Investcorp has announced the acquisition of Coral Palm Plaza shopping center in Coral Springs, Florida. The joint venture with Lincoln Equities was valued at $120 million for the 135,672 square foot plaza.
Built in 1986 and renovated in 2000, Coral Palm Plaza leases to a number of well-known retailers, including Buybuy Baby (a subsidiary of Bed Bath & Beyond) and Michael’s Arts & Crafts. The shopping center in located in Coral Springs, which is a high-traffic retail area with a wealthy community of shoppers.
Over the past three months, Investcorp has made two other significant purchases, including Princeton Forrestal Village in Princeton, New Jersey and The Shops at Tech Ridge in Austin, Texas (a joint venture with Global Fund Investments).
Princeton Forrestal Village is a 550,000 square-foot development built in 1987 (remodeled in 2007) that hosts retailers, restaurants, a 294-room Westin Hotel and Conference Center, a fitness center and spa, a food court, and a daycare center.
Tech Ridge, built in 2003, leases to a number of well-known retail chains, including Toys 'R Us, Petsmart, Ross, and Hobby Lobby. This center in Austin is one of 24 shopping centers Investcorp owns in Texas.
Investcorp is headquartered in Bahrain and is an alternative investment firm for private equity, real estate, hedge funds, technology investment, and Gulf growth capital. It owns and maintains a number of investments in the U.S. and Europe for its clients in the Gulf region. Founded in 1982, Investcorp has assets totaling $43 billion. It has offices in New York, London, and Manama, Bahrain.