Starwood Capital Group and affiliate Starwood Retail Partners announced this week that they had purchased a large mixed-use center from a developer joint venture for $106.3 million. Developers Ronus Properties, Street-Works and JDA Development sold the 450,000 square-foot property, dubbed Blue Black Square, after originally delivering the complex in 2008 for $158.8 million.
"Blue Back Square is a fundamentally strong, infill asset in an attractive market with limited new supply that generates strong cash-on-cash returns and presents an excellent opportunity for Starwood and its investors," said Ethan Bing, vice president at Starwood Capital Group.
According to Starwood, the property was 96% leased at the time of sale, with major tenants including REI, Crate & Barrel, The Cheesecake Factory Inc. and Barnes & Noble. The live-work-play complex also includes condos and apartment rentals, medical space that houses the Hartford Hospital, and office space that is taken up by professional services and law firms.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment