The property was termed an "impaired asset" and was being foreclosed on by an unnamed life insurance company. The shopping center has deferred maintenance issues and vacancies due to poor marketing and management, according to Preferred executives.
The 93,000-square-foot asset is anchored by a Scotts Grocery. Other tenants include Dollar General and Decatur Bank & Trust. According to Preferred executives, the property was built in 1968 and renovated in 2005.
When Preferred first found out about the property in November, it needed to quickly assess potential environmental risks that were associated with a dry cleaning company located there. As a result, Preferred needed to study the perc contamination and cleanup issues – a specialty of the company's.
Working with the lender, Preferred was able to negotiate a deal and take possession of the property. It took less than 45 days for the Chicago-based company to close on the shopping center.
Preferred focuses on development and acquisition efforts on single or multi-tenant retail properties in second- and third-tier markets. It especially pursues grocer-anchored sites that sell for less than $5 million
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