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REAL ESTATE

X Team partner arranges purchase of Promenade at Waterside

BY Staff Writer

Oxford, Mich. — X Team, an international alliance of retail real estate advisors, announced that Detroit-based partner Stokas Bieri Real Estate represented Center Management in the purchase of The Promenade at Waterside in Oxford, Mich.

The 67,000-sq.-ft. retail development currently has a 13,000-sq.-ft. specialty strip shopping center with the potential for 57,000 sq. ft. of additional retail space. The center is next to Meijer and includes tenants Tim Horton’s, BoRics and a former Chili’s. Future retail spaces will range from 1,400 sq. ft. to 25,000 sq. ft. build-to-suits. Divisible outlot spaces are currently available up to 4,100 sq. ft.

The seller was Beltway Capital Management; terms of the deal were not disclosed.

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REAL ESTATE

Cencor names asset and property management head

BY Staff Writer

Austin, Texas — Cencor Realty Services said that Jeff Nebrat has been promoted to senior VP and head of asset and property management for Cencor Realty Services’ Austin office.

Nebrat, who has been with the company for 14 years, now oversees all asset and property management operations of the 2.8 million-sq.-ft. portfolio of properties operated by Cencor in Austin. His property management duties involve leading the day-to-day operations of a portfolio that encompasses 40 retail centers with more than 500 tenants.

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REAL ESTATE

Sears completes sale of 11 properties to General Growth

BY Marianne Wilson

Hoffman Estates, Ill. — Sears Holdings Corp. said Tuesday that it completed the $270 million sale of 11 full-line Sears store locations to General Growth Properties.

Sears said the stores will continue to operate as Sears locations into 2013 or 2014, with final closing dates to be announced later this year. The stores are in Florida, Hawaii, Illinois, Iowa, Minnesota, Oklahoma, Texas, Utah and Washington.

Sears announced in December it would close between 100 and 120 stores to raise cash after a disappointing holiday season.

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