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RICHMOND, KY-The 288,000-sf Richmond Mall here has changed hands for $72 per sf, or about $20.7 million. The new owners are privately held ACG Equities LLC of Brooklyn, NY, and Bush Realty Associates. The purchase price translates to a cap rate of 9.9%.Located 25 miles southeast of Lexington, Richmond is home to Eastern Kentucky University and the mall is the only regional mall in the area. Built in 1988, the mall is 97% leased and anchored by J.C.Penney, Goody’s, Dawarares, Hasting’s Entertainment and Office Max. The mall also contains a Cinemark Theater.ACG Equities president Henry Kauftheil says his firm was attracted to the mall’s stable tenant base and location. The mall is located on the same access road as Wal-Mart, Lowes and Krogers. As well, Kauftheil says the purchase includes a 4.5-acre outparcel that sits between the mall and Wal-Mart. “We are seeking to attract an automotive, entertainment or other services establishment that wants to take advantage of the substantial traffic and buying power being generated by the mall and the neighboring centers,” says Kauftheil, whose company acquires and manages real estate assets for investors. The broker in the deal was Jeffrey Ackerman, executive VP and managing director of CB Richard Ellis’ Investment Property Group in Pittsburgh. Ackerman says the transaction included the assumption of more than $15 million in conduit debt.

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