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Beaumont-Based Firm Buys Nine Retail Centers (758,983 SF) from REIT

Company principals Tom Cormier, Mike Albanese and Eldon Albanese of Beaumont-based Albanese Cormier Holdings.

BEAUMONT, Texas – (Realty News Report) – Albanese Cormier Holdings, a national commercial real estate investment company based in Beaumont, has acquired a portfolio comprising nine retail centers totaling 758,983 SF in Indiana, Michigan, Ohio and West Virginia, according to JLL.

Albanese Cormier Holdings purchased the portfolio in an off-market transaction. JLL represented the seller, ShopOne Centers REIT, which specializes in high-quality grocery-anchored shopping centers.

The acquistion represents an expansion for the Albanese Cormier Holdings into Michigan, Ohio and West Virginia, having already established a strong presence in Indiana.

The nine properties include two Indiana properties, Forest Park Plaza in Brazil and Pine Lake Shopping Center in LaPorte. The five Ohio properties are Amberwood Center in Ashland; Barberton Shopping Center in Barberton; DeVeaux Village Shopping Center and Reynolds Plaza in Toledo; and Perrysburg Market Place in Perrysburg. Additionally, there is one Michigan property, Phoenix Square in South Haven, and one West Virginia property, Huntington Mall in Barboursville.

The portfolio is 92% leased primarily to national tenants like Kroger, Giant Eagle, Anytime Fitness, Michaels, Dollar Tree, Ollie’s Bargain and more.

The JLL Capital Markets team that represented the seller included Managing Directors Clinton Mitchell and Amy Sands along with Senior Managing Directors Frederic Wittmann and Kenneth Martin and Managing Director Bill Poffenberger.

Albanese Cormier Holdings owns over 6 million SF of 87 assets throughout 24 states. The firm has 30 “Walmart shadow” properties located adjacent to Walmart stores.

Albanese Cormier Holdings is led by its managing principals, Michael L. Albanese, C. Eldon Albanese, and Thomas F. Cormier. Beaumont is located about 85 miles east of Houston.

Sept. 9, 2019 Realty News Report Copyright 2019

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