Dubai: Investcorp, the asset management firm specialising in alternative investments, 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.
Mazin Al Khatib, Managing Director at Investcorp and regional head for the United Arab Emirates, said: "Our last three acquisitions show how Investcorp acts decisively when we find an opportunity to invest in an attractively valued asset in one of the more stable sub-regions in the US. We will continue to look for opportunities for our clients and to invest in commercial property assets that are performing well, have strong anchor tenants and are located in regions with favourable long-term demographic trends."
Coral Palm Plaza was built in 1986 and renovated in 2000. It is currently 94 per cent 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 per cent 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.