Edens & Avant to purchase three additional centers from SEA Properties for
additional $47 million
Total transaction value is $252 million
BOSTON, Nov. 23 /PRNewswire/ -- SEA Properties LLC, a joint venture of
Samuels & Associates ("Samuels") and Edens & Avant, announced today that it
has entered an agreement to sell its interest in 11 Northeast shopping
centers, to Galileo Shopping America Trust for a base purchase price of
approximately US $202 million (with the ability to earn up to $205 million
based on meeting targeted leasing thresholds). In a related transaction,
Edens & Avant will purchase Samuels' interest in three additional northeast
shopping centers. The total transaction value for all 14 properties is $252
million.
SEA Properties purchased the shopping centers approximately two years ago
from Farmington, CT-based Konover Associates as part of a 36-center portfolio
purchased from Konover for $262 million.
The centers being sold to Galileo represent 1,729,000 square feet of space
and are approximately 90% leased, a significant improvement over the 57%
occupancy rate when the properties were acquired in 2002 / 2003. Under the
terms of the transaction with Galileo, Samuels will continue to manage the
portfolio and provide leasing and management services for three years after
the close of the sale.
"Our goal in purchasing these underutilized shopping centers was to invest
in the real estate, revitalize the centers and improve their long-term value,"
said Joel Sklar, a Principal at Samuels & Associates. "I am pleased that our
team was able to fulfill that goal so successfully in less then two years."
Jodie W. McLean, President and Chief Investment Officer at Edens & Avant,
added, "The redevelopment joint venture was executed on plan generating
substantial returns to the partnership. This transaction is consistent with
the Edens & Avant strategy of leveraging its platform to create value."
The centers that will be sold to Galileo include:
1. Brunswick, ME (Lowe's)
2. Enfield, CT (Enfield Commons)
3. Enfield, CT (Enfield Stateline)
4. Enfield, CT (Enfield Freshwater)
5. Enfield, CT (Stop and Shop Plaza)
6. Wethersfield, CT (Goff Brooks)
7. Meriden, CT (Chamberlain Plaza)
8. Saratoga, NY (Hannaford Plaza)
9. Southington, CT (Queen Plaza)
10. Waterbury, CT (East)
11. Easton, MA (Easton Village)
The centers to be acquired by Edens & Avant include:
1. West Hartford, CT (Crossroads)
2. Norwichtown, CT (Norwichtown Mall)
3. Sturbridge, MA (Shaw's Plaza)
About Samuels & Associates
Headquartered in Boston, MA, Samuels & Associates is one of the New
England's leading leasing, development and management companies, with over
3 million square feet of active developments totaling in excess of
$400 million in cost. Samuels & Associates also has over 3 million square
feet of properties under management. The Company pursues two core lines of
development: (a) Urban and Suburban Retail Shopping Centers and (b) Large
Scale Urban Residential projects.
The company draws on three generations of real estate expertise to develop
institutional quality assets in its core markets of New England and the
Midwest. Samuels provides leading edge property management and leasing
services for all of its properties.
About Edens & Avant
With regional headquarters in Boston, MA, Washington, D.C., Atlanta, GA
and Columbia, SC, Edens & Avant is one of the nation's largest private retail
real estate companies. The Company focuses on the operation, development,
redevelopment and acquisition of grocery-anchored Necessity Retail Centers
leased to national and regional retailers. As of September 30, 2004, the
Company owned 197 assets totaling approximately 21 million square feet
concentrated in primary markets throughout the Eastern US. In addition, the
Company has 28 active development projects totaling $500 million of
investment.
SOURCE Edens & Avant
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Related links:
http://www.edensandavant.com
Company News On-Call:
http://www.prnewswire.com/comp/.html
CONTACT:
Diana C. Pisciotta of Samuels & Associates,
+1-617-482-0042, or cell, +1-617-784-5256; or Susan Sale of Edens
& Avant, +1-803-744-2492
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