Gerrity Acquires Two Malls for $77M

PORTLAND, OR—The Southern California division of Gerrity, an active Northwest-based retail real estate buyer, has purchased two adjacent shopping centers here from Mall 205 Shopping Center LLC and Plaza 205 Shopping Center LLC for a combined price of $76.5 million. Mall 205 at 9900 SE Washington St. is a 303,876-square-foot center on 22.16 acres of land, featuring major tenants Bed, Bath & Beyond; Home Depot; 24-Hour Fitness; and Famous Footwear. Plaza 205 at 10302-10542 SE Washington St. is a 174,363-square-foot center on 10.99 acres of land, featuring major tenants Dollar Tree and Big Lots. Both centers were built in 1970; Mall 205 was renovated in 2001, and Plaza 205 was renovated in 2003. Capital Pacific represented both parties in the transaction.

CORONA, CA—The New Home Co. Inc. has entered into a joint-venture agreement with Tricon Capital Group Inc., a residential real estate investment company, for the planned acquisition of Arantine Hills, a 276-acre master-planned community site here, for approximately $74 million. The new owners intend to re-plan, re-entitle and develop Arantine Hills into a master-planned community containing over 1,300 homes. The acquisition of the property is expected to be completed in December. “We are thrilled to join with Tricon to bring the Arantine Hills community to Corona, California”The joint venture expects to sell improved lots to homebuilders, including up to 30% to New Home, upon completion of the master site development work. Additionally, Tricon will also have the right to acquire improved lots and engage NWHM in fee-building arrangements for some or all of the remaining lots. The community is expected to begin selling entitled, developed lots in 2016.