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Investcorp Ends 2006 With Two Retail Plays

NEW YORK CITY-In a move during the final days of 2006, Investcorp purchased Southland Mall in Miami-Dade County. The mall and a few outparcels house about 80 retailers.

By Katie Hinderer | Updated on January 05, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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