X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.