BEAUMONT, Texas – Albanese Cormier Holdings, a national commercial real estate investment firm headquartered in Beaumont, has acquired a nine-property retail portfolio totaling 758,983 square feet across Indiana, Michigan, Ohio and West Virginia, according to JLL.
The portfolio was purchased in an off-market transaction. JLL represented the seller, ShopOne Centers REIT, which focuses on high-quality grocery-anchored shopping centers.
This acquisition expands Albanese Cormier Holdings’ footprint into Michigan, Ohio and West Virginia, building on the company’s established presence in Indiana.
The nine centers include two properties in Indiana: Forest Park Plaza in Brazil and Pine Lake Shopping Center in LaPorte. The five Ohio centers are Amberwood Center in Ashland; Barberton Shopping Center in Barberton; DeVeaux Village Shopping Center and Reynolds Plaza in Toledo; and Perrysburg Market Place in Perrysburg. The Michigan asset is Phoenix Square in South Haven, and the West Virginia asset is Huntington Mall in Barboursville.
The portfolio is 92% leased and is anchored by national tenants such as Kroger, Giant Eagle, Anytime Fitness, Michaels, Dollar Tree and Ollie’s Bargain, among others.
The JLL Capital Markets team representing the seller included Managing Directors Clinton Mitchell and Amy Sands, Senior Managing Directors Frederic Wittmann and Kenneth Martin, and Managing Director Bill Poffenberger.
Albanese Cormier Holdings currently owns more than six million square feet across 87 assets in 24 states. The firm also holds 30 “Walmart shadow” properties—retail centers positioned adjacent to Walmart stores.
Albanese Cormier Holdings is led by its managing principals Michael L. Albanese, C. Eldon Albanese and Thomas F. Cormier. Beaumont is located approximately 85 miles east of Houston.
Sept. 9, 2019 Realty News Report Copyright 2019
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