California firm breaks in to Jersey with $64m shopping center sale.Marking its first New Jersey transaction, Irvine, Calif-based Faris Lee Investments announced that it has completed the $64.3 million sale of ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium ITC n abbr (BRIT) (= Independent Television Commission) → Crossing South 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 , a retail power center located at 10 to 50 International Drive South in Mount Olive Mount Olive is the name of several places: United States of America Cities and towns
Richard Waiter and Donald MacLellan of Faris Lee Investments represented the TIC buyer, Los Angeles-based SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. Real Estate Investments, an integrated real estate investment company. The institutional seller, Birmingham, Alabama-based AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group Baker represented itself. Built in 2002 and situated on 46.73 acres, the nine-building property totals 366,000 s/f and is 100% occupied by national credit tenants including: Lowes, Michaels, Bed Bath & Beyond, TJ Maxx, McDonalds, Wendy's, Babies R Us, PetsMart and Old Navy. The center is also shadow-anchored by Wal-Mart. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Richard Walter, president of Faris Lee Investments, this transaction was complicated and included a diversity of issues which required the team's deep-rooted expertise at identifying and resolving potential deal breakers. The transaction had been in progress since late 2005 because of several property challenges. "Many times the most challenging deals, when overcome, produce investments with the greatest rewards," said MacLellan. "This center boasted a prime tenant mix with 100% occupancy, great location adjacent to Interstate 80 and the buyer would own all the restaurant pads." |
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