SCI Buys Two TIC Deals for $53M

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LOS ANGELES-Tenant-in-common sponsor SCI Real Estate Investments has acquired a retail power center in South Carolina for $32.6 million and an apartment complex in Texas for $19.9 million. The power center is a 243,663-sf property called Anderson Station in Anderson, SC and the apartment complex is a 224-unit luxury complex called Town East in Mesquite, TX.Anderson Station is at 100-186 Station Drive, near Clemson Boulevard and the Highway 28 Bypass. The property was built in 2001 and was expanded in 2004, with national tenants occupying more than 85% of the property, notes Scott Derrick, chief acquisitions officer for SCI.The power center, which is approximately 93% occupied, is anchored by Bed Bath and Beyond, Old Navy, Ross, H.H. Gregg, Hobby Lobby, Pier 1 and Party City. SCI acquired the property from AIG Gager of Birmingham, Al, with Derrick representing SCI and Don MacLellan of Irvine-based Faris Lee Investments representing the seller.The Town East apartment complex is at 645 N. Town East Blvd., near Interstate 635 between Interstate 30 and US Highway 80. The complex, which is more than 95% occupied, was built in 2003 and comprises 11 buildings of two and three stories.Units at Town East range from 751 sf to 1,331 sf, with common area amenities including a pool, a business center, a 24-hour fitness center and picnic areas. SCI was represented by Derrick and Andrew Van Tuyle, chief investment officer,with Bill Baxter and Mark Stymiest of CB Richard Ellis representing the seller, Trammell Crow.SCI will offer TIC investments of $350,000 minimum in the retail center and $250,000 minimum in the apartment complex. The two new investments are the latest in approximately 100 completed transactions since its inception in 1994 for SCI, which plans to acquire $1 billion in assets in 2006.