CINCINNATI - Garrison Investment Group bought nine shopping centers in Ohio from Kimco Realty Corp. for an undisclosed price.
The portfolio, which totals 1.43 million square feet, features retailers such as Bed Bath & Beyond, Lowes Home Improvement, Office Depot, Kohl's and TJ Maxx . The neighborhood and community shopping centers are located in Cincinnati, Columbus and Dayton. They include the Westerville Plaza in Columbus and the Ridgewater Plaza in Cincinnati.
Garrison has engaged Cincinnati-based Select Strategies Realty to manage and lease the properties.
“While the portfolio is 90.3% occupied, we believe that we have the opportunity to create value and increase income through a very focused approach to leasing, management and strategic investment,” Mitchell Salmon, Garison Senior Vice President/Director, says in a press release.
The acquisition increases Garrison's total retail holdings to over 7.7 million square feet, which consists of regional malls, lifestyle centers, and neighborhood and community shopping centers.
“We are very pleased that our performance and proven ability to close has given us another opportunity to work with Kimco,” Salmon says.
This is the third such transaction for Garrison involving Kimco from whom they have purchased 15 assets.
Garrison is a middle-market, asset-based investor headquartered in New York City. Select Strategies Realty is a national management, leasing and development company.
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