MIDLAND ATLANTIC PROPERTIES ACQUIRES THREE SHOPPING CENTERS
Cincinnati, Ohio - Midland Atlantic Properties is pleased to announce the acquisition of three dominant anchored shopping centers. All three property transactions closed within the first 2 months of 2016.
Midland Atlantic Properties acquired Troy Towne Center, a 144,000 square foot center anchored by Kohl’s, Petco and Dollar Tree. The center is located in Troy, Ohio, a strong regional retail hub located approximately 20 miles north of Dayton. The project is shadow anchored by a Walmart Supercenter and it is surrounded by numerous retail outparcels. Other tenants at Troy Towne Center include Shoe Carnival, Sleep Outfitters, Verizon and numerous national and regional small shop retailers. Midland Atlantic will be marketing the two small shop spaces that are currently vacant.
Acquired by Midland Atlantic Properties, Clayton Village is a 61,000 square foot Food Lion anchored shopping center located in Clayton, North Carolina (a suburb of Raleigh). In addition to Food Lion, the shopping center includes Family Dollar, Aaron’s Rents and several other small shop retailers. The anchor tenant, Food Lion, has a high sales volume and a long-term commitment to the project. The investment plan includes numerous physical upgrades to Clayton Village that will enhance the project for the tenants and the customers. The shopping center is at 100% occupancy.
The third property Midland Atlantic Properties acquired is McMinn Plaza. It is a 107,000 square foot shopping center anchored by Ingles Market and located in Athens, Tennessee (a regional market located on I-75 between Knoxville and Chattanooga). Ingles Market, with a long-term commitment to the project and strong sales history, recently constructed an onsite fuel center. The grocery store also contains the only Starbucks in Athens. The shopping center’s tenant lineup includes Badcock Furniture, Workout Anytime, and Fresenius Dialysis. There will be an immediate focus on leasing two small shop vacancies.
These three recent acquisitions are explicit examples of the targeted investments of Midland Atlantic and its Midland-Olympus Fund. Midland Atlantic is actively seeking ‘necessity-based’ anchored shopping center investment opportunities in small to large markets located in the Midwest, Southeast and Mid-Atlantic. Please contact Chris Palermo with opportunities (513.792.5000 / firstname.lastname@example.org).