Nassimi Reveals Owners in Four-Center Buy

The centers include Target 31 Shopping Center and Felbram Plaza South in Indianapolis, K-Mart Plaza in Springfield, OH and Plaza West in Evansville, OH. The entire portfolio totals 513,000-sf.

The Indiana portfolio is comprised of about 362,000 sf. The Target 31 center in Indianapolis is 186,000 sf, with five buildings and 22 units, and is 97% occupied. Felbram is 27,000 sf with two buildings and four units, and 100% occupied. The third property in Evansville is 150,000-sf with three buildings and eight units, but is vacant.Kmart Plaza is 150,000 sf, and fully leased to a Big Kmart and Hobby Lobby, with five years remaining on their leases.

Nassimi bought the underperforming properties for an undisclosed amount to boost them up for national tenant leases, the spokesman says. "Some of these centers have a lot of dark storefronts," the spokesman says. "All four require some renovation and redevelopment. We don't know a dollar figure yet, though we do know Felbram Plaza will be renamed First Diamond Plaza."

The spokesman says Nassimi is buying up may underperforming centers around the country, and now has a portfolio that totals more than three million sf. Since 2005, the firm has also acquired Northmont Plaza in suburban Dayton, OH; Canton Centre Mall in Canton, OH; Hamilton Plaza in Hamilton, OH; Sycamore Square in Fayetteville, NC and K-Mart Plaza in Weirton, WV.