BY JANET PATTON
July 29, 2014
Hamburg Pavilion, the shopping center at the corner of Man o’ War Boulevard and Sir Barton Way, has sold for a record $185.7 million, thought to be the biggest land transaction ever in Fayette County.
The properties include all the stores north of Sir Barton Way except the Target store and parking lot, in two parcels, according to David O’Neill, the Fayette County property valuation administrator.
O’Neill said his research indicates that the parcels together are the largest real estate transaction in the county.
The parcels, including some undeveloped sites, were bought by a partnership involving Starwood Capital Group, which owns $36 billion in real estate assets around the world, including luxury hotels, apartments, offices, retail and industrial space.
The parcels include all of the stores from Garden Ridge to Ulta along Old Rosebud Road; the Babies R Us, H.H. Gregg and Regal Cinemas buildings along Star Shoot Parkway; the Hamburg Village shops; the row of Best Buy, Marshall’s, Michaels and PetSmart; the row of smaller shops anchored by Party City; and the Barnes & Noble Booksellers, Pier I Imports, Logan’s Roadhouse and Old Chicago freestanding buildings between Pavilion Way and Man o’ War Boulevard.
The property that includes leased stores sold for $134.1 million. Many of the stores are the original tenants.
The other section sold for $51.6 million.