NewQuest JV to Invest $75M in Retail Properties

DENVER-Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that NewQuest Epic Investments has closed on a $75 million joint venture with a $4 billion private equity real estate firm to purchase value-add grocery-anchored and power retail properties.

The $75 million equity placement is to be deployed over the next 12 to 18 months as the venture pursues retail opportunities in the top 60 markets, select college towns and resort communities nationwide. Cassidy Turley's Structured Finance team of Beth Lambert-Saul, executive managing director, and Diego Arroyave, senior vice president, arranged the joint venture equity on behalf of NewQuest Epic Investments. 

“NewQuest Epic's track record, relationships and ability to source investments created strong interest from real estate firms wanting to establish a long term relationship with a 'best in class' partner in the retail sector,” said Lambert-Saul.

The partnership recently closed on three assets that included Aspen Park in Conifer, CO, Easton Commons Shopping Center in Houston; and Paulding Commons in Hiram, GA. Aspen Park is a 154,000-square-foot, grocery-anchored shopping center located west of Denver. Easton Commons, a 193,595-square-foot grocery-anchored center in the Copperfield master-planned community, is anchored by Kroger Signature and Studio Movie Grill. Paulding Commons, a 209,676-square-foot center in a community northwest of Atlanta, is anchored by Academy Sports.

NewQuest Epic Investments is the investment arm of NewQuest Properties, a market leader in retail leasing, development, land brokerage, investment sales and tenant representation headquartered in Houston with a portfolio exceeding $1 billion in assets including 50 retail centers throughout Texas.

Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide.