Retail Properties of America names VP
Oak Brook, Ill. — Retail Properties of America has appointed Matthew Beverly VP, director of investments — east region. In his new post, Beverly will lead investment activity through the evaluation and execution of acquisition and dispositions for all markets east of the Mississippi River.
Prior to joining the company, Beverly served as VP, investments with General Growth Properties. At GGP, he closed over $3 billion in investments including dispositions of non-core properties and acquisitions of new shopping centers, urban retail properties and joint venture ownership interests.
Beverly will partner with Michael Hazinski, VP, director of investments — west region for Retail Properties of America.
CIM Group buys 7 properties, 2 with retail
Los Angeles, Calif. — CIM Group has acquired a seven-asset portfolio that includes an office tower with ground floor retail and an enclosed regional shopping mall.
Two California Plaza is a 52-story Class A office building in downtown Los Angeles. Located in the downtown submarket of Bunker Hill, Two California Plaza spans approximately 1.28 million net rentable sq. ft. of office space and 44,000 sq. ft. of retail. The building, which recently received a LEED Platinum certification, is part of a two-tower office complex that shares a retail and restaurant pavilion, including a 1.5 acre water court and performance plaza.
Montclair Plaza is a 1.3-million-sq.-ft. enclosed mall in Montclair, Calif. CIM acquired 868,000 sq. ft. of this established retail center. Anchors include Macy’s, Nordstrom, Sears, J.C. Penney and Target. The plaza is located in downtown Montclair, which is being redeveloped under a city plan that includes new residences and pedestrian corridors designed to create an urban, walk-able district.
CIM acquired this seven-asset portfolio as part of the sale of a larger portfolio of real estate-owned and non-performing loan assets spread across the United States from special servicer CWCapital Asset Management.
Sidecar takes Broadway Village space
Tucson, Ariz. — Sidecar, a craft beer and cocktail bar, will open in June in Tucson, Ariz., at Broadway Village plaza. The 963-sq.-ft. space will seat about 40 people inside and 12 or so people outside on the patio. Commercial Retail Advisors represented the landlord, CRI Broadway Village Partners in the transaction. Sidecar represented itself.