COLUMBUS, OH-Locally based Continental Retail Development has sold four properties to privately held Inland Western Retail Real Estate Trust for $140 million. The portfolio totals about 590,000 sf and includes two power centers, a neighborhood center and a movie theater.
All of the properties were developed by Continental over the past five years, according to a source at Continental that also provided individual sale prices for each of the properties. The properties and the price paid are as follows:
- Market at Polaris, a 209,000-sf power center in Columbus, OH. Sale Price: $63.5 million.
- Houston Rave Theater, an 84,000-sf 15-screen movie theater in Houston. Sale Price: $32.52 million.
- Clifty Crossing, a 180,000-sf power center in Columbus, IN. Sale Price: $22.37 million.
- Giant Eagle Plaza, a 116,000-sf neighborhood center in Columbus, OH. Sale Price: $21.32 million.
In late 2003, Continental sold 750,000 sf of retail space to Inland Retail Real Estate Trust (a separate vehicle than the Western trust) for $123.5 million. The properties made up the Waterfront, a development in the Pittsburgh area along the Monongahela River.
The company currently has 10 retail projects under development. The projects are located in Columbus, OH; Cincinnati; Nashville; Charlottesville, VA; Chester, NJ; Pittsburgh; Brentwood, CA; Charlotte, NC; and Houston. Continental president David Kass could not be reached Thursday for comment.
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