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BALLWIN, MO-The Bedrin Organization of New Jersey has acquired the 287,678-sf Olde Towne Plaza here for $40 million. The private family-run business acquired the center from DLC Management Corp., which will continue to manage the property for a year. The sale closed late last week.

Olde Towne Plaza is a 100% leased, Lowe’s-anchored shopping center located at the corner of Manchester Road and Ries Road. Other National tenants include Marshalls, Stein Mart, Home Goods, Ultimate Electronics, Fedex Kinkos, Nextel and Starbucks.

Bedrin’s acquisitions director Garret Bedrin tells GlobeSt.com that Lowe’s is on “a very long-term ground lease” that includes “significant income bumps throughout the term” and the other large national tenants have “long-term leases.” The first year cap rate is in the 6.5% range, he says.

Bedrin owns about one million sf nationwide and is run by Garret Bedrin, his father Jerry Bedrin and his uncle Paul Bedrin. The Olde Towne Plaza acquisition, the company’s largest in terms of size and cost, completed a 1031 exchange that began with its sale of Cottonwood Corners in Albuquerque, Garret Bedrin says.

The Olde Towne Plaza acquisition is one of two Bedrin closed on in March. The other acquisition was the Publix-anchored Killian Hill Shopping Center in Lilburn, GA.

Bedrin tends to acquire centers ranging in size from 100,000 sf to 250,000 sf and holds them between five and seven years. The company attempts to add value by retenanting and increasing NOI.

Heretofore, the company has used family money to acquire its assets. Going forward, the company also will look to raise about $20 million for a private equity fund, Garret Bedrin tells GlobeSt.com.

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