SAN ANTONIO, June 3 /PRNewswire/ -- USAA Real Estate Company, through a co-investment joint venture, announces the acquisition of Wampanoag Plaza, a 225,610 square foot shopping center in East Providence, Rhode Island. New York-based Emmes Asset Management Company sold the property to the joint venture entity on May 28, 2010 for an undisclosed sum.
The property is currently 97% leased to 11 tenants. Anchoring the core, retail property, built in 1970 and completely renovated in 2009, is a 65,000 square-foot Stop & Shop, along with Savers and Marshalls stores, totaling approximately 37,000 square feet and 30,000 square feet, respectively. Stop & Shop, a leading New England grocer, operates more than 375 stores throughout seven states in the region, and Savers, Inc., more than 220 thrift stores across the United States, Canada and Australia. Marshalls, a leading retailer of apparel and home fashions in the U.S., has operated its store in Wampanoag Plaza since 1982.
"Having more than 77% of the center's rentable area occupied by well-known, value-oriented tenants speaks well for the soundness of this investment," says USAA Real Estate Company chairman and CEO Pat Duncan. "Quality discount necessity-based retailers located along two major thoroughfares will continue to attract a steady consumer base."
Wampanoag Plaza is located at the corner of Route 44 and Route 1A, three miles east of the Rhode Island state Capitol. Additional regional and national tenants include Payhalf, Dollar Tree, Napa Auto Parts and Payless Shoe Source. KeyPoint Partners, one of New England's largest real estate full service firms will provide property management services.
USAA Real Estate Company, with approximately $5 billion assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies with annual volume transactions exceeding $3 billion. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
For more information contact
Sharon Ballenger (210) 641-8410
SOURCE USAA Real Estate Company