Fairfax Towne Center

The Fairfax Towne Center is a shopping center in Fairfax.

The Fairfax Towne Center was originally built in 1994 by Homart Development. In 1995, the retail shopping center and community center businesses of Homart were sold by its parent Sears, Roebuck and Co. to a subsidiary of General Growth Properties, with the closing of the community center portion of the transaction announced on November 17.[1][2]

In 2003, the center was acquired by the Macquarie DDR Trust, a joint venture of Developers Diversified Realty corporation and Macquarie Bank.

EPN acquired its interest in the Fairfax Towne Center in 2010 when it spent $116 million to buy the Australian Macquarie Group's share of the Macquarie DDR Trust, which was renamed the EDT Retail Trust.[3] The following year, 2011, EPN used its majority position in the EDT Retail Trust to buy out the remaining portion of the trust in a controversial takeover.[4]

In 2012, a joint venture of DDR Corporation and the Blackstone Real Estate Partners VII limited partnership bought the shopping center from EPN as part of a 47-property transaction.[5] DDR purchased Blackstone's interest in 30 of these properties, including the Fairfax Towne Center, in 2013.[6]

References

  1. ↑ Sears, Roebuck and Co. SEARS ANNOUNCES HOMART TRANSACTIONS. The Free Library. PR Newswire, 31 July 1995. Web. 8 Feb. 2017.
  2. ↑ "SEARS SELLS HOMART COMMUNITY CENTERS TO GENERAL GROWTH PROPERTIES, INC." The Free Library. PR Newswire, 17 Nov. 1995. Web. 08 Feb. 2017.
  3. ↑ Elbit Imaging Ltd. EPN Announces an Investment in the U.S. Retail Real Estate Market Becoming the Largest Investor in the US$1.5 Billion Macquarie DDR Trust With a 48% Stake. PR Newswire. PR Newswire, 16 June 2010. Web. 8 Feb. 2017.
  4. ↑ "EDT Retail Trust Takeover Closed." InvestorDaily. Sterling Publishing, 18 July 2011. Web. 08 Feb. 2017.
  5. ↑ Sernovitz, Daniel J. "EPN Investment Management Sells Fairfax Towne Center." Washington Business Journal. American City Business Journals, 11 Jan. 2012. Web. 08 Feb. 2017.
  6. ↑ "DDR to Acquire Select Prime Power Centers from Its Blackstone Joint Venture for $1.46 Billion." The Free Library. PR Newswire, 15 May 2013. Web. 08 Feb. 2017.

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