Blackstone Purchases Shopping Center Portfolio for $473.1M

By Liviu Oltean, Associate Editor

Equity One Inc. agreed to sell 36 shopping centers to Blackstone Real Estate Partners VII for $473.1 million. The shopping centers encompass 3.9 million square feet and have mortgage loans that add up to a $177.4 million balance as of June 30, 2001. In the transaction, Eastdil Secured represented Blackstone, while Lazard Freres & Co. represented Equity, reports CityBizList.

Predominantly located in Tampa and Orlando, four of the shopping centers are in North Carolina:

• Parkwest Crossing in Durham, an 85,602-square-foot shopping center anchored by Food Lion.
• Salisbury Marketplace in Salisbury, a 79,732-square-foot shopping center anchored by Food Lion.
• Carolina Pavilion in Charlotte, N.C., a 731,678-square-foot shopping center anchored by Ross Dress For Less, hhgregg, Kohl’s, AMC Theatres, Nordstrom Rack, DSW, Bed Bath & Beyond, buybuy BABY and Old Navy.
• Whitaker Square in Winston-Salem, NC, an 82,760-square-foot shopping center anchored by Harris Teeter.

In related news, Carolina Ale House is moving forward with its plan to open a restaurant in the Glenwood South district, the Triangle Business Journal reports. LM Restaurants, the parent company of Carolina Ale, has filed a project that will redevelop an office building at 500 Glenwood Avenue into a 38,000-square-foot retail building that will be anchored by Carolina Ale House.

Lou Moshakos, president and owner of LM Restaurants, announced that the lead designer for the project is Frank Smith of Smith 2 Architecture and Design. The property was purchased in 2009 by LM Restaurants, and will be redeveloped as a three-story retail property.

Upon completion, the Glenwood Avenue building will feature retail space on the ground floor level comprising 10,026 square feet, with additional 17,287 square feet that encompass the second and the third levels. The property will also feature a 1,149-square-foot deck area on the roof and 72 off-street parking spaces.