Philadelphia-based Lubert-Adler Partners has successfully exited an equity and debt investment through the sale of two suburban shopping centers – one just outside Atlanta, GA and one in Lexington, KY. The combined sales price for both centers was $336 million. Forum Peachtree Parkway, a 500,000 square foot lifestyle center just outside Atlanta in Norcross, GA, was sold to AEW for $150 million. The majority of space at Hamburg Pavilion, a power/lifestyle center in Lexington, KY with over one million square feet of retail space, sold for $186 million to Starwood Capital.
Real Estate Capital Partners (RECAP) of New York City has formed a joint venture with Vedura Residential of Scottsdale to develop Elevation Chandler, a 163-unit luxury apartment community located in Chandler, AZ.