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JUNE 18, 2014

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IN-DEPTH: DeAWM acquires stake in $750m Florida retail center

by Andrea Waitrovich

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 DEAL

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 ASSET

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.

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