Cole and RED Development Complete $100.5 Million Transactions

by Nate Hunter

Phoenix — Three acquisitions include a JV 50 percent purchase and 100 percent ownership for Cole in a separate center.

Phoenix  — Cole Real Estate Investments and RED Development have purchased Macerich’s interests in two retail power centers in Chandler, Ariz. In a related transaction, Cole acquired 100 percent ownership of a third power center in Gilbert, Ariz. The transaction value for all three properties is $100.55 million. The joint venture now owns 50 percent interest in Chandler Festival and Chandler Village Center for $31 million and $14.8 million respectively. RED will serve as onsite property manager and leasing agent for both properties. Cole acquired 100 percent of SanTan Marketplace.

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