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CINCINNATI-Midland Atlantic has formed a new Acquisition Division that will focus on purchasing grocery-anchored shopping centers in the Midwest, mid-Atlantic and southeast regions of the US. The company is working to build a $50 million shopping center portfolio in the next year, and has already purchased one property in Mississippi and has two other properties under contract in Kentucky and Alabama.

Dave Wik, director of acquisitions for Midland, said in a statement that taking responsibility for all facets of a property’s operation will help the company provide better service. “Our focus is acquiring underperforming properties, which we remodel then turn over to our brokerage division for lease-up. We have recently brought management of these properties in-house as well,” he said in a statement. He could not be reached for further comment.

The company bought Parkside Square, a 166,000-sf shopping center, in Ocean Springs, MS. The properties under contract total 200,000 sf in two centers. “We have approximately 10 active letters of intent out right now,” said Wik in the statement. He has been at Midland since April 2006.

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