The sale was a package deal with another of its smaller,under-performing assets in Lawrence, KS. Both were sold for a totalcash sales price of $7.9 million to local investors within theinvolved marketing areas, the company said.
The properties had not performed up to the company's standardswith regard to square-foot sales and leasing opportunities. As ofMarch 31, 2000, the 97,749-sf McMinnville property was 69% leasedwith average tenant sales of $120 per foot. The 88,200-sf Lawrenceasset was 68% leased with average tenant sales of $104 perfoot.
By comparison, as of March 31, 2000 the company's portfolio was95% occupied with average tenant sales of $270 per sf.
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