Tuesday, May 14, 2013

HFF closes $11.3 million sale of Midtown Mall in Ashland, KY




                                            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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