The company says that the acquisition is consistent with its five-year strategic plan to increase its assets in key markets in the Northeast and Mid-Atlantic region. The centers comprise in total 3.3 million sf. The local centers include the Fairview Plaza in Chicopee; the Campus Plaza in Hadley; the Sturbridge Shaw's in Sturbridge; and, Plaza 44 in Taunton.
Calls to Edens & Avant were not returned by press time and financial details of the deal were not disclosed. According to Konover's web site, its entire portfolio is for sale, which includes 23 grocery-anchored centers and 21 Ames Department Stores in the northeast. (The retail chain is in the process of liquidating its inventory after filing for bankruptcy last year.)
Acquisition of these Konover centers will bring the total square footage of Edens & Avant-owned assets in the northeast region to more than six million sf.
Edens & Avant's northeast regional office will be headed by Joe Pierik, who will hold the title of vice president of northeast region. The company currently has 202 centers in 19 states.
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