Retail landlord AlbaneseCormier is expanding its national presence with its acquisition of a portfolio of four open-air shopping centers, with most of them in the Midwest.
The Beaumont, Texas-based company on Thursday said it had purchased the properties totaling 714,054 square feet. The strategic acquisition marks AlbaneseCormier's first purchase in the state of Wisconsin and further grows the company's presence in Alabama and Michigan.
RCG Ventures of Atlanta was the seller. Terms of the deal weren't disclosed.
The retail properties included:
- McGowin Park, Mobile, Alabama, 374,881 square feet.
- Bison Hollow Shopping Center, Traverse City, Michigan, 134,798 square feet.
- Oak Brook Square, Flint, Michigan, 152,073 square feet.
- A PetSmart and Dick's Sporting Goods-anchored shopping center, Oshkosh, Wisconsin, 52,302 square feet.
"This acquisition provided a unique opportunity to expand our Midwest portfolio with immediate accretive cash flow, while adding one the most dominant super regional centers in the Southeast United States in McGowin Park," Clinton Mitchell, AlbaneseCormier chief investment officer, said in a statement. "Scalable opportunities align with our firm's conviction for open-air retail, fueled by resilient demand, limited new supply and compelling valuations relative to replacement costs."
The portfolio includes more than 50 tenants, anchored by leading national chains such as Costco, HomeGoods, T.J. Maxx, Hobby Lobby, Petco, Old Navy, Sketchers, Ashley Furniture and Starbucks.
Since 2001, AlbaneseCormier has been acquiring, managing, leasing and developing real estate properties across the United States. It's one of the nation's largest privately held owner and operator of open-air shopping centers.
For the record
Ben Wineman of Mid-America Real Estate represented the seller, RCG Ventures.