{"id":1004177164,"date":"2017-05-17T03:49:07","date_gmt":"2017-05-17T11:49:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004177164"},"modified":"2022-12-07T23:22:05","modified_gmt":"2022-12-08T07:22:05","slug":"wpg-oconnor-close-second-retail-jv","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wpg-oconnor-close-second-retail-jv\/","title":{"rendered":"WPG, O\u2019Connor Close Second Retail JV"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

O\u2019Connor Capital Partners has entered into a joint venture with Washington Prime Group Inc. by acquiring 49 percent of a 2 million-square-foot portfolio of seven open-air retail centers, worth a reported $600 million.<\/p>\n

\"Vineland<\/a>

Vineland Pointe in Orlando, Fla.<\/p><\/div>\n

According to the terms of the deal, Washington Prime<\/a> will retain a 51 percent interest in the portfolio and will continue to lease and manage the properties, as it has since originally acquiring them.<\/p>\n

\u201cWe are extremely pleased to be partnering with Washington Prime on this highly desirable retail portfolio,\u201d <\/em>William O\u2019Connor, O\u2019Connor Capital Partners\u2019 CEO, said in a prepared release. \u201cAll seven of the properties are specialty open-air centers located in key upscale markets.\u00a0With restaurants, movies and other amenities, they provide an extremely attractive shopping and leisure experience.\u201d <\/em><\/p>\n

The portfolio consists of Arbor Hills in Ann Arbor, Mich.; Classen Curve\/Nichols Hills Plaza\/The Triangle at Classen Curve in Oklahoma City, Okla.; Gateway Center in Austin, Texas; Palms Crossing in McAllen, Texas; The Arboretum in Austin; The Shops at Arbor Walk in Austin; Malibu Lumber Yard in Malibu, Calif.<\/p>\n

The latter property is expected to be transferred to the joint venture in the second quarter of 2017.<\/p>\n

A recent CBRE Emerging Trends study about the Austin market, where several of these properties are based, showed that 60 percent of respondents view Austin as a place to buy retail right now, and another 36 percent would hold onto existing assets.<\/p>\n

In addition, the report\u00a0identifies Austin as an attractive area for Millennial workers, which translates into shoppers.<\/p>\n

Major tenants in the centers include Whole Foods, Crate & Barrel, DSW, Ulta, Lululemon, Nordstrom Rack, Cheesecake Factory, Anthropologie and Trader Joe\u2019s.<\/p>\n

The transaction marks the second joint venture between the two companies. In 2015, the two completed their first partnership acquiring five malls totaling 4.5 million square feet, and related out-parcels. At the time of the sale, these properties were valued at nearly $1.6 billion.<\/p>\n

The five malls included were The Mall at Johnson City in Johnson City, Tenn.; Pearlridge Center<\/a> in Aiea, Hawaii; Polaris Fashion Place in Columbus, Ohio; Scottsdale Quarter<\/a> in Scottsdale, Ariz.; and Town Center Plaza, which includes Town Center Plaza and the adjacent Town Center Crossing, in Leawood, Kan.<\/p>\n

Neal, Gerber & Eisenberg LLP served as legal advisor to O\u2019Connor in the transaction.<\/p>\n

Image courtesy of Washington Prime Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Washington Prime will continue to lease and manage the 2 million-square-foot portfolio, which comprises seven open-air shopping centers valued at $600 million.<\/p>\n","protected":false},"author":451,"featured_media":1004177171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742,21749],"tags":[],"class_list":["post-1004177164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"\nWPG, O\u2019Connor Close Second Retail JV - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wpg-oconnor-close-second-retail-jv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WPG, O\u2019Connor Close Second Retail JV\" \/>\n<meta property=\"og:description\" content=\"Washington Prime will continue to lease and manage the 2 million-square-foot portfolio, which comprises seven open-air shopping centers valued at $600 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wpg-oconnor-close-second-retail-jv\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-17T11:49:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T07:22:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Vineland-Pointe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wpg-oconnor-close-second-retail-jv\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wpg-oconnor-close-second-retail-jv\/\",\"name\":\"WPG, O\u2019Connor Close Second Retail JV - 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