The St. Mary's property is 88% occupied. The anchors are an86,479-sf Kmart, a 51,216-sf JC Penney, a 30,000-sf ChiefSupermarket and an 8,000-sf Sears, and includes 20 other tenants,such as Fashion Bug, Maurices, Shoe Show, Bath & Body Works,Hallmark, GNC, Claire's and Radio Shack.


Dave Wik, director of acquisitions for Midland, says in astatement that his company plans to spend money on improvements andbuilding updates to the center. The property has four inlinevacancies and one vacant out-parcel. "We will be aggressivelymarketing the vacant spaces to national and regional retailers," hesays. Wik did not return calls for comment.


The purchase is the largest for the company's acquisitionsdivision, which was formed in May. The division is focusing on thepurchase of grocer-anchored shopping centers in the Midwest,mid-Atlantic and Southeast. Another division of the company handlesthe leasing and management of the acquired centers. The companyalso recently sold RenaissanceCenter in Durham, NC to CBL & Associates in partnershipwith Teachers Retirement System of the State of Illinois, for $90million, as previously reported.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.