At 272,914 sf, the class A community shopping center sold for about $190.53 per sf. The plaza is about 98% occupied. Anchor tenants include Albertson's, Toys 'R' Us, LA Fitness and Office Max.
The one-story, L-shaped building accommodates four anchor tenants and five outparcels, and was built in 1989. It features mission-style architecture, including barrel tile roofs, fountains and bell towers.
Gumberg Property Investors Inc. of Fort Lauderdale sourced the transaction. The company also will manage and lease the property.
Mission Bay Plaza is Investcorp's first retail investment in more than two years. It is the company's third acquisition this year.
"Mission Bay's superior location and strong tenancy make this investment particularly compelling," F. Jonathan Dracos, a member of Investcorp's management committee, says in a statement. "In addition, we look forward to continuing our relationship with Gumberg Property Investors, which previously assisted Investcorp affiliates in acquiring and successfully disposing of assets in transactions totaling more than $150 million."
Investcorp, with offices in New York, London and Bahrain, acts as a principal and intermediary in international investment deals. Investcorp's New York-based team focuses on high-quality existing commercial, hotel and residential properties that have strong cash flow and good potential for medium-term capital gains. The team's portfolio currently is valued at more than $2.2 billion in select U.S. markets.
Besides investing in real estate, Investcorp, established in 1982, also is involved in corporate and technology investments, and asset management. The seller, Invesco, is the institutional division of AMVESCAP, which is publicly traded in New York, Toronto, London, Paris and Frankfurt.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
