DALLAS - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that NewQuest Epic Investments has closed on a $75 million joint venture with a $4 billion private equity real estate firm to purchase value-add grocery-anchored and power retail properties.
The $75 million equity placement is to be deployed over the next 12 to 18 months as the venture pursues retail opportunities in the top 60 markets, select college towns and resort communities nationwide. Cassidy Turley’s Structured Finance team of Beth Lambert-Saul, Executive Managing Director, and Diego Arroyave, Senior Vice President, arranged the joint venture equity on behalf of NewQuest Epic Investments.
“NewQuest Epic’s track record, relationships and ability to source investments created strong interest from real estate firms wanting to establish a long term relationship with a ‘best in class’ partner in the retail sector,” said Ms. Lambert-Saul.
The partnership recently closed on three assets that included Easton Commons Shopping Center in Houston; Paulding Commons in Hiram, GA; and Aspen Park in Conifer, CO. Easton Commons, a 193,595-square-foot grocery-anchored center in the Copperfield master-planned community, is anchored by Kroger Signature and Studio Movie Grill. Paulding Commons, a 209,676-square-foot center in a community northwest of Atlanta, is anchored by Academy Sports. Aspen Park is a 154,000-square-foot grocery-anchored shopping center located west of Denver.
ABOUT NEWQUEST PROPERTIES
NewQuest Epic Investments is the investment arm of NewQuest Properties, a market leader in retail leasing, development, land brokerage, investment sales and tenant representation headquartered in Houston with a portfolio exceeding $1 billion in assets including 50 retail centers throughout Texas. NewQuest Properties focuses on developing value-added, grocery anchored retail centers throughout Texas and provides third party leasing, tenant representation, property management, construction and land brokerage. NewQuest Properties has a proven track record of meeting the needs of a diverse client roster managing more than 12 million square feet of leased retail space and projects from Corpus Christi to Dallas / Ft. Worth. Its in-house team coordinates every aspect of retail center development, acquisition, financing, architectural design and property management. For more information about NewQuest Epic Investments, or NewQuest Properties, please visit www.newquestepic.com and www.newquest.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Maureen Wheeler Bailey Webb