Private Investment Firm Pays $62M for Retail Center
May 16, 2012
By: Natalie Dolce
An affiliate of First Washington Realty Inc. was one of more than 20 bids that were received on the 199,666-square-foot Park Plaza shopping center here. The firm, a private real estate investment, management and advisory firm, ended up being the winning bid and purchased the property from an entity of Regency Centers Corp., a publically traded REIT, for $62 million.
Bill Bauman, executive vice president, and Kyle Miller, managing director, of Studley’s national retail services group, represented the seller in the transaction. “The seller saw an opportunity to take advantage of positive market momentum and lack of quality retail investment offerings by disposing of a well-positioned, prominently anchored asset in a core infill market,” Bauman says. According to Bauman, the amount of bids that were received on the property reflects its history of “strong tenant sales performance and stable rental growth.” ...
... “First Washington was able to successfully navigate the competitive bidding process by presenting a clear, well thought out offer and demonstrating the ability to perform within a compelling due diligence timeframe,” Studley’s Miller explains. The buyer is planning to immediately invest in capital upgrades to “further enhance the center and attract additional national tenants to the property,” he adds. ...
... The shopping center was originally developed in 1962. The Regency Centers entity, Columbia Park Plaza LLC, acquired the property in 2001.
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