The Sembler Co. and Forge Capital, both based in Florida, have acquired the Tarrymore Square retail center in Raleigh, N.C., which has a 35% vacancy rate -- much higher than the 10% submarket average. They paid $21 million for the 256,805-square-foot center with an eye to renovating it and then leasing it up.
Bayer Properties has filed documents with Lexington, Ky., officials to build a retail center that will cost between $85 million and $100 million. The project, to be called The Summit Lexington, is expected to be between 450,000 and 500,000 square feet.
CFS Retail Property Trust's portfolio of Australian shopping centers posted a 1.9% increase in retail sales last year. "Despite what has been a challenging year, the underlying fundamentals remain mildly accommodative for retail expenditure," says Michael Gorman, CFS Retail's fund manager.