NEW YORK, NY – March 30, 2012 – (RealEstateRama) — O’Connor Capital Partners and Wafra Investment Advisory Group, via the fund O’Connor/Wafra Retail Partners, have acquired a joint venture interest in a 237,066-square-foot open-air, upscale lifestyle center, The Promenade at Chenal. Located in Little Rock, Ark., The Promenade at Chenal is anchored by many “first and only” tenants in the state, including Apple, J. Crew, DSW, Nike, Anthropologie, and Charming Charlies, in addition to Chenal Cinema. The Class A center, developed by RED Development, has exceptionally strong sales performance and is located in the most exclusive neighborhood of Little Rock. O’Connor/Wafra Retail Partners focuses on the acquisition of high-performing retail centers throughout the United States.
O’Connor and Wafra, on behalf of O’Connor/RealVest Retail Holding Company LLC, acquired the ownership interest in Phase II of Settlers Ridge in Pittsburgh, PA after acquiring the ownership interest in Phase I in December 2010. Phase II is a 94,603-square-foot open-air center 100 percent- leased to a mix of strong tenants, such as Ross, Michael’s, Ulta, Lane Bryant, and Shoe Carnival. Phase I is a 400,000-square-foot regional shopping center featuring a Giant Eagle Market District, REI, PF Changs, and a 16-screen cinema.
This transaction marks the fifth of ventures between O’Connor Capital Partners and Wafra Investment Advisory Group.
About O’Connor Capital Partners
O’Connor Capital Partners is a privately held, independent real estate investment and development firm. O’Connor concentrates its efforts on making direct investments in high-quality assets in major metropolitan markets in North America. Over the past 29 years, the firm has acquired or developed more than $20 billion of property on behalf of various investment funds, institutional clients, and its own account, encompassing all major property types. The firm is based in New York with a regional office in Mexico City. www.oconnorcp.com.
Founded in 1985, Wafra is an investment management company offering an extensive range of investment services including portfolio securities and alternative assets management, direct equity, real estate and other structured products management. Wafra’s Real Estate Division currently has over $800 million in equity under direct or asset management, representing committed capital and interests in real estate assets in the United States, Canada, Europe, and Asia exceeding $1.5 billion. www.wafrarealestate.com
Dan Bullock / Quinn & Co. / 212.868.1900 x362 /