DECATUR, IN-In an all-cash transaction, Preferred Development has purchased the Village Green Shopping Center here. The purchase price was not disclosed for the property located at 1000 S. Thirteenth St.

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.

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