Midtown Mall, Ashland, KY
ATLANTA, GA – HFF announced today that it has closed the
sale of Midtown Mall, a 153,723-square-foot, grocery-anchored shopping
center in Ashland, Kentucky.
 |
| Richard Reid |
HFF
represented the seller, Emmes Asset Management Company, in the sale of the
property to BDB Realty. The purchase
price was $11.3 million.
Midtown Mall is located at 711 12th Street in Ashland, which is near the
border of Ohio and West Virginia. The
property is 81 percent leased and is anchored by Kroger and Big Lots, both of
which have recently renewed long-term leases.
Other tenants include Gatti-Land, Rent-a-Center, Subway and Wendy’s.
The
HFF team representing the seller was led by managing director Richard Reid.
“This asset presented investors with a centrally located
retail center in downtown Ashland combined with strong anchors and excellent
lease-up potential.
In addition, the
center’s proximity to a variety of businesses that drive the local economy
offered investors great value and promising returns making it an attractive
choice,” commented Reid.
Established in 1992, Emmes Asset Management Company is a
registered investment advisory firm offering separate accounts tailored to the
needs of its institutional clients.
With approximately $1.3 billion in assets under management,
the Emmes portfolio consists primarily of office, retail, industrial and
multifamily holdings within the major United States markets.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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