The sale, which was done in partnership with Crow Holdings of Dallas, includes the entire 251,955-sf shopping center, which Crow and Investcorp originally acquired in March 1999. Other tenants at the property include Staples, PETCO Animal Supplies, Super Stop & Shop and Michael's Arts and Crafts. Two out-parcel tenants, Bally's Total Fitness and Houlihan's, are also part of the complex.
The Long Island property, which was built in 1986, was 86.3% leased at the time of the sale. The center most recently underwent a renovation in 1996 when additional space was added.
"The sale of Nobody Beats the Wiz Plaza represents Investcorp's third successful property sale of 2003 in partnership with Crow Holdings," says F. Jonathan Dracos, an Investcorp managing director. "This transaction also stands as Investcorp's sixth sale of 2003 and brings the firm's total real estate realizations so far this year to a value in excess of $160 million."
Investcorp is a New York-based real estate firm that oversees a commercial, hotel and residential portfolio valued at more than $1.8 billion. Archon Group is an international real estate service and advisory company founded by Goldman Sachs Group Inc.
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