Midland Atlantic Forms Acquisitions Group
Division to focus on acquiring grocery-anchored shopping centers
CINCINNATI -- Midland Atlantic announced today the formation of its new Acquisition Division, according to the firm's director of acquisitions, Dave Wik. The new division will focus on purchasing grocery-anchored shopping centers in the Midwest, mid-Atlantic and southeast regions of the U.S.
"Our focus is acquiring underperforming properties, which we remodel then turn over to our brokerage division for lease-up," said Wik. "We have recently brought management of these properties in-house as well. By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately providing a greater value to our investment."
Midland Atlantic Acquisitions has plans to build a $50 million shopping center portfolio in the first 12 months. The firm recently purchased the 166,000-square-foot Parkside Square shopping center in Ocean Springs, Miss., and has another 200,000 square feet in two centers under contract in Kentucky and Alabama.
"We have approximately 10 active letters of intent out right now," said Wik.
Wik was hired by Midland Atlantic in April 2006, after spending three years handling acquisitions for Phillips Edison's Cincinnati office, where he most recently served as director of Eastern Region Acquisitions. Prior to that, he spent five years in real estate finance and construction lending for PNC Real Estate Finance in Cincinnati.
"We are tremendously pleased to have Dave on our team," said John Silverman, managing principal of Midland Atlantic. "He has already brought great value to Midland Atlantic, laying the infrastructure for the formation of our new division," he said.
Read more in the Cincinnati Business Courier.
CINCINNATI -- Midland Atlantic announced today the formation of its new Acquisition Division, according to the firm's director of acquisitions, Dave Wik. The new division will focus on purchasing grocery-anchored shopping centers in the Midwest, mid-Atlantic and southeast regions of the U.S."Our focus is acquiring underperforming properties, which we remodel then turn over to our brokerage division for lease-up," said Wik. "We have recently brought management of these properties in-house as well. By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately providing a greater value to our investment."
Midland Atlantic Acquisitions has plans to build a $50 million shopping center portfolio in the first 12 months. The firm recently purchased the 166,000-square-foot Parkside Square shopping center in Ocean Springs, Miss., and has another 200,000 square feet in two centers under contract in Kentucky and Alabama.
"We have approximately 10 active letters of intent out right now," said Wik.
Wik was hired by Midland Atlantic in April 2006, after spending three years handling acquisitions for Phillips Edison's Cincinnati office, where he most recently served as director of Eastern Region Acquisitions. Prior to that, he spent five years in real estate finance and construction lending for PNC Real Estate Finance in Cincinnati.
"We are tremendously pleased to have Dave on our team," said John Silverman, managing principal of Midland Atlantic. "He has already brought great value to Midland Atlantic, laying the infrastructure for the formation of our new division," he said.
Read more in the Cincinnati Business Courier.
