Investcorp adds 1/2 million square feet to portfolio

Buys storage, retail buildings in two states

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Investcorp recently acquired a shopping center in Florida and four self-storage buildings in Illinois for an aggregate gain of 534,685 square feet. The total value of the transactions was not disclosed. The first purchase includes Cypress Point Shopping Center, located in Clearwater, Fla., which comprises 166,685 square feet of class A space. The property was 97 percent occupied at the time of sale and includes anchor tenants Burlington Coat Factory, Fresh Markets and Chuck E. Cheese. Built in 1983, Cypress Point is in good physical condition and features a red brick exterior. Investcorp also acquired four StorageMart self-storage facilities located in the greater Chicago area for an undisclosed price. The four sites are newly converted/constructed, class A self-storage facilities that together total 368,000 square feet. Investcorp purchased the StorageMart portfolio in partnership with Storage Today, an Arizona based self-storage company. The acquired properties will be operated a...