The average age of the portfolio is seven years. The properties are Guitar Center in Roseville, MN; Wherehouse Music in Independence, MO; Copperfield Medical in Houston; a vacant building (the former site of a Just for Feet) in Baton Rouge, LA; a Payless Shoe Source in Austin; Pier One Imports in Longmont, CO; and Hollywood Video stores in Ridgeland, MS and Lafayette, LA. "These could have been sold as eight separate properties, but the buyer was interested in all eight of them so it was sold as a portfolio," says an AmREIT contact.
The AmREIT contact tells GlobeSt.com that the proceeds will be used to acquire a 29,000-sf, multi-tenant shopping center in Dallas, which is slated to close later this year or shortly after the New Year begins.
On the merchant development side, the sales involved properties in Houston: a ground lease for a Bank of America at the northwest corner of San Felipe and Winrock, and future 2,800-sf YUM brands restaurant at the southeast corner of Interstate 45 and West Road.
The corporate source says the activity represents AmREIT's final dispositions this year. "We're constantly examining our portfolio to make sure it's of high quality," she adds. "But we've identified the non-core assets we wanted to sell and we're done for this year."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.