Midland Atlantic Announces Acquisition of Putnam Plaza Plans to update center underway
Midland Atlantic Announces Acquisition of Putnam Plaza Plans to update center underway
Greencastle, IN - Midland Atlantic Development has recently acquired Putnam Plaza, a 93,872-square-foot retail center in Greencastle, Indiana. The center, formerly occupied by Wal-Mart, is located at 1333 Indianapolis Road (State Route 240), one of the main thoroughfares in Greencastle. Built in 1986, Putnam Plaza encompasses 16.42 acres and is a prominent retail center in the trade area. Midland Atlantic is planning extensive capital renovations to the center including exterior updates, parking lot repairs, upgraded lighting, and customized landscaping, among other improvements.
While currently anchored by Tractor Supply with Aldi Foods as a shadow anchor, Midland Atlantic is close to signing leases with two national and several local retailers, which will bring the center to just over 90% leased. "With its central location, proximity to DePauw University, and current tenant mix, we are attracting a diverse mix of retailers to complement the current businesses," said Aaron Boyle, a principal of Midland Atlantic.
This is the latest purchase to-date for Midland Atlantic's Acquisitions Division, which was formed in May 2007. This division is focusing on the purchase of grocery-anchored shopping centers in the Midwest, mid-Atlantic and southeast regions of the country. As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of the asset. "By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately maximizing the value of our investment," said Dave Wik, Director of Acquisitions for Midland Atlantic.
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Midland Atlantic is a full-service real estate firm specializing in the development, acquisition, leasing, management and brokerage of retail properties. Midland Atlantic is a leading developer of retail shopping centers in the Midwest and mid-Atlantic regions of the U.S. The firm develops upscale grocery and department store-anchored retail shopping centers, as well as retail build-to-suits. This year commemorates Midland Atlantic's 10th anniversary.
Greencastle, IN - Midland Atlantic Development has recently acquired Putnam Plaza, a 93,872-square-foot retail center in Greencastle, Indiana. The center, formerly occupied by Wal-Mart, is located at 1333 Indianapolis Road (State Route 240), one of the main thoroughfares in Greencastle. Built in 1986, Putnam Plaza encompasses 16.42 acres and is a prominent retail center in the trade area. Midland Atlantic is planning extensive capital renovations to the center including exterior updates, parking lot repairs, upgraded lighting, and customized landscaping, among other improvements.
While currently anchored by Tractor Supply with Aldi Foods as a shadow anchor, Midland Atlantic is close to signing leases with two national and several local retailers, which will bring the center to just over 90% leased. "With its central location, proximity to DePauw University, and current tenant mix, we are attracting a diverse mix of retailers to complement the current businesses," said Aaron Boyle, a principal of Midland Atlantic.
This is the latest purchase to-date for Midland Atlantic's Acquisitions Division, which was formed in May 2007. This division is focusing on the purchase of grocery-anchored shopping centers in the Midwest, mid-Atlantic and southeast regions of the country. As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of the asset. "By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately maximizing the value of our investment," said Dave Wik, Director of Acquisitions for Midland Atlantic.
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Midland Atlantic is a full-service real estate firm specializing in the development, acquisition, leasing, management and brokerage of retail properties. Midland Atlantic is a leading developer of retail shopping centers in the Midwest and mid-Atlantic regions of the U.S. The firm develops upscale grocery and department store-anchored retail shopping centers, as well as retail build-to-suits. This year commemorates Midland Atlantic's 10th anniversary.
