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1/26/10
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Newport Beach-based Stoneridge Capital Partners recently closed on a $50 mil retail acquisition in Hawaii. The property, Mililani Community Shopping Center, is one of two principal retail centers in the master-planned community of Mililani, situated in central Oahu, north of Pearl Harbor. The transaction worked out to around $275/sf.
Containing a total of 180.3k sf of retail space, Mililani Community Shopping Center is anchored by locally owned Foodland Super Market, the largest grocery chain in Hawaii, and Ross Dress for Less. Additional tenants of note include 24-Hour Fitness, First Hawaiian Bank, Jack in the Box and a variety of retailers, restaurants, professional and service providers.
The asset was purchased from A&B Properties Inc, the real estate subsidiary of Alexander & Baldwin Inc. The all-cash transaction represents Stoneridge's entry into the Hawaii market and continues the firm's ongoing expansion strategy focused on opportunistic real estate investments. The company has completed more than $140 mil in acquisitions since April 2009.
"Due to supply constraints within the local market, this shopping center benefits from both high occupancy levels and historically high rental rate growth, making it an ideal fit for our real estate investment strategy," said Greg Merage, CEO of Stoneridge Capital Partners. "We will continue to leverage our strong cash position to seek out these types of investment opportunities and further expand our portfolio of commercial and multifamily assets."
The acquisition is Stoneridge's second all-cash transaction with A&B Properties within the past two months. In December 2009, Stoneridge acquired The Village at Indian Wells, a 104.6k sf neighborhood retail center located in Indian Wells, CA for $20 mil (191/sf).
Mark Bratton of Colliers Monroe Friedlander along with Tom Lagos and Fred Cordova of Colliers International represented A&B Properties in the transaction.
Stoneridge did not use broker representation. Currently, their acquisition efforts are focused on retail, office, hotel, multifamily, and residential land in major markets located throughout California, Phoenix, Las Vegas, Hawaii and Denver. In addition to these retail acquisitions, Stoneridge also purchased Avila at Rancho Santa Margarita, a 498-unit luxury apartment community in Rancho Santa Margarita, CA for $70 mil ($140.6k/unit) in April 2009.
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