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Marketsquare has new owners
By OWEN McNEILL
Real estate developer Midland Atlantic has acquired Maysville Marketsquare, the 126,000-square-foot retail center located at 381 Market Square Drive.
Purchased from Kimco Realty Corporation, the center is anchored by Kroger and also currently houses JC Pennye, Fashion Bug, Hallmark, RadioShack and GNC.
Kimco Realty Corporation sold the property for $8.7 million, or approximately $69 per square foot.
Midland Atlantic is planning capital improvements including building enhancements, parking lot improvements and landscaping.
Maysville Marketsquare, built in 1993, currently has five spaces available for lease, ranging from 1,000 to 6,000 square feet.
"Kroger is a solid anchor to draw other permanent retailers to complement the strong lineup of existing national and regional tenants," said Dave Wik, director of acquisitions for Midland Atlantic, in a press release.
The property fits well into the business model for Midland's Acquisitions Division, which was introduced in May to purchase grocery-anchored shopping centers in the Midwest, Mid-Atlantic and Southeast regions of the county. The acquisitions group then turns over the property to another Midland division for management and leasing.
"This property is centered in the primary retail hub of the community," said Wik in a press release. "With hands-on leasing and property management and our planned capital improvements, it will do well within our model of acquiring properties with capacity for improved performance."
In a marketing prospectus released by May Center Advisors, representing Kimco Realty for the sale, the property is described as a grocery anchored community shopping center. The conclusion from the prospectus stated, "Maysville Marketsquare is a dominant community center asset positioned in a trade zone that has a wide geographic draw. With Kroger as an anchor, tenants looking to identify locations in the market will certainly consider the subject location."
The prospectus continued, apparently using Kroger as the predominant tenant attraction for the deal, stating, "Kroger continues to be a dominant grocer in the area as there are few alternative grocery options. In 2005, Kroger reported sales of nearly $27 million. This high level of sales is being achieved even after the opening of an adjacent Wal-Mart Supercenter two years ago."
Kroger's residency in the deal further attracted the buyer because its lease won't expire until Aug. 31, 2013, having signed a 20-year lease in 1993. Management for Maysville Kroger could not be reached for comment Friday.
Contact Owen McNeill at owen.mcneill@Lee.net or call 606-564-9091 Ext. 272.
Purchased from Kimco Realty Corporation, the center is anchored by Kroger and also currently houses JC Pennye, Fashion Bug, Hallmark, RadioShack and GNC.
Kimco Realty Corporation sold the property for $8.7 million, or approximately $69 per square foot.
Midland Atlantic is planning capital improvements including building enhancements, parking lot improvements and landscaping.
Maysville Marketsquare, built in 1993, currently has five spaces available for lease, ranging from 1,000 to 6,000 square feet.
"Kroger is a solid anchor to draw other permanent retailers to complement the strong lineup of existing national and regional tenants," said Dave Wik, director of acquisitions for Midland Atlantic, in a press release.
The property fits well into the business model for Midland's Acquisitions Division, which was introduced in May to purchase grocery-anchored shopping centers in the Midwest, Mid-Atlantic and Southeast regions of the county. The acquisitions group then turns over the property to another Midland division for management and leasing.
"This property is centered in the primary retail hub of the community," said Wik in a press release. "With hands-on leasing and property management and our planned capital improvements, it will do well within our model of acquiring properties with capacity for improved performance."
In a marketing prospectus released by May Center Advisors, representing Kimco Realty for the sale, the property is described as a grocery anchored community shopping center. The conclusion from the prospectus stated, "Maysville Marketsquare is a dominant community center asset positioned in a trade zone that has a wide geographic draw. With Kroger as an anchor, tenants looking to identify locations in the market will certainly consider the subject location."
The prospectus continued, apparently using Kroger as the predominant tenant attraction for the deal, stating, "Kroger continues to be a dominant grocer in the area as there are few alternative grocery options. In 2005, Kroger reported sales of nearly $27 million. This high level of sales is being achieved even after the opening of an adjacent Wal-Mart Supercenter two years ago."
Kroger's residency in the deal further attracted the buyer because its lease won't expire until Aug. 31, 2013, having signed a 20-year lease in 1993. Management for Maysville Kroger could not be reached for comment Friday.
Contact Owen McNeill at owen.mcneill@Lee.net or call 606-564-9091 Ext. 272.
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