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ATLANTA-Santa Monica, CA-based Watt Commercial Properties Inc. has made its debut on the Southeast retail investment scene with the 691,000-sf purchase of three power centers in and around the metro area from Jamestown Properties, a local investment and syndications firm representing a consortium of German investors based in Munich and Cologne.

Watt CEO Jim Maginn did not disclose the purchase price, occupancy or age of the properties in a prepared statement. But area retail brokers in a position to know who follow Jamestown’s portfolio tell the sales price was an average $150 per sf or a total $103 million, one of the biggest retail deals of its kind this year in the Southeast, according to research.

The properties are Mansell Crossing, 324,000 sf in Fulton County; Barrett Place, 219,000 sf in Cobb County; and Venture Point, 148,000 sf in Gwynette County.

Watt’s partner in the acquisition is Australia-based Centro Properties Group. The portfolio will be serviced by WCMJV, a joint venture between Watt and Centro. The properties’ private owner of record is newly formed Centro Watt American REIT II.

“The portfolio is the second major acquisition of retail properties by Watt and Centro and establishes a presence [for Watt] in the Southeastern region of the United States,” says Watt’s Maginn. Watt Realty Advisors, headed by John Wickser, coordinated the transaction.

Major tenants at Mansell Crossing are Barnes & Nobles, Sports Authority, AMC Theatre, TJ Maxx and Rich’s Macy’s. Barrett Place is anchored by Best Buy, Sports Authority, Linens ‘n Things and PetsMart. Circuit City and American Signature Furniture anchor Venture Point.

In September, Jamestown closed a $25-million sale of the 11-year-old, 100,128-sf, 100%-leased Buckhead Pavilion to locally based Coro Realty Advisors. The contract price equates to $249.68 per sf for the trophy property.

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