October 25, 2016
PAC Grabs Hines REIT’s Last Retail Property
PAC Grabs Hines REIT’s Last Retail Property October 20, 2016 | by Barbra Murray | Commercial Property Executive The 403,000-square-foot shopping center in Houston traded for $52 million. Houston—Preferred Apartment Communities …

Read more

PAC Grabs Hines REIT’s Last Retail Property

October 20, 2016 | by Barbra Murray | Commercial Property Executive

The 403,000-square-foot shopping center in Houston traded for $52 million.

Houston—Preferred Apartment Communities Inc.’s acquisition of the last remaining retail asset of Hines REIT, which is in the process of dissolving, has reached completion with the purchase of Champions Village, a 403,000-square-foot shopping center in Houston. Acting through its wholly owned subsidiary, New Market Properties, PAC snapped up Champions Village for $52 million, wrapping up an eight-property, grocery-anchored portfolio buy from Hines REIT.

Developed between 1974 and 1978, Champions Village occupies 32 acres at the intersection of Cypress Creek Parkway and Champion Forest Drive, surrounded by a handful of affluent neighborhoods in Northwest Houston, including Champions, Greenwood Forest and Huntwick. The open-air shopping center is approximately 86 percent leased to 51 tenants ranging from national retailers to independent upscale stores, with a Randalls market heading up the tenant roster in a 61,600-square-foot space under a 45-year lease scheduled to expire in 2019. The occupancy level is likely to go on the upswing in short under the new ownership if PAC’s statistics are any indicationthe company’s retail portfolio was 94.4 percent leased at the close of the second quarter.

“The acquisition of Champions Village increases the size of our retail portfolio to 31 grocery-anchored centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery anchored centers in suburban Sunbelt markets with strong demographics,” Joel Murphy, president & CEO of New Market Properties, said in a prepared statement. New Market relied on a five-year floating-rate loan from Metropolitan Life Insurance Co. to finance the purchase.

Read Full Article Located Here

See also:

Hines Closing BDC in Early 2017

Hines REIT Begins Property Selloff

 

Recent

Are Any of the Nontraded REITs Landlords for Macy’s?

Are Any of the Nontraded REITs Landlords for Macy’s?

It is obvious after these searches that the closures of underperforming Macy’s stores will not affect any of the nontraded REITs directly, and it is doubtful that those closures will even affect nontraded REIT portfolio values indirectly.  
Eagle Point Credit Creditflux Awards

Eagle Point Credit Creditflux Awards

Eagle Point won 48% of the vote for “Best US CLO Equity Investor” and 42% of the vote for “Best US CLO Junior Debt Investor”.

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now