Nationwide and regional retailers make up greater than 90 p.c of Cornerstar’s roster. Picture courtesy of CommercialEdge
DLC Administration Corp., together with funds managed by DRA Advisors, have bought a four-property buying heart portfolio totaling 764,817 sq. toes for $100 million. ShopCore Properties bought the open-air property situated in Colorado, New Jersey, Arizona and Ohio, in line with CommercialEdge information.
A couple of months in the past, ShopCore additionally bought a 261,730-square-foot retail heart in Fort Price, Texas. The property was practically 92 p.c leased on the time of closing.
A lovely retail portfolio
Positioned at 15400 E. Briarwood Circle in Aurora, Colo., Cornerstar encompasses 380,479 sq. toes. The buying heart is anchored by Goal, Marshalls, HomeGoods, 24 Hour Health, Nike and Ulta. ShopCore acquired the asset again in 2014 for $124 million, the identical supply exhibits. DLC executed a lease with a grocery tenant instantly after the acquisition.
Accomplished in 2000 at 55 Meadow Park Ave. close to Columbus, Ohio, Powell Middle was bought by ShopCore in 2014 for $28.5 million. The tenant roster on the 201,970-square-foot buying heart consists of Marshalls, HomeGoods, Michaels and Staples. The property was 53 p.c occupied on the time of sale, however DLC will begin a direct redevelopment plan which will even function the addition of nationwide tenants.
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Totaling 147,694 sq. toes, Cross Keys Place occupies a 15.5-acre website at 141 Tuckahoe Highway in Sewell, N.J. Accomplished in 2008, the property is anchored by Michaels, Previous Navy, Petco and the most-visited Edge Health within the state. ShopCore had purchased the asset in 2016 for $28.5 million. The middle serves round 145,988 people inside 5 miles, in an space the place the typical family revenue is $96,555.
The 34,674-square-foot Outlets at Prescott Gateway has a various mixture of nationwide tenants together with Dealer Joe’s, AT&T, SAS Footwear and Nice Clips. Positioned at 250 N. Lee Blvd. in Prescott, Ariz., the property serves roughly 10,618 people inside a 3-mile radius, with the typical family revenue of $88,000.
