DALLAS and CINCINNATI – February 17, 2010 – Encore Retail has announced the acquisition of the 360,000-square-foot, Cincinnati-area Governor’s Point retail complex located directly off of Interstate 71, with easy access to Columbus. Encore Retail is a subsidiary of Encore Enterprises, a leading full-service real estate acquisition, development and management company focused on the retail, hospitality and multi-family sectors.
Developed in 1998 by Duke Realty Corporation, the complex consists of Governor’s Point North, a 161,061-square-foot center anchored by a 128,747-square-foot Lowe’s and the 198,940-square-foot Governor’s Point South, anchored by a 157,791-square-foot Bigg’s Supervalu supermarket. The two anchor tenants are joined together by a 24,049-square-foot Staples office supply center, as well as a Chipotle, Mattress Warehouse, UPS and T-Mobile.
“We are pleased to close on the Governor’s Point retail complex, which we expect to be one of the many announcements from our retail division in the coming year,” said Dr. Bharat Sangani, chairman of Encore Enterprises. “The retail market segment represents a compelling area of new growth for our company and our acquisition of Governor’s Point is representative of other opportunities we are evaluating around the country.”
The prime location of Governor’s Point at the intersection of I-71 and Mason-Montgomery Rd. is near one of Greater Cincinnati’s top marketplaces and near a number of global corporate headquarters, including Proctor & Gamble, Cintas and LensCrafters.
“The Governor’s Point acquisition is an important strategic addition to our growing portfolio of properties throughout the country,” said Nic Barber, president of Encore Retail. “The development greatly benefits from the high concentration of daytime population from nearby major corporations, as well as close access to housing developments in Greene, Warren, Clinton, Hamilton and Clermont counties.”
The acquisition is a joint venture between the Encore Opportunity Fund, a $150 million equity fund that was raised last year with its co-investment partner, Encore Equities, another subsidiary of Encore Enterprises.
“Encore brings a very disciplined approach to our investments – we seek out high-quality investments with a lower potential for downside by cultivating investor and partner relationships,” said Donna Arp, president of Encore Equities. “Given the area demographics and solid tenant base, the Governor’s Point acquisition was especially appealing to our investors.”
About Encore Retail, LLC
Encore Retail, LLC is a privately held commercial real estate company focused on the acquisition, ownership, development, redevelopment, and asset management of retail shopping centers initially focused on the Southeastern region of the United States. The Company intends to capitalize on its sophisticated and knowledgeable management team consisting of professionals with substantial real estate experience within and outside of the retail sector. The Company’s strategy is to tactically acquire, develop, and redevelop retail shopping centers providing attractive unleveraged yields.
Contact: Alex Fencl, MWW Group for Encore Enterprises, email@example.com, 214-414-3330 (direct) Matt Averitt, MWW Group for Encore Enterprises, firstname.lastname@example.org, 214-414-3318 (direct)