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OWENSBORO, KY-Warm Springs LLC has sold the Owensboro Towne Center to New York-based Stonemar Properties for $19 million. The deal was part of a partnership with Kimco Realty Corp., also based in New York.

This is the fourth property that the companies have purchased together, said Chris Covey, director with Kimco’s Preferred Equity Group. Jonathan Gould, Stonemar’s CEO, said the property is 100 % occupied by national tenants, such as Best Buy, Target and TJ Maxx. This is the first Kentucky site to be purchased by Stonemar, which owns multifamily, office, industrial and retail properties in 20 other states, mostly in the East, Midwest and South.

“[The center] is a high quality asset and meets our investment objectives by providing strong current cash flow and the opportunity for significant capital appreciation,” Gould said. The 246,672-sf retail center on Frederica Street, the city’s main retail corridor, is just across the street from the 550,000-sf Towne Square Mall and is “shadow-anchored” by Super Wal-Mart, Sam’s Club, Home Depot, Pier One and Lowes Home Improvement. The city is the industrial, cultural, retail and healthcare hub of western Kentucky and southern Indiana.

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