Rouse Properties Acquires Fig Garden Village in Fresno, California
June 04 2015 - 7:30AM
Business Wire
- Acquisition Increases Presence in
California and Further Enhances Portfolio Quality -
Rouse Properties, Inc. (NYSE:RSE), a national owner and operator
of enclosed regional malls and retail centers, today announced the
acquisition of Fig Garden Village, a 301,459 square foot lifestyle
center in Fresno, California for a total purchase price of
approximately $106.1 million, excluding transaction costs and
closing adjustments. The acquisition was financed with a new $74.2
million non-recourse CMBS loan with an interest rate of 4.14%.
“Our acquisition of Fig Garden Village represents a natural next
step in continuing to broaden and upgrade Rouse’s portfolio. Our
management team has a proven track records in lifestyle centers and
our platform continues to add lifestyle components throughout our
existing mall portfolio. This acquisition highlights our
opportunity to grow into more markets and broaden our offerings for
our retail partners,” commented Andrew Silberfein, president and
chief executive officer of Rouse Properties. “We continue to
focus our strategy on owning the best retail assets within our
markets, providing market-leading pricing power. While Fig Garden
has been the prime shopping destination in Fresno for decades,
there remains significant value creation opportunities for us as we
improve the overall customer experience of the shopping center, and
add more powerful and productive retailers. This acquisition
provides significant synergies in terms of intensifying our
relationships with top quality retailers which we are focused on
adding throughout our portfolio as part of our companywide capital
investment initiatives.”
Fig Garden Village is a Whole Foods-anchored community lifestyle
center located in Fresno, California. The center was built in
1956 and renovated in 2007. In addition to the only Whole
Foods Market within 150-miles, the center features a dominant
tenant line-up including such tenants
as: Lululemon, Williams-Sonoma, J. Crew, Pottery
Barn, Chicos, White House Black Market, Chipolte and
Starbucks. Fig Garden Village is 93.9% leased with total
center sales of approximately $470 per square
foot.
Fig Garden Village is located in the most dense and affluent
neighborhood in the trade area with average household incomes
exceeding $73,000 surrounding the property. The center is situated
at a high-traffic corner with traffic counts of approximately
70,000 cars per day, and is positioned just one mile west of the
Shaw Avenue Highway 41, providing convenient access to and from the
surrounding trade area.
Fresno is the 5th largest MSA in California, with an estimated
population of over 2 million. In 2014, Fresno’s employment growth
of 4.5% was among the highest of all large U.S. MSAs. The area
continues to benefit from substantial tech growth, with Apple,
Google, and Facebook, among others, investing in future expansion
sites.
About Rouse Properties
Rouse Properties, Inc. (NYSE:RSE) is a publicly traded real
estate investment trust headquartered in New York
City and was founded on a legacy of innovation and creativity.
Among the country's largest publicly traded regional mall owners,
the Company's geographically diverse portfolio spans the
United States from coast to coast, and includes 35 malls and
retail centers in 21 states encompassing approximately 24.1 million
square feet. For more information please
visit: www.rouseproperties.com.
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