Largest deal in recent history reaches nearly $300 million
San Francisco, CA -- (SBWIRE) -- 01/08/2013 -- Las Vegas developer Terri Sturm penned a $300 million deal with an Illinois real estate giant for six shopping centers.
The Inland Diversified Real Estate Trust acquired a majority stake in the shopping centers. The total area purchased is 1.7 million square feet, according to Sturm's Territory.
The properties that were purchased include a 525,000-square-foot Eastern Beltway Center at Eastern Avenue, and the 215 Beltway, along with the 860000 sq ft Centennial Center next to the U.S. 95-beltway.
The $296.3 sale was penned on December 28, and might be the largest of its kind in the Vegas area in the last half decade.
“Even during the boom, there weren’t too many portfolios sold like this,” said Nelson Tressler, an executive managing director with real estate brokerage Newmark Grubb Knight Frank.
Territory had personally developed five of the centers with partner firms, and Inland bought two of the centers outright. Territory and its development partners are still holders of a minority stake in four of the properties, according to Inland President and Chief Operating Officer Barry Lazarus.
The centers have major national tenant companies, and according to inland, an average occupancy rate over 90% is enjoyed by the shopping centers. Tenants include Wal-Mart, Home Depot, and OfficeMax.
“It isn’t very often a portfolio of this magnitude comes along,” Lazarus said.
Territory was the fifth-largest of the commercial landlord sector within the valley, according to VEGAS INC research. Chief Executive Officer Sturm founded the company in 1993, and her husband Roland V Sturm, is titled as the owner on the company's website.
Terri Sturm has had a history in the real estate business since the mid-'80s, and her resume includes being a developer for powerhouse shopping mall owner Simon Property Group.
Local real estate executives do not have a direct answer to why Sturm has sold the hubs. Lazarus said he heard of the possible opportunity for sale a year ago.
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