NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today the successful closing of one acquisition and three dispositions during the fourth quarter of 2016, consistent with its capital recycling strategy.
On December 21, 2016, the Company acquired Felicita Town Center, a 127,000 square foot open-air shopping center located in Escondido, California (San Diego MSA), for $40.1 million. Felicita Town Center is anchored by a newly expanded and highly productive Trader Joe's, in addition to Major Market and Rite Aid, with total occupancy of 95% and small shop occupancy of 88%.
"The acquisition of Felicita Town Center, which is directly across the street from our Felicita Plaza property, establishes a dominant position for Brixmor in a very attractive submarket of Escondido, California. On a combined basis, the Company will now own the majority of grocers and approximately 80% of the small shop space in this dense, high-income trade area," commented Mark Horgan, Executive Vice President, Chief Investment Officer. "Felicita Town Center not only presents a compelling growth opportunity given in-place rents, it also furthers our long-term strategy of building critical mass in highly productive retail corridors."
In addition, during the fourth quarter of 2016, the Company completed the sale of three properties for gross proceeds of approximately $75 million.
- On November 3, 2016, the Company completed the disposition of Plymouth Plaza, a 30,000 square foot office building in Plymouth Meeting, Pennsylvania, for $4.3 million.
- On November 23, 2016, the Company completed the disposition of Shopper's Haven Shopping Center, a 207,000 square foot asset located in Pompano Beach, Florida, for $50.0 million. The center was 99% leased and anchored by Winn-Dixie, Bed Bath & Beyond, Bealls, Michaels and Walgreens.
- On December 19, 2016, the Company completed the disposition of Midway Market Square, a 224,000 square foot shopping center located in Elyria, Ohio, for $20.5 million. The center was 89% leased and anchored by Giant Eagle, Dick's Sporting Goods and Jo-Ann Fabric and Craft Store.
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ABOUT BRIXMOR PROPERTY GROUP
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company's more than 500 retail centers comprise 86 million square feet in market-dominant locations across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as service and entertainment users. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing repositioning and redevelopment projects. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.
SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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SOURCE Brixmor Property Group Inc.