Syndicated Equities Sells 150,000 SF Shopping Center for $32.5 million

Syndicated Equities is pleased to announce the sale of Plaza at the Pointe, a regional shopping center located in Pittsburgh, Pennsylvania.

Syndicated acquired the property in 2016 for $24.5 million alongside M&J Wilkow, Ltd., a leading Chicago-based owner and operator of retail and office properties throughout the country. At the time of acquisition, the 149,973 square foot retail center was 100% occupied by a combination of national and regional tenants, including Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn, and Bob’s Discount Furniture. Most tenants had short term leases and below market rental rates. During the hold period, M&J Wilkow executed on its value-add strategy of securing lease extensions at higher rental rates and securing two new tenants, Armenia Stone and Sportsmen’s Warehouse, to improve the tenancy at the center. Overall, the investment produced a profitable sale and earned investors a 1.7x equity multiple and 11.6% internal rate of return (IRR).

Executive officers at Syndicated Equities note “We are very pleased with the outcome of this investment, especially in light of the struggles that brick and mortar retail faced during the Covid-19 pandemic. M&J Wilkow, having identified a center in a top tier market with below-market rents, was able to manage through that difficult time and still execute on its strategy of securing new tenants and lease renewals at higher rates. They achieved long-term stabilization with significant value enhancement.”

Syndicated Equities provides accredited investors and family offices with institutional quality commercial real estate investments. Since 1986, the firm has developed an expertise in co-investment ownership, net lease brokerage services, global real estate opportunity funds, and more recently, qualified opportunity zones. To date, Syndicated Equities has made over 100 investments representing over $500 million of equity and $2 billion of total asset value.

For more information please visit www.syneq.com or call (312) 640-9020

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