushman & Wakefield's Financial Services Group, and Jeff Dinsmore, vice president of retail services for Trammell Crow exclusively represented TA Associates and procured the purchasers in both transactions. Trammell Crow will retain the leasing and property management assignments for both centers.
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