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Wednesday, January 12, 2011

Retail Shopping Centers Acquired by Israeli Firm

retail-shopping-centers-net-leased

Tel Aviv, Israel - Our Global Net Lease Properties information comes from Tel Aviv, Israel. We see a major announcement regarding the acquisition of seven U.S. shopping centers for $75 million. Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit") has reported that it has an indirect subsidiary sign a Commercial Real Estate Purchase and Sales Agreement. EPN Investment Management, LLC ("EPN"), has agreed to purchase net lease properties from certain affiliates of Charter Hall Retail REIT. EPN Investment entered into this agreement with Charter Hall as part of a joint venture (JV). This JV is with Elbit and Plaza Centers N.V. subsidiary, Eastgate Property L.L.C. and EPN Real Estate Fund L.P. for the net lease properties purchase. We not that from the second quarter of 2009 to the second quarter of 2010, Foreign investments have skyrocketed over 200%.

This Investment Property Portfolio consists of seven retail shopping centers which are located in Georgia, Oregon and Florida. These Net Lease Properties have a Net Operating Income (NOI) of approximately $7.0 million, which gives an attractive annual yield of approximately 9.2%. These net-leased retail shopping centers have a total Gross Lettable Area (GLA) of approximately 657,000 square-feet (approximately 60,000 square meters). Currently the net-leased retail shopping centers have an occupancy rate of approximately 91.0%. The Purchase Price of the Net Leased Properties is $75 million, out of which $22.7 million shall be paid by way of assumption of a commercial loan. This Commercial Loan assumption is a contingency for the deal to close.

EPN Investment Management, LLC ("EPN") did not mention which exact retail shopping centers were purchased. However, Sydney, Australia-based Charter Hall Retail's seven Georgia retail shopping centers are all situated in metro Atlanta. This area is hot for our NNN Commercial Real Estate Investors seeking opportunity. Charter Hall Retail's Atlanta holdings include the Lindbergh Crossing retail shopping center, Northlake Promenade shopping center, Roswell Crossing, and the net-leased Woodstock Crossing. The retail shopping centers have fantastic National Retail tenants which includes Trader Joe's and Marshalls. These net lease properties were not announced to be part of a 1031 Exchange.

The Roswell Crossing Retail Shopping Center is located at 625 W Crossville Road, in Roswell, Georgia with 30075 as the zip code. This Retail Shopping Center has a mix of national tenants such as PetSmart, OfficeMax and Walgreen’s. This Retail Shopping Center also has one our favorite grocery specialty store, Trader Joe's. This Retail Shopping Center has an affluent customer base with an average household income that exceeds $125,000, within a 3-mile radius. This net-leased Retail Shopping Center is positioned at an intersection with very heavy traffic. This Atlanta suburb intersection is Hwy 92 and King Rd. The Roswell Crossing Retail Shopping Center benefits from approximately 52,000 vehicles per day (VPD).

The Roswell Crossing Retail Shopping Center is near other net-leased Tenants including Outback, Arby's, Taco Mac, and many more. Retailers such as Kohl's, Linens N Things, ABC, and other major retailers are in close proximity including Publix and Home Depot. The Roswell Crossing Retail Shopping Center is also surrounded by office building as well for retail foot traffic.

We have NNN Commercial Real Estate Buyers who like retail, and possible 1031 Exchange property solutions. Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.

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