IN-DEPTH: DeAWM acquires stake in $750m Florida retail center
Deutsche Asset & Wealth Management, an arm of Deutsche Bank AG, has acquired a 50 percent partial interest in St. Johns Town Center, located in Jacksonville, Fla., from developer Ben Carter Properties.
The sales price for the 50 percent partial interest was $375 million, reflecting a 100 percent valuation of $750 million, or $1,207 per square foot. Simon Property Group holds the remaining 50 percent interest.
Eastdil Secured represented the seller, Ben Carter Properties.
The two-story St. Johns Town Center is an upscale, open-air mall in southwest Jacksonville. It opened in 2005 with more than 100 stores.