Louisiana center changes hands
Kimco Realty has sold the Ambassador Plaza neighborhood center in Lafayette, Louisiana, to Westwood AC Properties for $5.3 million.
According to Transwestern VP Fred Victor, who brokered the deal for Kimco, the property benefits greatly from being shadow-anchored by an Albertson’s grocery store. Ambassador Plaza boasts a wide variety of dining options, including Subway, Little Caesars, and Fruiti Smoothie.
“The Ambassador Plaza transaction is a perfect example of a well-capitalized private investor acquiring a high-quality asset in a market that has become non-strategic for a REIT,” said Victor.
Phillips Edison acquires Bakersfield center
Phillips Edison has acquired another grocery-anchored center, this on in Bakersfield, California.
Riverlakes Village is a 92,212-sq.-ft. neighborhood center anchored by Von’s Supermarket and augmented by a classic necessity-based mix of CVS, Verizon Wireless, Bank of America, Supercuts, Steak and Grape’s, and Chipotle.
The center is 97% leased, according to broker CBRE, which did not disclose the sale price.
"The yield premium in the secondary markets such as the Central Valley is compelling for investors in today's low cap rate environment and Riverlakes Village’s excellent grocery and restaurant sales,” said CBRE Executive VP Phillip Voorhees.
Built in 1997, Riverlakes Village consists of six parcels totaling 9.5 acres at the southeast corner of Coffee Road and Hageman Road in Bakersfield.
Levin hired to pump life into Meadowlands center
The Plaza at Harmon Meadow in Secaucus, New Jersey, has a new managing agent charged with revitalizing the 192,000-sq.-ft. property.
Levin Management Corporation has taken over day-to-day operations at the center, which is located in a busy entertainment, transportation, and business corridor in the New Jersey Meadowlands. It is directly accessible off the New Jersey Turnpike and Route 3 and minutes from routes 17 and 46, I-80, the George Washington Bridge, and the Lincoln Tunnel.
“Our initial focus here will be to renovate common areas and maximize overall curb appeal. We will also be completing several large-scale capital projects already started by our client, including a parking deck refurbishment and a courtyard renovation,” said LMC executive VP Robert Carson.
Current tenants at The Plaza at Harmon Meadow — jointly owned by Carlton Strategic Ventures and New Valley Realty — include a Kerasotes ShowPlace 14 Theater complex, Pier 1 Imports, Chipotle, Starbucks, Houlihan’s, Red Lobster, and Cosi.