Equity Investment Sells Albany Square for $9.7M

Cole Credit Property Trust IV, a real estate investment trust affiliated with American Realty Capital Properties, purchased Albany Square in Albany, Georgia this week for $9.7 million free and clear of existing debt. Equity Investment Group sold the 125,038-square-foot retail power center with representation from senior managing director Brad Peterson and senior financial analyst Whitaker Leonhardt in HFF's Orlando office. Terms of the deal were not disclosed.

"Albany Square is located at the epicenter of the most dominant retail trade area in southwest Georgia," said Brad Peterson. "Albany Square is adjacent to a successful Publix Supermarkets and Target and directly across the street from the Albany Mall. With the recent addition of a new Petsmart and Party City to the retail center, combined with recent capital improvements, it feels like a brand new center."

Albany Square is located at 2707 Dawson Road in Albany and was completely renovated in 2013. The property was 97.6% leased at the time of sale.

For more news and information visit Blumberg Capital Partners.

Vornado Selling San Jose Power Center for $203M

Vornado Realty Trust, a fully integrated equity real estate investment trust, announced this week that it had entered into an agreement to sell The Plant, a power strip shopping center in San Jose, CA, to Cole Credit Property Trust IV for $203 million. Vornado bought The Plant retail complex for an estimated $120 million to $150 million in 2010, according to public records and sources familiar with the commercial property market in the area.

"There are way more buyers than there are quality retail properties to buy," said David Taxin, a partner with Meacham/Oppenheimer, a commercial realty firm that specializes in the retail market, regarding the sale in a San Jose Mercury News article. "We are seeing multiple offers for any retail property that hits the market that is decent."

The 643,000 square foot retail property is at the northwest corner of Monterey Road and Curtner Avenue, with anchors that include Best Buy, Target and Toys 'R' Us. Since some of the retailers own their own space, Cole Credit Property Trust IV is buying only 510,000 square feet. The sale, which is subject to customary closing conditions, is expected to be completed by the second quarter of 2013.

For more news and information visit Blumberg Capital Partners.