American Realty Advisors Acquires Weston Lakes Plaza.Business Editors GLENDALE, Calif.--(BUSINESS WIRE)--May 16, 2003 American Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors announced today the acquisition of Mizner Village, a Class-A grocery anchored retail 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 in South Florida. The purchase was made on behalf of one of American's pension fund clients as part of a core real estate strategy. Constructed in 1995, the property consists of 96,342 rentable square feet on 14.65 acres. The shopping center boasts a number of national tenants including Publix, Eckerd Drugs, Blockbuster block·bust·er n. 1. Something, such as a film or book, that sustains widespread popularity and achieves enormous sales. 2. A high-explosive bomb used for demolition purposes. 3. , Starbucks Coffee, Subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. and Baskin Robbins. Located in the City of Weston just outside of Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , the property is well situated in one of Florida's most affluent locales. The acquisition is consistent with American's favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. outlook on the grocery anchored retail sector. They believe that the property type will continue to be a stable performer over the short term and provide strong returns over the full market cycle. As such, American is currently looking to acquire other similar class-A properties over the next year. American's Asset Manager, Jennifer Bradford, commented: "In today's market, finding solid investments with stable returns and low volatility is key. We are pleased to continue to find such opportunities on behalf of our clients, in spite of strong competition." Bradford added, "Maximizing the income potential and value of each of our managed assets is our primary focus. With our expertise in expense containment, tenant retention, and aggressive leasing, we will do that for this and every asset we manage." American Realty Advisors is a leading provider of institutional real estate investment management services including acquisition, disposition, development, structured finance, and active asset management. With more than $1.4 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , American has been creating customized investment strategies for public employee and corporate pension funds, endowments, foundations, and Taft-Hartley funds for over 20 years. The firm's nationwide properties include office, industrial, multi-family, and retail. American can be found online at www.americanreal.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion