Stonemar will be the managing member of Jackson Plaza, which wasbuilt in 1999, with expansions in 2005 and 2006. It is anchored byan 80,000-sf Sears and a 59,000-sf Belk. Both department storeshave long-terms leases. The tenant roster also includes TJ Maxx,Old Navy, Petco and Factory Card Outlet.Emmet Austin, chiefinvestment officer for Stonemar, tells GlobeSt.com the property is95% occupied, with long-term leases for the big box tenants andthree-to-five year leases for the smaller in-line tenants. Rentsare in line with other centers, he adds.

"We are very excited about the Southeast, particularly Tennesseeand Middle Tennessee," Austin tells GlobeSt.com, adding thatStonemar is also looking at properties in the Nashville area and inArkansas, Georgia and Louisiana. "We look to buy high-qualityassets with high-quality tenants that are at least 95%occupied."

Stonemar has two other joint venture properties in Tennessee,but this is the first asset where the company is the managingmember, Austin explains. He adds Jackson Plaza is a long-term holdfor Stonemar, and the deal carried a cap rate in the mid-7s.