HOUSTON – Hines, the international real estate firm, announced Tuesday that Hines Global REIT Inc. has acquired two retail centers, The Avenue Murfreesboro, located in Murfreesboro, and The Markets at Town Center located in Jacksonville, Fla.
The 10-building, 747,497-square-foot The Avenue Murfreesboro was acquired from Faison & Associates and Cousin Properties Inc for $163 million. Completed in 2007, The Avenue Murfreesboro is located off Interstate 24 in Rutherford County.
The Avenue Murfreesboro is 89 percent leased to a number of well-known tenants, including: Belk; Dick’s Sporting Goods; Haverty’s; Barnes & Noble; Bed, Bath & Beyond; and Michael’s. The tenant lineup consists of 93 total tenants including restaurants, apparel, home, beauty, jewelry, book and electronics stores. David Hocker & Associates will manage The Avenue Murfreesboro on behalf of Hines Global REIT.
Hines Global REIT Managing Director Kenton McKeehan said, “These projects provide an opportunity to take advantage of two of the strongest growth markets in the U.S. with a stabilized group of anchor tenants in strong, well-built retail developments.”
Sherri Schugart, president and CEO of Hines Global REIT added, “We were attracted to these properties due to the desirable locations in Jacksonville and Murfreesboro, a tenant base that provides a strong credit profile, growing local economies, and long-term prospects for future development in Florida and Tennessee.”
The Markets at Town Center is a nine-building, 317,415-square-foot, upscale retail center that was acquired from Pinehill Investment Co. It is situated adjacent to the St. Johns Town Center on more than 52 acres. Completed in 2009, The Markets at Town Center is the newest and final phase of the St. Johns Town Center, a 1.9 million-square-foot, master-planned retail destination located along the J. Turner Butler corridor in the prime retail and office submarket of metro-Jacksonville.
The Markets at Town Center is 93 percent leased to a number of well-known tenants, including: Toys “R” Us; Nordstrom Rack; West Marine; REI; Best Buy; and Gold Galaxy. The center is home to 31 total tenants including restaurants, outdoor/fitness, electronics, home, beauty, toy, apparel and jewelry stores. Genesis Real Estate Advisers, LLC has overseen The Markets at Town Center since development and will manage it on behalf of Hines Global REIT.