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NEW YORK CITY-In two final 2006 plays, Investcorp has increased its retail holdings in Texas and Florida. The company acquired the final 20% share of a 29-property portfolio in Texas for $18.5 million and purchased Southland Mall in Cutler Bay, FL for an undisclosed price.
The 986,514-sf Southland Mall contains more than 800,000 sf of retail space in an enclosed mall and 154,000 sf of outparcel space. Investcorp now owns 622,467 sf of the mall, with Macy's and Sears owning the remaining space. It is currently 93.6% leased to more than 80 retailers. Kmart, JC Penney, Regal Cinemas, TJ Maxx and DSW Shoe Warehouse are among the mall's tenants.
"Our purchase of Southland Mall represents an exciting opportunity for Investcorp to further capitalize on ongoing growth trends in Florida, and particularly in Miami-Dade County, which is projected to add more new residents over the next 10 years than any other county in the state, and has high barriers to entry for regional shopping malls," says Brad Seiden, an Investcorp principal, in a statement.
Fort Lauderdale, FL-based Gumberg Asset Management has been named leasing and management company for the property, which was built in 1972, redeveloped in 1993 and is again in the midst of renovations that include a significant amount of interior remodeling.
Investcorp has also purchased the remaining 20% of a Texas portfolio the firm purchased in April from Equity One Inc. In April, Investcorp paid about $402 million for its stake in the 29-property retail center portfolio, and paid an additional $18.5 million this time around.
The portfolio consists of retail shopping centers in and around Dallas, Houston and San Antonio. The portfolio includes Bandera Festival in San Antonio, Kroger Bissonett in Houston, Minyards in Dallas, Spring Shadows in Houston and Wurzbach in San Antonio.
These two deals brought Investcorp's value to a total of $1 billion for 2006.
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