CBRE brokers $339m 12-property retail sale.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. announced the sale of a 12-property retail portfolio for Starwood Wasserman for $339.5 million. The portfolio consists primarily of community shopping centers 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 located in the five states of Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. (2), Rhode Island Rhode Island, island, United StatesRhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. (2), Florida (2), Ohio (3) and California (3). Inland Real Estate Acquisitions, Inc. purchased the portfolio on behalf of Inland Western Retail Real Estate Trust. The Starwood Wasserman Retail Portfolio is located in major metropolitan areas with high barriers to entry and is comprised of 13 properties totaling more than 2.04 million SF. The cash flow for the portfolio is anchored by long-term leases with numerous high volume national credit tenants. It 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 lease-up, long-term rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. of tenant leases and future rent growth. Jeffrey Dunne, Vice Chairman and Team leader, and Ryan Bassett of the CB Richard Ellis Tri-State Investment Team collaborated with B. William Moylan and T. Christopher Angelone of the Boston-based CB Richard Ellis Northeast Retail Investment Team on behalf of Starwood Wasserman and also procured the buyer. "The Starwood Wasserman Portfolio gives Inland a rare opportunity with one acquisition to own a critical mass of high quality retail product clustered in some of the most desirable locations throughout the country," said Mr. Dunne. The sale of the thirteenth property in the portfolio should close shortly. |
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