$430m Dunne deal as retail portfolio goes under hammer.Jeffrey R. Dunne, leader of the CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State Investment Team, and Patrick J. Bisceglia recently represented Starwood Ceruzzi for the sale of a 2.37 million s/f, 11-property retail portfolio, for $430 million, or $180.75 psf. Ten of the centers have transferred title while Phase I of the Greenwich Center in Phillipsburg, New Jersey Phillipsburg, known locally as P'burg, is a town in Warren County, New Jersey, in the United States. As of the United States 2000 Census, the town population was 15,166. will close in August and Phase II of both the Greenwich Center and the Golfland Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into will close in 2006. The seller was Starwood Ceruzzi, a joint venture between Fairfield, Connecticut-based Ceruzzi Holdings and Greenwich, Connecticut-based Starwood Capital Group. The buyer was Inland Real Estate Acquisitions, Inc., which purchased the Portfolio on behalf of Inland Western Retail Real Estate Trust, Inc. The Starwood Ceruzzi Retail Portfolio consists of 11 properties located in five states across the Northeast including Connecticut, New York, New Jersey, Pennsylvania and Vermont. The properties are all extremely well-located and anchored by long-term leases with national credit tenants such as Target, Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , Price Chopper, Shaw's, Best Buy, Barnes & Noble, and Bed, Bath & Beyond. The Portfolio offers a stable in-place cash flow with future upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar , which may be achieved through additional development parcels, pad sites and infill leasing. Jeff Dunne commented: "In a highly competitive retail market, the Starwood Ceruzzi Portfolio gives Inland a rare opportunity, with one acquisition, to acquire a cluster of high quality retail shopping centers in the Northeast. "A majority of the properties are located in dense in-fill markets with limited future development opportunities, which, over time, will help to increase tenant sales, rental rates and property values. "Over 70 offers were procured on a total portfolio and individual sale basis from various capital sources including publicly traded REITs, pension advisors, and major national retail owners as well as private local investors. This assignment demonstrated the ability of the CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) national platform and my Team to execute large portfolio transactions and provide local expertise on each of the centers." This sale follows the $393 million, 13-center sale that CBRE also brokered for Starwood. |
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