The JV alreadyhas 15 other properties in the region that are about 95%occupied, and include the 64,583-sf Witawa Family Center inGdynia's Tricity submarket. M. Jason Mattox, chief administrativeofficer for Behringer, would not reveal the purchase price of therecent properties acquired. He says the investment could beimpacted by the sinking global markets, but are too valuable in thelong run. "The population still has to eat," he tells GlobeSt.com."This investment capitalizes on basic functions such as groceryshopping. We also believe that this area has a stronger growth ratethan the rest of Europe, it would be hard for the economy to stopthat trend."

|

He says the area has been underserved by grocery stores. Tenantsof the recently acquired properties include Plus Discount andAhold, both grocery stores, and the home decorating store Jysk."These tenants have the experience to know these markets," Mattoxsays.

|

The goal of the JV is to buy these properties piecemeal at adiscount, then combine them into a larger portfolio and sell them,Mattox says. "We have a three-to-six year time horizon, startingthis year," he says.

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
NOT FOR REPRINT

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