(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
SACRAMENTO-SCI Real Estate Investments has acquired the 242,674-sf Park Place II power center here from Costa Mesa-based shopping center owner Donahue Schriber for $71.5 million. With this deal, Los Angeles-based SCI has closed on more than $110 million in shopping center acquisitions in the last week.
Last week SCI purchased the 153,400-sf, Giant Foods-anchored Palmer Town Center, in Easton, PA, for $40.8 million. Of SCI's $1 billion in total assets, about 50% are currently retail properties; the rest are other property types.
Of the $1 billion the firm expects to acquire next year, about half will be retail assets, according to SCI executives. The company is also in the process of developing Midvale Marketplace, a 100,000-sf center in Tucson that is shadow-anchored by a Wal-Mart Supercenter and is set for completion in March.
In the case of Park Place II, it is anchored by Kohl's, Marshalls, Bed Bath & Beyond and Borders. The center is located on Natomas Boulevard in the North Natomas neighborhood of northwestern Sacramento. Donahue Schriber opened the center last year and continues to operate the nearby Park Place I.
The Natomas area is attractive because of its housing and economic growth, Andy Van Tuyle, the company's senior managing director of acquisitions, tells GSR. "It's extremely hot," he says. "There's a ton of activity in that market."
So far SCI has 14 TIC investors involved in Park Place II with minimum commitments of $600,000. The company has also secured $44.7 million in financing from Wachovia Securities for the deal. CB Richard Ellis represented Donahue Schriber, while Van Tuyle and Scott Derrick, SCI's senior managing director of acquisitions represented their firm.
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