Pacific Life Insurance Co. was the seller in a deal arranged byStaubach Investment Sales Southeast, a division of Staubach RetailServices. Staubach's Tom Statham and William Gervin repped PacificLife Insurance. A spokeswoman for Staubach tells GlobeSt.com thatthe transaction carried at 7.5% cap rate.
Market Place is a power center located approximately 11 milesfrom Downtown along the Kingston Pike. It was built in 1986 andredeveloped in 2005. Anchor tenants include Home Depot, HobbyLobby, Kroger, Marshall's and CompUSA. Home Depot owns its store,an institutional investor owns the Hobby Lobby, and a privateinvestor from California owns the Kroger, the spokeswoman adds.
The center is currently 85% leased and there are no major leaserollovers expected in the next 12 to 18 months, the spokeswomantells GlobeSt.com.
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