REAL ESTATE

Bayer forms JV to acquire The Avenue Webb Gin

BY Katherine Boccaccio

Birmingham, Ala. — Bayer Properties announced that, through a joint venture between it and institutional investors advised by J.P. Morgan Asset Management, has acquired The Avenue Webb Gin outdoor mixed-use shopping center from Atlanta-based Cousins Properties.

The 351,007-sq.-ft. outdoor fashion center is located in northeast suburban Atlanta, and features office space, restaurants and specialty retail including Barnes & Noble, White House | Black Market, Chico’s, Francesca’s Collections, DSW Shoes, Ted’s Montana Grill and Romano’s Macaroni Grill.

This is Bayer Properties’ first asset in the state of Georgia, further extending a national footprint and mixed-use asset portfolio of over 10 million sq. ft.

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REAL ESTATE

Inland acquires The Corner Shopping Center

BY Staff Writer

Tucson, Ariz. — Oakbrook, Ill.-based Inland Diversified Real Estate Trust announced the acquisition of The Corner, an 80,155-sq.-ft. shopping center in Tucson, Ariz., for approximately $29.5 million.

Tenants at The Corner include Total Wine, Nordstrom Rack and Five Guys Burgers and Fries, along with Sleep Number by Select Comfort, Sprint and Paradise Bakery.

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REAL ESTATE

Fresh Market to open at the Village at Nellie Gail Ranch

BY Staff Writer

Laguna Hills, Calif. — Vintage Real Estate announced that The Fresh Market will open at its neighborhood shopping center The Village at Nellie Gail Ranch in Laguna Hills, Calif., which is undergoing a $17 million renovation and expansion.

The gourmet grocer will open a 21,000-sq.-ft. store in summer 2014.

The expansion and renovation of Village at Nellie Gail Ranch includes new facades, storefronts, refreshed landscaping and outdoor gathering spots. With the expansion, the center will total approximately 100,000 sq. ft.

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