A major factor for the sale at less than replacement value was occupancy—only 74% of the center was occupied at the time of sale. However, the current tenant roster includes Wickes Furniture, Homemakers, Office Depot, REI Mountain Outfitters and JoAnn Fabrics. If Joseph Freed & Associates can close the gaping vacancy, the final sales price could end up being $29.4 million by mid-2005.
Four Flaggs is the eighth center acquired by Inland Real Estate Corp. that is anchored by a Jewel/Osco grocery and drug store.
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