IN-DEPTH: Lubert-Adler sells two shopping centers for $336m
Lubert-Adler Partners has exited an equity and debt investment through the sale of two suburban shopping centers for $336 million.
The firm sold Forum at 5151 Peachtree Parkway, a 500,000-square-foot lifestyle center just outside Atlanta in Norcross, Ga., for $150 million to AEW Capital Management.
The second center was Hamburg Pavilion, a power/lifestyle center in Lexington, Ky., with more than 1 million square feet of retail space. Hamburg Pavilion was sold for $186 million to Starwood Capital.
Forum at 5151 Peachtree Parkway is a regional open-air European-style shopping center that opened in 2002. It is fully leased to Trader Joe’s, HomeGoods, Ann Taylor, Barnes & Noble