The property was termed an "impaired asset" and was beingforeclosed on by an unnamed life insurance company. The shoppingcenter has deferred maintenance issues and vacancies due to poormarketing 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 1968and renovated in 2005.
When Preferred first found out about the property in November,it needed to quickly assess potential environmental risks that wereassociated 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.
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