Bullish on Wal-Mart, Investors Pay Close to $200
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The latest sale involved the newly constructed Shoppes at South Bay, which sold for $55,500,000, and is anchored by a 147,000 square foot Wal-Mart. Cumulatively, the property consists of a total of 196,965 square feet retail space, of which 25% of the total gross leasable area is composed of retail shop tenants.
REZA Investment Group Inc. represented Cypress Equities, the acquisition and development affiliate of Staubach Retail. REZA's Team members Reza Etedali, Brian Garrigan, Terry Bortnick and Aaron Bettencourt handled this sale. The buyer, a local private investor, was represented by Tom Nguyen of NAI Capital.
The sale comes on the heels of REZA's sale of the 850,000 square foot Wal-Mart anchored Baldwin Hills Crenshaw Plaza which sold for almost $140,000,000 in February. "Both assets included Wal-Mart in the sale which is very rare. We received tremendous response from both private and institutional groups on both assets. Baldwin Hills Crenshaw Plaza was sold to a major pension fund advisor from Chicago and Shoppes at South Bay was sold to a private investor who was willing to meet the seller's expedited timelines to close the transaction," said Reza Etedali, CEO and Founder of REZA Investment Group Inc.
"The strong interest in the two assets shows us that investors have a very strong appetite for Wal-Mart anchored centers in infill locations and the significant draws that the Wal-Mart is creating, despite some of the controversy and concerns over Wal-Mart's impact on other retailers, it is notable that the Wal-Mart is actually having a positive impact on adjacent retailers. This was clearly the case in Baldwin Hills Crenshaw Plaza where tenant's sales more than doubled after Wal-Mart opened two years ago," said Terry Bortnick, President of REZA
Press Release Source: REZA Investment Group Inc.
REZA Investment Group Inc., based in Irvine, California, is the leading retail investment advisory firm with a multi-billion dollar transaction record. The firm's resources are focused exclusively on retail investors and their specialized assets and have a transaction history that ranges from high profile malls to neighborhood shopping centers. REZA Investment Group Inc.'s business model and transactions have been nationally recognized.
REZA Investment Group sets the standard for the industry and inspires others to be their best by raising the bar on client service and transaction management. We cultivate solid relationships built on a foundation of trust and integrity. Our focus is to create the highest value for our clients by continually uncovering exceptional opportunities. For more information, please visit our web site at: www.rezacompanies.com.
ABOUT CYPRESS EQUITIES Formed in 1995, Cypress Equities is the acquisition and development affiliate of Staubach Retail. A part of The Staubach Company, Staubach Retail provides a full range of services including brokerage, development, capital solutions, consulting and managed services to both retail users and retail owners of real estate. Cypress Equities focuses on projects ranging in scope from mid-sized (15,000 square feet or larger) to large-scale (1,000,000 square feet or larger) retail centers. With development offices in Dallas, Atlanta, New York, Phoenix and San Francisco, it is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sub-investment grade sale-leasebacks and other development services for retail and automotive property. Cypress Equities currently has approximately $800 million worth of projects in its portfolio.