Savills Granite advises major investor and developer realise assets of US$540m

In North Carolina, Savills Granite worked closely with private property investor and developer The Starmount Company to sell a wide-ranging portfolio of high quality retail and office properties for a total of over US$540m (£262m). The properties were acquired by a joint venture partnership between CBL & Associates Properties Inc and Teachers’ Retirement System of The State of Illinois.

The portfolio sold to the joint venture included Friendly Centre and The Shops at Friendly Centre in Greensboro, six office buildings located adjacent to Friendly Centre in Green Valley Office Park and Renaissance Center in Durham, NC. The Friendly Centre comprises 1.3m sq ft, with a major expansion project currently underway.

In addition, CBL also acquired a 100% interest in eight community shopping centres in Greensboro and High Point, North Carolina, and 12 office buildings in Greensboro and Raleigh, North Carolina and Newport News, Virginia. CBL is one of the largest and most active developer of malls in the US and this move expands the company’s local presence which already included several major shopping centres.

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