Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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32 • SHOPPING CENTER BUSINESS • May 2016 NEWSLINE PREIT SELLS FOUR MALLS FOR $92.4 MILLION Philadelphia-based PREIT has sold four malls for an aggregate price of $92.4 mil- lion. Dispositions include the $26.4 mil- lion sale of Lycoming Mall in Pennsdale, Pennsylvania, and a portfolio of three malls located in Alabama and Virginia for $66 million. The portfolio includes Gads- den Mall in Gadsden, Alabama; New Riv- er Valley Mall in Christiansburg, Virginia; and Wiregrass Commons Mall in Dothan, Alabama. In November 2012, the compa- ny communicated its plan to reshape its portfolio by disposing of non-core prop- erties, including its lower-productivity malls. Since that time, the company has sold 13 lower-productivity malls, as well as several power centers and land parcels, for gross proceeds of approximately $600 million. PIERSON RETAIL ADVISORS ARRANGES SALE OF TOWNSEND SQUARE Pierson Retail Advisors (PRA) has ar- ranged the sale of Townsend Square, a 147,235-square-foot shopping center located in the Dallas suburb of DeSoto. PRA represented the seller, Global Fund Investments LLC, in the sale of the prop- erty to Ron Avneri, a Dallas-based inves- tor. The center was 67 percent occupied at the time of sale by tenants including Bealls Stores, Fresenius Medical Care, Chase Bank, Boston Market, Leslie's Pool Supplies, GNC and H&R Block. MARCUS & MILLICHAP ARRANGES $2.4 MILLION SALE OF SHOPPING CENTER IN RICE LAKE, WISCONSIN Marcus & Millichap has arranged the sale of an 18,500-square-foot retail property in Rice Lake, Wisconsin, approximately 60 miles north of Eau Claire, for $2.4 million. A limited liability company sold Rose Stone Plaza to an undisclosed buyer. The shopping center, located at 2300 S. Main St., is 100 percent occupied. Adam Prins, Cory Villaume, Matthew Hazelton, Todd Lindblom and Sean Doyle of Mar- cus & Millichap listed the property on behalf of the seller. INVENTRUST ACQUIRES RENAISSANCE CENTER FOR $129.2 MILLION InvenTrust Properties Corp. has acquired Renaissance Center, a 363,176-square-foot retail power center located in Durham, North Carolina, for $129.2 million. The center is 96 percent occupied by tenants including anchors Old Navy, Cost Plus World Market, REI, Babies "R" Us and Best Buy. InvenTrust's retail portfolio is comprised of 18.5 million square feet of retail space in 24 states. COLLIERS INTERNATIONAL ARRANGES $10.5 MILLION SALE OF LOWE'S PROPERTY IN METRO CHARLOTTE Colliers International has arranged the $10.5 million sale of a 135,197-square- foot, single-tenant Lowe's Home Im- Renaissance Center, located in Durham, was acquired by InvenTrust Properties Corp. for $129.2 million.

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