Phoenix -- Cole Real Estate Investments and RED Development have announced the acquisition of Macerich’s interests in two retail power centers located in Chandler, Ariz.
In a related transaction, Cole acquired 100% ownership of a third power center located in Gilbert, Ariz. The transaction value for all three properties is $100.55 million.
As part of an ongoing joint venture, Phoenix-based partners Cole and RED Development are acquiring Macerich’s 50% ownership interests in the Chandler Festival and Chandler Village Center for $31 million and $14.8 million, respectively, for a total purchase price of $45.8 million. RED will serve as onsite property manager and leasing agent for both properties.
Additionally, Cole is acquiring 100% ownership of SanTan Marketplace in Gilbert, Ariz., for $54.8 million from Macerich and its investment partner. RED will also act as the leasing agent on this shopping center, while Cole will handle day-to-day property management.
All three assets are considered premier power shopping centers within the Southeast Valley submarket.
“These power centers are all primary retail destinations in the Southeast Phoenix trade area and capitalize on the synergy and traffic of nearby regional malls,” said Thomas W. Roberts, executive VP and head of real estate investments at Cole. “Each of these properties is anchored by nationally recognized, creditworthy retailers contributing solid fundamentals to our portfolio of core retail assets.”