News Summary
Encore Enterprises Inc., based in Dallas, has acquired two grocery-anchored retail centers, Northpoint Center in Illinois and Cowesett Corners in Rhode Island, increasing its portfolio to 26 properties. This strategic move highlights the strength of the grocery retail sector, with both centers boasting prime locations and strong tenant mixes. The collaboration with AmCap Management has proven beneficial, emphasizing disciplined investment strategies in the grocery retail space.
Texas – Encore Enterprises Inc., a Dallas-based company, has made significant strides in expanding its portfolio by acquiring two grocery-anchored retail centers located in Illinois and Rhode Island. The newly acquired properties are Northpoint Center in Arlington Heights, Illinois, and Cowesett Corners in Warwick, Rhode Island. This acquisition brings Encore’s portfolio to a total of 26 properties, encompassing approximately 1.41 million square feet of retail space.
The partnerships for these acquisitions were established with AmCap Management Holdings LLC (AmCap), which has also been a key player in multiple previous collaborations with Encore. This acquisition marks the fifth portfolio partnership between the two companies. Encore’s president, Mike Nelson, confirmed the strength and resilience of the grocery-anchored retail sector, citing robust net absorption and vacancy rates that are consistent with historical averages.
Northpoint Center, situated in Arlington Heights, covers 276,333 square feet and hosts various tenants, including well-known names like Jewel-Osco, Ross, and Marshalls. The center’s strategic positioning within a significant regional retail corridor enhances its accessibility, with connections to downtown Chicago via major interstates I-90 and I-290. Additionally, the center is located near Metra commuter rail stations, making it convenient for shoppers. Notably, the former Arlington Park racetrack, recently acquired by the Chicago Bears for a potential new stadium, is approximately three miles from Northpoint Center, adding to its attractiveness and foot traffic potential.
On the other hand, Cowesett Corners in Warwick, Rhode Island, spans 152,595 square feet and features a mix of tenants, including Stop & Shop, Petco, Five Below, and Oak Street Health. Located within Rhode Island’s retail trade district, Cowesett Corners is just 10 miles south of downtown Providence and 50 miles south of Boston. The center benefits from its proximity to major highways including Interstates 95 and 295, as well as being close to T.F. Green Airport, the largest airport in Rhode Island, and Kent Hospital, the state’s second-largest healthcare facility.
AmCap’s CEO, Jake Bisenius, highlighted the ongoing successful partnership with Encore, attributing their achievements to shared expertise and disciplined investment strategies in the grocery-anchored retail sector. The collaboration allows both firms to leverage their strengths and pursue their investment objectives effectively.
AmCap is known for its stringent investment criteria, with only one-third of retail centers in the U.S. qualifying for its standards. The company aims to execute between eight to twelve deals annually, focusing specifically on the grocery-anchored retail sector. This disciplined approach ensures that the acquisitions not only meet their investment benchmarks but also contribute positively to their overall portfolio.
The acquisition of Northpoint Center and Cowesett Corners reflects Encore Enterprises’ strategy to strengthen its presence in dynamic retail markets while aiming for long-term viability and growth. These centers not only support a successful retail model but also align with ongoing trends indicating resilience in grocery-focused retail environments.
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