Investcorp, the Middle Eastern investment firm, has announced acquiring Coral Palm Plaza, a shopping centre located in Coral Springs, Florida, in its third real estate investment in the US in three months with a total value of $120 million.
The purchase of the 135,672 square foot mall, in a joint venture with Lincoln Equities, was the most recent of three purchases made by Investcorp in the past three months with a total value of approximately $120 million. (The first was the acquisition, in January, of Princeton Forrestal Village, a 550,000 square foot mixed-use development in Princeton, New Jersey. The second was the acquisition of The Shops at Tech Ridge, a 332,845 square foot retail power centre in Austin, Texas in February, in joint venture with Global Fund Investments).
Investcorp is listed in the Middle East Investors Directory with the code OR30.
Their full press release follows
Investcorp, the asset management firm specialising in alternative investments, today announced that it has acquired Coral Palm Plaza, a 135,672 square foot shopping centre located in Coral Springs, Florida in a joint venture with Lincoln Equities. This was the most recent of three purchases made by Investcorp in the past three months with a total value of approximately $120 million. The first was the acquisition, in January, of Princeton Forrestal Village, a 550,000 square foot mixed-use development in Princeton, New Jersey. The second was the acquisition of The Shops at Tech Ridge, a 332,845 square foot retail power centre in Austin, Texas in February, in joint venture with Global Fund Investments.
Khalid Al-Rumaihi, Managing Director at Investcorp and regional head for Qatar and Bahrain, said: "There are opportunities to invest in commercial property assets located in US sub-markets and regions and that are performing well. These properties are typical of Investcorp's focus on assets with strong fundamentals, such as stable anchor tenants and favourable long-term demographic trends. Investcorp is well positioned to act decisively when such opportunities arise to make US real estate investments."
Coral Palm Plaza was built in 1986 and renovated in 2000. It is currently 94% leased to 22 diversified retailers including the Bed Bath & Beyond subsidiary Buybuy Baby, national chain Michaels Arts & Crafts and regional specialty grocer Doris' Italian Market. It is situated on University Drive, a high traffic retail and commercial corridor that runs through Coral Springs, a well established, stable and relatively young and affluent residential community.
Tech Ridge was built in 2003 and is 84% leased to a variety of tenants the majority of which are national chains. These include Hobby Lobby, Toys 'R Us, Best Buy, Ross and Petsmart. It fronts onto Interstate 35, the major North-South route through Austin. Austin has proved extremely resilient during the recent recession as a result of the government, technology and education employers in the area. Following this acquisition, Investcorp now owns 24 shopping centres in the State of Texas.
Princeton Forrestal Village was built in 1987 and was significantly remodelled in 2007 with improvements to the exterior and landscaping that have attracted new retailers, services and restaurants. The 42 acre site now houses offices, a 294-room Westin Hotel and Conference Centre, three restaurants, a food court, a fitness centre and spa/salon, as well as a newly developed day-care centre. Princeton has retained a strong demographic profile and solid population and employment characteristics and has seen relatively less impact from the economic downturn.
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