Rizzi of Broad Street Advisors closes JV acquisition of two class A lifestyle centers

Broad Street Advisors of New York has arranged the joint-venture equity for the acquisition of Lafayette Pavilions and Porters Vale, two lifestyle centers located in Lafayette and Valparaiso, respectively. The recently constructed centers contain such tenants as TJ Maxx, Office Depot, Hobby Lobby, Cinemark, Justice and Rue 21, and total 440,449 s/f. The purchaser is a joint venture between certain affiliates of a U.S.-based institutional investor and Indianapolis-based Lauth Group. Lauth was the prior owner and developer of the properties. Broad Street Advisors was the exclusive advisor for the transaction. Robert Rizzi, managing partner at Broad Street, handled the deal. Lafayette Pavilions is a 337,652 s/f class A lifestyle center located in Lafayette. Completed in October 2006, the 85% occupied property is anchored by TJ Maxx, Office Depot, and Hobby Lobby. Located within one mile of I-65 along the highly trafficked SR 26 retail corridor, the property is within four miles of Purdue University, home to 40,000 students and 12,000 university staff. Surrounding retailers include Super Target, Lowe's, Sam's Club, Marsh and Ashley Furniture. Porter's Vale is a 91,897 s/f class A shopping center located in Valparaiso, a rapidly growing suburb of Chicago. Completed in October 2007, the 81% occupied property is anchored by Cinemark, Justice, Rue 21, and is shadow anchored by JC Penney. The center is situated in a key retail corridor with tenants including Best Buy, Bed Bath & Beyond, Home Depot, Target, Pier 1, Marshalls, Kohl's, and Barnes & Noble. "This transaction is representative of many we're working on across the country, where operators have an opportunity to recapitalize their assets," said Rizzi. "In this case, the acquisition sets the stage for the assets to be more competitive via a re-set basis, and also provides a platform for Lauth and its capital partner to pursue other opportunities within and outside of Lauth's portfolio."