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November 09, 2016  

Grocery-Anchored Retail Portfolio on Block

A Utah Retirement partnership is marketing a portfolio of grocery-anchored shopping centers valued at about $300 million.

The five properties, which are 93% occupied, encompass 1.4 million square feet spread across five states — Connecticut, Illinois, Michigan, North Carolina and Rhode Island.

The shopping centers, which have varying risk profiles, are being offered as a package, but bids on individual properties will be considered. At the estimated value, the initial annual yield on the portfolio would be roughly 6%. Newmark Grubb has the listing.

Utah Retirement owns the property in partnership with AmCap, an old-line shopping-center operator in Stamford, Conn. AmCap would like to join forces with the buyer or buyers, retaining a small stake in the portfolio and continuing to serve as the operating partner.

The marketing campaign is touting the strong sales of the grocery anchors: Harris Teeter, Stop & Shop, Kroger and Jewel-Osco. The locations and local demographics are also being highlighted. On average, 93,000 people, with an average household income of $89,000, live within three miles, and some 65,000 vehicles pass each center daily.

The properties are:

The 437,000-sf Copaco Center, in Bloomfield, Conn. Occupancy rate: 97%. Tenants include Stop & Shop, Burlington Coat Factory, Lowe’s and CVS.

The 404,000-sf Arborland Center, in Ann Arbor, Mich. Occupancy rate: 96%. Tenants include Kroger, Bed Bath & Beyond, DSW, Marshalls, Nordstrom Rack and Toys R Us.

The 276,000-sf Northpoint Center, in Arlington Heights, Ill. Occupancy rate: 80%. Tenants include Jewel-Osco, Office Depot and Ross.

The 151,000-sf Ballantyne Commons East, in Charlotte. Occupancy rate: 100%. The tenants include Harris Teeter, Rite Aid and Zapata’s, a Mexican restaurant.

The 150,000-sf Cowesett Corners, in Warwick, R.I. Occupancy rate: 89%. Tenants include Stop & Shop, Petco and Applebee’s.