GLENDALE, CA--(Marketwire - May 8, 2012) - American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced today the acquisition of @First, a newly-developed retail center on the dynamic North First Street Corridor of San Jose. The core acquisition features 84,001 square feet of rentable area with 19 tenants and a 60' high freeway-visible pylon sign with an electronic reader board.
The center is located on 10.3 acres in the "Golden Triangle" of Silicon Valley and benefits from excellent visibility from Highway 237. The brand-new retail center is 93% leased and offers a diverse tenant roster of high-profile nationally and regionally-recognized tenants including Chase Bank, Chick-fil-A, Chipotle, Coffee Bean and Tea Leaf, CVS/pharmacy, Five Guys Burgers, Fidelity Investments, Fresh & Easy, Panda Express, Panera Bread, Pasta Pomodoro, and Union Bank. Patronage at the center is enhanced by the property's close proximity to other major retailers as well as, Cisco, Brocade, and other Silicon Valley corporate campuses. In addition, demand at the center is expected to be driven by future high-density residential growth currently under construction and planned.
American's Chairman and CEO, Stanley L. Iezman, stated, "Consumer confidence is steadily returning to the marketplace and demand is significantly improving in high-income areas similar to San Jose, which was recently recognized as having the highest median household income of any city in the U.S. The acquisition of @First represents an excellent opportunity to capitalize on the long-term success of a well-located core retail property that is appropriately-sized, well-designed and likely to offer stable and quality cash flows during the anticipated holding period."
American is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With over $4.5 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 23 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide, all of which are managed on behalf of American's clients. Information regarding American can be found online at www.americanreal.com.
*Assets under management represent approximate gross market value of all assets and accounts managed by American as of December 31, 2011 which includes cash and cash equivalents and excludes partners' share of equity and partners' share of debt on partnership investments.