The real estate team at New York-based alternative assets group Investcorp started the year with the announcement of two major retail acquisitions, purchasing a regional mall outside of Miami and acquiring the remaining 20 percent of a Texas retail portfolio.
In Florida, Investcorp acquired the 76-acre Southland Mall, located 15 miles south of downtown Miami. The property has 986,514 square feet of retail space, of which the firm owns 622,467 square feet. Retailers Sears and Macy’s own the remaining space in the mall. Details of the transaction were not disclosed.
Southland was developed in 1972 and redeveloped in 1993. It is currently going through another redevelopment—a process that should be completed mid-year—and is 94 percent occupied.
“Our purchase of Southland Mall represents an exciting opportunity for Investcorp to further capitalize on ongoing growth trends in Florida, and particularly Miami-Dade County, which is projected to add more new residents over the next ten years than any other county in the state and has high barriers to entry for regional shopping malls,” Brad Seiden, a principal at the firm, said in a statement.
The firm has also acquired the remaining 20 percent stake of a portfolio of 29 shopping centers in Texas for a reported $18.5 million (€14 million). The firm purchased its initial stake in the shopping centers from Equity One last April for $402 million.
The portfolio, which is 93 percent leased, consists of 2.8 million square feet of space spread over shopping centers in Dallas, Houston and San Antonio. Including these two deals, Investcorp acquired more than $1 billion worth of shopping centers in 2006.