DALLAS, Feb. 28, 2011 /PRNewswire/ -- Invesco Real Estate today announces it has recently made two retail acquisitions. Invesco purchased a 19,700 square foot retail condominium property in the Broadway Retail Corridor of New York City's SoHo neighborhood. Located at 512 Broadway, the property is 100% leased through May of 2025. The retail condominium unit consists of two selling floors and a sub-basement.
Additionally, Invesco purchased 910 Lincoln Road, on the famed Lincoln Road retail strip of Miami's South Beach. The nearly 9,000 square foot single tenant property is leased through 2024.
"Invesco is targeting the acquisition of prime street retail in the best locations in select markets," said Todd Bassen, senior acquisitions director. "The acquisition of these properties exemplifies the types of properties and locations we seek for our clients."
Both properties are leased to the British clothing retailer All Saints and were both acquired from Thor Equities. Invesco represented itself in both transactions.
"The revitalization of these properties are a great example of Thor's vision for the urban retailing environment," Thor CEO Joseph J. Sitt said. "In both cases Thor's unique approach to urban retail allowed us to see potential in what were once vastly underutilized spaces. By converting a large basement to valuable retail on Broadway and converting an underperforming restaurant into a prime retail location on Lincoln Road, we were able to stabilize these properties and make them soar. We are fully confident that Invesco will only continue the progress Thor has made to date."
About Invesco Real Estate:
Established in 1983, Invesco Real Estate manages $36.5 billion of real estate investments, which includes $13.1 billion in US direct real estate portfolios, $10.3 billion in non-US direct real estate, and $13.1 billion in real estate securities (as of December 31, 2010). With more than 310 employees in 16 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.
Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.
About Thor Equities:
Thor Equities is a leader in urban real estate development, leasing and management, pursuing premier retail and mixed-use assets in high-density areas. Thor Equities provides the best possible "High Street" retail and mixed-use building environments within urban centers across the United States – all while delivering attractive, risk-adjusted returns to investors.