Edens & Avant and Samuels & Associates Acquire 36 Konover Shopping Centers

BOSTON-Edens & Avant and Samuels & Associates reached a final agreement for the joint purchase of 36 Konover shopping centers in New York, New Jersey, Pennsylvania and New England. Four of the centers are in this state. Financial details of the deal have not been disclosed.

Farmington, CT-based Konover & Associates is selling the bulk of its existing retail centers and will focus its efforts on its construction business, Konover Construction Corp., and on Konover Development Corp.’s pipeline of 30 potential development projects.

Locally based Samuels & Associates will be responsible for redeveloping, leasing and managing 17 of the jointly acquired centers. Columbia, SC-based Edens & Avant, which currently operates 18 grocery-anchored Necessity Retail Centers in New England, will operate the remaining centers in the region acquired from Konover.

Jodie W. McLean, president and chief investment officer of Edens & Avant emphasizes that the partnership of the two companies makes them “well-positioned” for the venture. “In addition to allowing us to expand an already positive relationship between our two companies, we believe the venture provides an extraordinary opportunity for our retailers and shoppers in New England, New York, New Jersey and Pennsylvania,” he says.

Steve Samuels, president of Samuels & Associates, adds that “joining forces on this acquisition with Edens & Avant is the next logical step in our growth. The unique combination of our deep understanding of this marketplace with Edens & Avant’s successful Necessity Retail center model is a formula for long-term success. Clearly, this positions our team as the leading acquirer and operator of stabilized and value-added retail assets in the Northeast.”

The companies anticipate that closings on each individual property will begin at the end of September and conclude by January 2003. The relationship between Samuels & Associates and Edens & Avant began in 1998 when Edens & Avant first entered the New England market through the acquisition of a portfolio of shopping centers from Samuels.

Samuels & Associates currently has over 15 projects under development in New England and the Midwest. Edens & Avant has over 250 owned and managed retail assets throughout the Eastern US.