The three-building center was built in 2001 at the intersection of the Highway 28 bypass and Highway 76, which is a major retail corridor. The center is just under 93% occupied. Major tenants include Bed Bath & Beyond, Ross, Old Navy, Pier One Imports and Party City. AIG Baker says the primary trade area includes 271,261 residents with an average household income of $48,894.
The deal included a seller leaseback on a portion of the vacant space. Greenwich Capital provided acquisition financing. SCI Real Estate Investments was represented in the transaction by Irvine, CA-based Faris Lee Investments.
Faris Lee president Richard Walter says the transaction was a 1031 Exchange for SCI Real Estate Investments, which is a sponsor of tenant-in-common transactions. AIG Baker is an affiliate of AIG Financial, a publicly traded company.
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