Phoenix — The three power centers total 874,500 square feet.
Phoenix — Cole Real Estate Investments, based in Phoenix, has acquired three power centers totaling 874,500 square feet for a purchase price of $130.9 million. The properties include the 165,000-square-foot Hillside Town Center in Hillside, Ill.; the 433,500-square-foot White Oak Village in Richmond, Va.; and the 276,000-square-foot Barrow Crossing in Winder, Ga.
"Each of these acquisitions is a great fit for our disciplined investment criteria," says Scott Holmes, Cole's senior vice president, acquisitions and multi-tenant retail. "Each center has strong credit, national anchor tenants on long-term leases and is located in an established trade area in close proximity to major highways, providing easy access for shoppers."
Hillside Town Center was built in 2009. HomeGoods, Michael's, Staples and Petco anchor the center. A Super Target and Holiday Inn Express are also located at the property, but were not included in the acquisition. Holmes represented Cole in the transaction. Joe Girardi of Mid-America Real Estate represented the seller.
JC Penney, Martin's grocery, PetSmart, Michael's and Office Max anchor White Oak Village. It is 95.5 percent leased and was built in 2008. Cole was self-represented by Thomas Falatko. Bill Kent and Gary Lawrence of CBRE represented the seller.
Barrow Crossing is anchored by Belk, Publix, T.J. Maxx, PetSmart and Staples. The development also includes a Target that was not part of the purchase. The center can accommodate 91,000 square feet of future development. Falatko and Chuck Vogel represented Cole in the transaction. The seller, Faison, was self-represented by David Lampke.