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Edens & Avant Gets $300M For East-Coast Builds

COLUMBIA, SC-Three investors are funding the developer $300 million to build and renovate shopping centers up and down the East Coast.

By Ian Ritter | Updated on September 28, 2006

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

COLUMBIA, SC-Three investors are putting $300 million of equity into locally based developer Edens & Avant to build and redevelop centers up and down the East Coast. The State of Michigan Retirement System, JP Morgan Asset Management–Real Estate and the New York State Teachers’ Retirement System, all long-term Edens investors, are providing the funding.

The $300 million will go toward a development and redevelopment pipeline that is already at $1.2 billion, Terry Brown, Edens’ chief executive officer, tells GSR. “We had plenty of firepower yesterday, and we have more today,” he says, explaining that the $3-billion firm receives investments from a variety of entities.

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