CHASE PROPERTIES ANNOUNCES THE ACQUISITIONS OF GRANDVILLE MARKETPLACE IN GRANDVILLE,
BEACHWOOD, Ohio, Dec. 20, 2021 /PRNewswire/ — Chase Properties, a Beachwood, Ohio-based owner and operator of shopping centers, announces the acquisition of two shopping centers, Grandville Marketplace in Grandville, Michigan and Montclair on Center in Omaha, Nebraska. The two acquisitions combined for a total purchase price of $52,400,000.
Grandville Marketplace is a shopping center of approximately 209,000 square feet that is anchored by Hobby Lobby, Big Lots and PetSmart and is adjacent to a Lowe’s Home Improvement. Grandville is a growing area within the Grand Rapids, Michigan market. Other major retailers within close proximity to Grandville Marketplace are Costco, Target, Super Walmart and Meijer.
Montclair on Center is a shopping center of approximately 245,000 square feet that is anchored by Marshalls, HomeGoods and The Tile Shop. The property is located at one of the highest traffic intersections in Omaha and is surrounded by several other national retailers including At Home and Aldi. Chase Properties acquired the property in partnership with DRA Advisors.
According to Andy Kline, Chase Properties’ Co-CEO, “We are very excited to close the year with these two acquisitions, both of which are great additions to our strategy of focusing on owning and operating high-quality, open-air shopping centers in secondary and tertiary markets. We are also very excited to be able to expand our partnership with DRA Advisors, who has been and continues to be an important partner.”
Chase Properties is a full-service owner and operator of shopping centers located in 18 states throughout the Midwest, Southern and Eastern U.S. The company was founded in 1973. Currently, Chase Properties owns and manages shopping centers comprised of over 7.2 million square feet. Additional information can be found at www.chaseprop.com.
DRA Advisors LLC is a New York-based registered investment advisor with approximately 85 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring over $35 billion of real estate. The acquisitions include 82 million square feet of industrial, 61 million square feet of office, 83 million square feet of retail and 76,000 multifamily units. As of September 30, 2021, DRA has $11.7 billion in gross assets under management. http://draadvisors.com
Contact:
Chase Properties
Andy Kline – 216.464.6626
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SOURCE Chase Properties Ltd
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