The same client sold the Okemos, MI-based 86,891-sf Meridian Towne Centre in August to NP/I&G Meridian, LLC, a subsidiary of a joint venture managed by New York City-based New Plan Excel Realty Trust Inc.

Constructed between 1970 and 1997, Lansing Towne Centre was 89% leased at the time of sale, with tenants including Circuit City, Office Max and Chuck E. Cheese. An on-site 101,900-sf Target serves as a shadow anchor. "We received a lot of offers on the Lansing Towne Centre," comments Daryl Krivanec, director of investment management, Hart Realty Advisers, adding that Covington's offer was competitive. Krivanec tells GlobeSt.com that the hope had been to receive at least $18 million for the property, and the company was "happy with the results."

"Both of the centers sold are across the street from dominant malls on the east and west sides of Lansing," Krivanec says, adding that the location of both properties provided a value add for both purchasers. "The seller wanted to take advantage of strong capital markets," Krivanec adds, noting that an industrial building remains in the client's portfolio. However, "we're not sure when or if we'll be selling that property," Krivanec says.