AmCap and New Institutional Partner Recapitalize Grocery-Anchored Retail Portfolio

AmCap, Incorporated (“AmCap”) and its new institutional partner recently recapitalized a portfolio of three grocery-anchored shopping centers originally acquired between 2005 and 2006 by AmCap. With this transaction, one of AmCap’s investment programs with a state pension fund partner will be fully realized.

A joint venture was formed by and between AmCap and its new institutional partner to consummate the deal, with AmCap continuing to provide leasing and property management services and assuming overall asset management responsibilities.

The roughly 864,000 square-foot portfolio is comprised of Copaco Center in Bloomfield, CT (Stop & Shop, Burlington Coat, and Lowe’s anchored), Cowesett Corners in Warwick, RI (Stop & Shop and Petco anchored), and Northpoint Center in Arlington Heights, IL (Jewel-Osco, Ross, Marshall’s, and Office Depot anchored). The new joint venture assumed the existing mortgage debts on Copaco and Cowesett, while a new market rate loan was obtained on Northpoint.

Jake Bisenius, President and CIO of AmCap, stated “This is a true win/win/win as our former partner exited at a satisfactory price while our new JV partner has entered these assets at an exciting time, as we are achieving a lot of new tenant leasing for these assets along with creating new space at these centers.”

AmCap, Inc. is a vertically integrated private equity real estate investment firm with offices in Stamford, Connecticut and Denver, Colorado. Founded in 1979, it focuses exclusively on grocery-anchored retail real estate in high-density U.S. metropolitan markets. AmCap has over $1 billion of gross assets under management with a nationwide footprint totaling approximately 5.0 million square feet.