ARC’s Retail Centers of America and Lincoln Buy AL Retail Development for $83.5 Million

American Realty Capital – Retail Centers of America I & II, two publicly registered, non-traded real estate investment trusts sponsored by AR Capital, along with Lincoln Property Company Southeast, acquired Patton Creek in Hoover, Alabama. The multi-tenant retail development was purchased from Patton Creek Holdings, LLC for $83.5 million.

The 512,871-square-foot includes 65.7 acres of open-air retail, entertainment, dining and shop tenants. Dick’s Sporting Goods, Rave Motion Pictures, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, buybuyBABY and Christmas Tree Shops anchor the center. The property was approximately 95 percent leased at the time of the sale.

American Realty Capital – Retail Centers of America I & II seek to acquire existing anchored, stabilized, retail properties, including power centers, lifestyle centers, grocery-anchored shopping centers and other need-based shopping centers located in the United States.