Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARTFORD, CT-In a deal valued at $14.8 million, an affiliate of The Hutensky Group LLC has purchased four Mid-West shopping centers that are each anchored by Kmart from Malan Realty Investors of Birmingham, Mich.

The properties involved in the deal total 433,900 sf of retail space and include Sherwood Plaza of Springfield, IL; Kmart Center of Salina, KS; South City Center of Wichita, KS and Kmart Plaza of Jefferson City, MO.

“This acquisition represents a continued execution of our strategy to purchase value-added retail properties for our investment fund,” says The Hutensky Group President Brad M. Hutensky. “Our goal is to purchase another $200 million in retail property over the next 12 months and we look to motivated owners and brokers to help us meet that target. We have lots of discretionary capital, can close quickly and are not afraid of lease-up risk when it comes to quality centers.”

The company is seeking to acquire the additional retail properties through its HRI Fund, LLC affiliate.

Sherwood Plaza is a 124,886-sf complex that is anchored by an 84,000-sf Kmart store. The center also has eight other tenants including Staples. Kmart Center in Salina, Kan., is an 87,406-sf facility where Kmart is the sole tenant. South City Center is a 130,381-sf retail center with Kmart (84,000 sf) Radio Shack, Payless Shoes and Dollar Tree leasing space there. Kmart Plaza in Missouri totals 91,227 sf and has Kmart and a Ruby Tuesday restaurant as tenants.

Hutensky says that the four shopping centers possess the “upside potential” the company’s fund was looking for. Although Kmart has experienced its share of fiscal problems of late, he notes that, “Kmart is performing well in all four locations and we expect it to continue. Obviously, we are also prepared to aggressively re-lease any location that Kmart might decide not to operate in the future.”

Not including the Mid-West properties it just purchased, The Hutensky Group has a portfolio of two million sf of retail space in Connecticut, Michigan, New Jersey, New York and Ohio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.