REAL ESTATE

Cleveland-area center sells for $17.79 million

BY Michael Fickes

North Olmsted, Ohio — Marcus & Millichap Real Estate Investment Services has arranged the sale of North Olmsted Towne Center, a 95,446-sq.-ft. shopping center in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland. The selling price was $17.79 million, $186 per square foot.

Towne Center tenants include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

Marcus and Millichap represented the seller, a Cleveland investment group. Wiles, Fuller, Patton advised the buyer, an out-of-state private investor.

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REAL ESTATE

Devonshire REIT acquires five Ohio properties

BY Michael Fickes

Whitehouse, Ohio — Devonshire REIT has acquired five retail properties in Ohio for $31 million. The properties include:

• Monroe Street Square Shopping, a 124,904-sq.-ft. center in Toledo, Ohio, anchored by Hobby Lobby. Tenants include Sally Beauty Supply, Gamestop, Play It Again Sports and Sprint PCS.

• Bed Bath & Beyond Plaza, a 100% leased, 55,139-sq.-ft. center in Toledo, anchored by Bed Bath & Beyond. Tenants include SalonCentric and Edward D. Jones.

• Office Depot Plaza, a 100% leased, 45,594-sq.-ft. center in Toledo, anchored by Office Depot.

• Pier 1 Imports, a 9,860-sq.-ft. single-tenant triple-net leased property in Toledo.

• Villages at Waterville Landing in Waterville, Ohio, a 350-acre mixed-use development with 125 acres zoned for retail development. Devonshire has acquired the retail portion of the project, which currently includes a new 80,000-sq.-ft. Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Plans for the undeveloped retail space remain confidential.

The properties were purchased from local real estate developers and investors.

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REAL ESTATE

Edens closes $1.5 billion equity transaction

BY Michael Fickes

Columbia, S.C. — Edens Investment Trust has closed a $1.47 billion equity transaction composed of the $718 million sale of a 29% equity stake in the company and a $750 million equity commitment from the company’s institutional investors.

In the sales transaction, a Blackstone-sponsored real estate investment vehicle acquired a $718 million stake in Edens from the State of Michigan Retirement System.

Blackstone, the New York State Teachers’ Retirement System and institutional investors advised by J.P. Morgan Asset Management now own approximately equal shares in the grocery-anchored shopping center developer, owner and operator. Edens’ management owns approximately 7.5% of the company.

The three institutional investors plan to invest an additional $750 million in Edens to enable renovations and acquisitions.

According to the Wall Street Journal, the Edens investment represents a more conservative investment than usual for Blackstone, which typically buys into companies with problems and in need of turnaround capital. Blackstone repairs such companies and then sells them, aiming for 20% in annual returns.

Citing people familiar with Blackstone’s strategy, the Wall Street Journal said that Blackstone aimed to generate profits of 5% to 6% per year through Edens’ expansions.

Edens has expanded strongly over the past 17 years. In 1997, the private company was valued at $250 million. Today, Edens’ management puts the company’s value at $4 billion, with the goal of growing to $7 billion.

According to Edens, the company will use the $750 equity commitment to fund growth through select urban acquisitions, redevelopments and new developments in the major East Coast metropolitan areas of Boston, New York City, Washington, D.C., Atlanta, and Miami.

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