CenterSquare has acquired a significant portion of Geneva Commons, adding the property to its essential service retail portfolio.
Geneva Commons is located along Randall Road, and the center includes over 80 retailers and restaurants spread over 418,000 square feet. CenterSquare purchased six buildings totaling 87,649 square feet within the lifestyle destination. The latest addition brings the company’s portfolio to 81 acquisitions nationally.
Geneva Commons is located in a dominant retail corridor with high visibility, and the property is 97% leased. Lamar Companies, in conjunction with Real Capital Solutions, acquired Geneva Commons for $63.8 million, down from the $124.5 million the seller, LaSalle Investment Management, paid for it in 2013. Lamar has invested over $2.4 million in capital improvements following the acquisition.
The shopping center has seen continued leasing activity, recently signing 45,951 square feet of new retail and restaurant leases with new tenants including Lululemon, Warby Parker, Big Blue Swim School, Club Champion, Vera Bradley and Miniso.
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