Cole Real Estate and RED acquire Macerich interest in Arizona power centers
Phoenix — Cole Real Estate Investments and RED Development have announced the acquisition of Macerich’s interests in two retail power centers located in Chandler, Ariz.
In a related transaction, Cole acquired 100% ownership of a third power center located in Gilbert, Ariz. The transaction value for all three properties is $100.55 million.
As part of an ongoing joint venture, Phoenix-based partners Cole and RED Development are acquiring Macerich’s 50% ownership interests in the Chandler Festival and Chandler Village Center for $31 million and $14.8 million, respectively, for a total purchase price of $45.8 million. RED will serve as onsite property manager and leasing agent for both properties.
Additionally, Cole is acquiring 100% ownership of SanTan Marketplace in Gilbert, Ariz., for $54.8 million from Macerich and its investment partner. RED will also act as the leasing agent on this shopping center, while Cole will handle day-to-day property management.
All three assets are considered premier power shopping centers within the Southeast Valley submarket.
“These power centers are all primary retail destinations in the Southeast Phoenix trade area and capitalize on the synergy and traffic of nearby regional malls,” said Thomas W. Roberts, executive VP and head of real estate investments at Cole. “Each of these properties is anchored by nationally recognized, creditworthy retailers contributing solid fundamentals to our portfolio of core retail assets.”
NewMark Merrill announces mall purchase and six management contracts
Woodland Hills, Calif. — NewMark Merrill Cos. has announced the acquisition of Twin Peaks Mall in Boulder, Colo., as well as six new property management contracts totaling more than one million sq. ft.
The new property management assignments include six California centers: Simi Valley Town Center, Lancaster Plaza, Visalia Center, Topanga Willows, Paseo Marketplace in Thousand Oaks, and Page Plaza in Hemet.
The new property management contracts and Twin Peaks Mall acquisition brings NewMark Merrill’s retail portfolio to 10 million sq. ft. of combined owned and managed assets.
“These properties have fared well in the recent market downturn, and we will work with the ownership and merchants to continue this momentum,” said John Hickman, managing director, San Diego division of NewMark Merrill Cos.
Jo-Ann Fabric joins two New Hampshire shopping centers
Boston — The Wilder Cos. announced the addition of Jo-Ann Fabric & Crafts at two of its New Hampshire shopping centers.
Jo-Ann Fabric and Crafts recently opened at Belknap Mall, the only enclosed shopping mall north of Concord. The new store joins Peebles Department Store, Shaw’s, Maurices, Lakes Region Jewelers, CVS and Dunkin Donuts at the 218,500-sq.-ft. mall.
Currently under construction, Jo-Ann Fabric and Crafts is preparing for a late spring opening at Rochester Crossing, a 304,500-sq.-ft. shopping center in New Hampshire’s Seacoast Region and featuring Kohl’s, Lowe’s, Famous Footwear, GameStop and Tropical Smoothie.