Investec Raises $130 Million for Acquisition of West Coast Retail
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Investec Continues to Seek Grocery/Drug Anchored Centers
SANTA BARBARA, CALIF. – Investec, specializing in the acquisition, operation, management and leasing of retail properties in California, is pleased to announce the firm has raised $130 million for acquisition of grocery and drug anchored centers located in the coastal region of California. Investec currently owns and manages over two million square feet and $650 million of shopping centers in California.
According to Ken Slaught, Investec’s founder and president, “Investec will continue its focus on best-in-class neighborhood shopping centers, anchored by dominant grocers and pharmacies."
Slaught is a strong believer in California retail. “We have been investing exclusively in California retail since 1988, so we are not surprised by the recent 'flight to quality' into these very markets on which many of our competitors are now focusing," notes Slaught. "The coastal markets of California are home to some of the most desirable real estate demographics in the country with high barriers to entry. From San Diego to Northern California, our neighborhood shopping centers provide our investors with extremely strong, risk adjusted returns in all economic cycles.”
While experts disagree over the current health and prognosis of the commercial real estate market in general, and some segments of the retail sector in particular, Slaught prefers to look at the big picture. “Over time, I am convinced these coastal markets of California will continue to thrive as they have for over the past 20+ years. Our properties, and those we seek to acquire, satisfy essential demand in local markets for products and services offered by a mix of national and local retailers. Investec has done very well by sticking to this disciplined approach. Our investors have reaped the rewards," says Slaught.
In February 2010, Investec acquired a 100,000-square-foot Ralphs and CVS/pharmacy anchored center, The Plaza at Sunbow in San Diego, for $21 million. In October 2009, Investec completed the development of Gene Autry Plaza, a new $17.5 million 60,000-square-foot shopping center in Palm Springs, Calif., and celebrated the grand opening of the first ground-up Smart & Final Extra! store in California. The center also includes Staples and 11,500 square feet of shop space.
Investec’s Director of Acquisitions Grant Harris reports that Investec is currently negotiating the acquisition of two retail properties and is actively seeking additional opportunities. “Our ability to efficiently execute property investigations and close quickly with 'all cash' provides Investec with a significant advantage over most other buyers, while at the same time providing sellers with transaction confidentiality and surety of execution,” Harris adds.
For more information about Investec’s acquisition criteria, please contact Grant Harris at 805-962-8989 x343 or grant@investecre.com.
