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CHARLOTTE, NC-Two power centers in the Carolinas have new owners. Inland Real Estate Corp. of Oakbrook, IL has paid $42 million for Winslow Bay Commons, a 429,531-sf power center here and Portland Investment Co. of Los Angeles has paid $25 million for Plaza at Greenville, a 194,488-sf power center on Greenville, SC.

Winslow Bay Commons is anchored by SuperTarget (shadow), TJ Maxx, Ross Dress For Less, Linens ‘N Things, Dick’s Sporting Goods, Michael’s, PETsMART, Cost Plus World Market, Pier 1, Rack Room Shoes and Party City. The Plaza at Greenville is anchored by Bed, Bath & Beyond, Old Navy, CompUSA, Goody’s, AC Moore and Party City.

Atlanta-based NewBridge Retail Advisors managing partner Gary Saykaly represented the sellers in the transaction with Mike Burkard of CB Richard Ellis in Charlotte. Saykaly declined to reveal names of the sellers or confirm the sale prices. Generally, he describes the seller of Winslow Bay Commons as “a major southeast developer” and the seller of Plaza at Greenville as “a New York-based pension fund.”

Saykaly adds that NewBridge was able to shave 25 to 50 basis points off the market capitalization rate for both properties. “Finding an aggressive buyer in today’s market is not the driving force,”he says. “The key is being able to provide a strong process and proactively resolving deal issues and supporting the capital partners’ (debt and equity) underwriting. In today’s market, the capital partners comprise 75 % to 95% of the potential price and, therefore, any adjustment to their underwriting can seriously impact the pricing of the asset or shift transaction control away from the seller.”

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