Shopping Centers Today

NOV 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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T H E C O M M O N A R E A T R A N S AC T I O N S N etwork Rail sold thousands of its railway arches to Telereal Tril- lium and e Blackstone Group as part of a deal valued at £1.5 billion (about $2 billion). Railway arches in the U.K. house such businesses as cafés, furniture shops, microbreweries and plant shops. Proceeds from the transaction will help fund the railway upgrade plan, bringing major improvements for passengers and reducing the need for taxpayers to fund the railway. The portfolio is made up of some 5,200 properties, the major- ity of which are converted railway arches. The sites are being sold on a leasehold basis, with Network Rail retaining access rights for the future operation of the railway. Telereal and Blackstone, which will hold equal‰stakes,‰intend to be long-term owners of these properties. Telereal will oversee property management across the portfolio. "This deal is great news —‰for tenants it will mean significant commitment and investment, and for passengers and taxpayers it will mean massive, essential improve- ments without an extra burden on the public purse," said Sir Peter Hendy, Network Rail's chairman, in a press release. The companies plan to invest in several hundred currently disused arches so that they can provide space for more local businesses. "The arches portfolio is a unique and vital part of the U.K. economy," said Graham Edwards, co-founder and chairman of Telereal, in a press release. "We are tremendously excited by the prospect of working with its entrepreneur- ial tenant base — made up of car mechanics, bakeries, microbreweries, restaurants‰and just about every type of business you can think of. These tenants are a vibrant part of many local economies and communities." Q $20 million Newman Internationalbought Seley Plaza, a 159,300-square- foot shopping center in San Bernardino, Calif., from a joint venture of Robhana Group and SAFCO Capital Corp. D E A L B A R O M E T E R W H O ' S P A Y I N G H O W M U C H F O R W H A T $78.4 million Select Strategies Retail Holdings V acquired six centers in the Greater St. Louis metropolitan area and a seventh in Fairview Heights, Ill. $70 million R/D Investors acquired the 700,000-square- footTulsa (Okla.) Hillsshopping center from a subsidiary of Inland American Real Estate $64.5 million Portland, Ore.– based Harsch Investment Properties acquired Gresham (Ore.) Station, a 342,000-square- foot property on 26 acres $46 million Regency Centers and a partner have acquired the 95,300-square- footRidgewood Shopping Center, in Raleigh, N.C., from a local family. This is Regency's 13th retail acquisition in the Raleigh area $42.95 million Asuman 57th Street acquired a portfolio of retail and of›ce buildings in Coral Springs, Fla. The retail portion consists of Waterway Shoppes, a 40,300-square-foot retail center $21.5 million Global insurance ›rm SMTC Acquisition acquired the 331,800-square- footSanta Maria (Calif.) Town Center from an Irving, Texas– basedsubsidiary ofGoldman Sachs Blackstone and a partner buy a U.K. railway arch portfolio for $2 billion By Brannon Boswell The right track 8 S C T / N O V E M B E R 2 0 1 8 Fortress Investment Groupacquired a 16,400-square-foot, Tiffany- anchoredbuildingon the corner of Worth and Hibiscus avenues, in Palm Beach, Fla. Tiffany has occupied the property, which was built in 1950, since 1991. Worth Avenue, one of America's iconic retail streets, is home to about 250 luxury retailers and restaurants, as well as some art galleries.Franklin Street represented the seller, Madden Family Associates. Q TIFFANY TRADES FOR $20 MILLION

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