(For more retail coverage, click GlobeSt.com/RETAIL.)
ANDERSON, SC- Anderson Station, a 200,000-sf shopping center here, has changed hands for $30.4 million. AIG Baker of Birmingham, AL, sold property to Los Angeles-based SCI Real Estate Investments.
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.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
