RCA in the commercial property press:

Retail Center Sells for $50 Million in Cash

Retail Traffic reports: Cash buyers such as Newport Beach-based Stoneridge Capital Partners are leading the charge among investors returning to the commercial real estate arena. The private investment firm recently acquired the 180,300-square-foot Mililani Shopping Center in central Oahu for $50.25 million.

The firm’s all-cash offer was key to beating out nine other bidders for the community shopping center. The property sold in the first quarter at an 8.2 percent cap rate.

Mililani Shopping Center represents a hefty sale in a market where property sales have been lackluster due to financing constraints and a limited supply of quality investment properties. In fact, it is the largest sale to close in Hawaii yet this year.

Nationally, commercial real estate transactions across all major property sectors reached $15.6 billion in the first quarter. Although that is an improvement over the $10.5 billion in sales recorded during the same period a year earlier, it is still just a fraction of the frothy $48.1 billion that occurred during the first quarter of 2008, according to global commercial property research firm Real Capital Analytics. The research firm tracks sales in excess of $5 million.

Articles related to this topic:

 Retail Distress - Chicago Strip Mall Vacancies Climb
 Retail Investment Sales Make Progress
 ICSC and Real Capital Analytics Launch Global Shopping Center Directory
 CB Richard Ellis Preparing for Sale of Kingsmill Resort & Spa
 Retail Sales Down in the first half of 2010
 Commercial Property Developer Colony May Quit on Xanadu

Posted by: Nina Turner

<< Prev

Next >>