Retail landlord Brixmor Property Group has bought two grocery-anchored shopping centers for $190.7 million, adding to its clusters of properties in California and Colorado.
The New York-based real estate investment trust reported that in the fourth quarter it purchased Chino Spectrum Towne Center, in Chino, California, for $138 million, and Broomfield Town Center, in Broomfield, Colorado, for $51.2 million.
The investment activity reflects Brixmor’s game plan of grouping its portfolio in attractive markets, according to the REIT.
Brixmor is advancing its “external growth strategy with the addition of two vibrant grocery-anchored assets in high-barrier-to-entry markets that offer compelling, accretive opportunities for long-term growth and value creation,” Mark Horgan, executive vice president and chief investment officer at the REIT, said in a statement.
“These strategic acquisitions continue our clustering strategy by further strengthening our presence in suburban Denver and Southern California,” he said.
Brixmor plans to continue pursuing similar opportunities this year, according to Horgan.
New York-based MetLife was the owner of Chino Spectrum, less than 35 minutes east of Los Angeles, according to CoStar data. That shopping center, at roughly 461,000 square feet, is in the “dense, high-income market” of Chino, Brixmor said.
It’s anchored by an H Mart Asian grocery store, Best Buy, BevMo, Marshalls, Nordstrom Rack, Skechers and Ulta Beauty and shadow anchored by Sam’s Club and a Walmart Supercenter; and it “complements Brixmor’s four other assets in the market,” according to the REIT.
The property, at 3801-4097 Grand Ave., gets over 14 million visits a year, Brixmor said.
In Colorado, the company purchased Broomfield Town Center, at roughly 175,000 square feet, from AEW Capital Management of Boston, according to CoStar data. The shopping center at 12161 Sheridan Blvd. is in an affluent Denver suburb, the REIT said. It’s anchored by a King Soopers supermarket and complements Brixmor’s six other assets in the Denver market, according to the company.
During the quarter, Brixmor also said it had generated about $170.2 million of gross proceeds from the sale of eight shopping centers and two partial properties.