X Team International Partner Baker Storey McDonald Properties Acquires Shopping Centers in Kentucky and Ohio
By: Identity Team
NASHVILLE, Tenn., February 20, 2012—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Nashville, Tenn.-based partner Baker Storey McDonald Properties, Inc. (BSM) has acquired two shopping centers located in Kentucky and Ohio. X Team International Partner David Baker made the announcement.
BSM acquired Kroger Plaza, a 53,989-square-foot Kroger shadow-anchored shopping center located at 1661 Bypass Road in Winchester, Ky., a suburb of Lexington. BSM will manage and lease the retail center. Kroger Plaza is currently occupied by a number of tenants including Cato, The UPS Store, Papa John’s, NovaCare and Hallmark. Prior to acquisition of the center, BSM executed a lease with Burke’s Outlet to occupy a 20,000-square-foot space in the center. Burke’s, a division of Bealls Department Stores of Florida, plans to open their store at the end of March 2012. Upon Burke’s occupancy, Kroger Plaza will be 90 percent leased. Financing was provided by Protective Life Insurance Company and arranged by First Southern Mortgage of Brentwood, Tenn.
BSM acquired a former National City Bank branch located at 9850 Colerain Avenue. Prior to acquisition, BSM developed plans for a new 6,200-square-foot shopping center to replace the existing bank branch and signed leases with three tenants: Aspen Dental, JS Gold, and GNC. Acquisition and leasing services were provided by Andrew Feinblatt of OnSite Retail Group in Cincinnati. Development of the 100 percent leased shopping center is expected to be complete by Fall 2012. BB&T Bank provided financing for the project.
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.
About Baker Storey McDonald Properties, Inc.
Baker Storey McDonald Properties, Inc. is headquartered in Nashville, Tennessee. BSM serves the retail real estate community throughout the central south and provides tenant representation, project leasing, property management, development, and investment services. In addition to the services that Baker Storey McDonald Properties provides its clients, the firm acquires retail real estate in target markets in the southeast. For more information, please visit www.bsmproperties.com.
Subscribe to X Team International Partners’ News Feed