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ST. MARY’S, OH-Midland Atlantic Development, based in Cincinnati, has purchased the 253,163-sf St. Mary’s Square retail center here, located off State Route 33 in the Dayton area. The sale by former owner Cafaro Co., based in Youngstown, was not released, though similar retail properties sold in the area last year for about $86 per sf.

The St. Mary’s property is 88% occupied. The anchors are an 86,479-sf Kmart, a 51,216-sf JC Penney, a 30,000-sf Chief Supermarket and an 8,000-sf Sears, and includes 20 other tenants, such as Fashion Bug, Maurices, Shoe Show, Bath & Body Works, Hallmark, GNC, Claire’s and Radio Shack.

Dave Wik, director of acquisitions for Midland, says in a statement that his company plans to spend money on improvements and building updates to the center. The property has four inline vacancies and one vacant out-parcel. “We will be aggressively marketing the vacant spaces to national and regional retailers,” he says. Wik did not return calls for comment.

The purchase is the largest for the company’s acquisitions division, which was formed in May. The division is focusing on the purchase of grocer-anchored shopping centers in the Midwest, mid-Atlantic and Southeast. Another division of the company handles the leasing and management of the acquired centers. The company also recently sold Renaissance Center in Durham, NC to CBL & Associates in partnership with Teachers Retirement System of the State of Illinois, for $90 million, as GlobeSt.com previously reported.

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