ING Clarion makes surprise $75M purchase.

ING Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. has acquired the Surprise Towne Towne, an archaic spelling of the word town, is a surname, and may refer to:

Benjamin Towne, American newspaper editor
Charles A. Towne (1858 – 1928) U.S. Senator and U.S. Representative from Minnesota
Francis Towne, British landscape painter
Henry R.

Center and Marketplace in Surprise, Arizona Surprise is a city in Maricopa County, Arizona, USA. The population was 30,848 at the 2000 census, however rapid growth has boosted the city's population to 85,914 by the 2006 Census estimates. , for $75.5 million.

The off-market transaction was made on behalf of a separate account client advised by ING Clarion; it is the firm's first retail investment in the Phoenix area. Alfred Hackbarth, of Marcus & Millichap, brokered the transaction.

The Surprise Town Center and Marketplace comprise two separate parcels across the street from one another on Grand Avenue and Bell Road, two major thoroughfares in the growing northwest Phoenix area. Totaling approximately 960,000 square feet, the two centers feature more than 40 nationally branded and locally known retailers. 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 and the state's largest Wal-Mart anchor the Surprise Towne Center, while Target and Lowe's Home Improvement Center serve as anchor tenants at Surprise Marketplace.

"These properties are conveniently located on the proverbial pro·ver·bi·al
adj.
1. Of the nature of a proverb.

2. Expressed in a proverb.

3. Widely referred to, as if the subject of a proverb; famous. '50 yard line,' featuring high quality tenants that have been embraced by the Surprise community," said Stephen Latimer, managing director for ING Clarion.

"With the strong household formation occurring in the area, we anticipate that this will be a solid investment for our client for years to come. We are excited about future investment opportunities of this type in the Phoenix area."

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Publication:	Real Estate Weekly
Geographic Code:	1USA
Date:	Jul 26, 2006
Words:	198
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