Ian Ritter is national online editor for GlobeSt.com/RETAIL.
KENNESAW, GA-Los Angeles firm SCI Real Estate Investments bought the 320,000-sf Cobb Place Shopping Center, outside of Atlanta, from Birmingham AL-based A.B./Cobb Place LP for roughly $65 million. The deal, brokered by Faris Lee Investments, is the latest in a string of acquisitions by SCI in the past year. SCI arranged its own financing for this deal, which closed in 41 days.
Cobb Place Shopping Center, 97% leased, is at the intersection of Barrett and Cobb Place parkways. American Signature Furniture, Bed Bath & Beyond, Cost Plus, DSW Shoes and Thomasville Furniture anchor the center.
SCI acquired the center through a tenant-in-common structure. Now the plan is to offer the asset to some 35 TIC partners. SCI expects to close the TIC deal in mid-June.
In December SCI acquired the Parkway Plaza Shopping Center, in Orlando, for $10.2 million. The previous month it bought the Country Village Shopping Center, in Rancho Cucamonga, CA, for $16.8 million. The company owns about 30 retail, office, industrial and residential properties across the country, mostly on the West Coast.
Among the largest retail deals Faris Lee has brokered are the $148-million purchase of Puente Hills Mall in City of Industry, CA and the $138-million Torrance (CA) Crossroads transaction. Last year the company oversaw nearly $1.8 billion in the sale of centers.
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