(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

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

Copyright © 2024 ALM Global, LLC. All Rights Reserved.