Acquisition is part of Schostak Brothers & Company’s strategic growth initiative totaling nearly 500,000 square feet
LIVONIA, Mich., July 15, 2014 – Livonia, Mich.-based Schostak Brothers & Company, Inc. announced today the acquisition of 23 shopping centers located across the country from Coldwater Liquidating Trust. The purchase is part of a bankruptcy liquidation in which Schostak Brothers & Company, Inc. purchased the majority of the remaining Coldwater Liquidating Trust portfolio, totaling 405,000 square feet. Schostak Brothers & Company, Inc. CEO David Schostak made the announcement.
The 23 shopping centers span 19 states, and is the third acquisition of Super Walmart shopping centers in less than a year. This notable acquisition is part of Schostak Brothers & Company, Inc.’s ongoing and significant growth strategy into the Super Walmart shadow-shopping center asset class. Five other centers purchased in 2013 were also acquired through the same bankruptcy, and one was purchased from an individual property seller. These recent acquisitions total 29 properties for 497,738 square feet.
“We’ve monitored this bankruptcy for several years and are looking forward to the continued expansion and diversification of our portfolio as a result of this sizeable retail acquisition,” said David Schostak of Schostak Brothers & Company, Inc. “The 23 shopping centers are currently 82 percent occupied and position us to capture a significant upside through lease-up potential. We will utilize our extensive understanding and proven best practices in the shadow-shopping center sector to improve these retail assets.”
As part of this exciting growth trajectory, in recent years, Schostak Brothers & Company, Inc. has assembled one of the largest portfolios of Wal-Mart shadow-anchored centers in the country, now totaling 63 properties and more than 1.4 million square-feet. In addition to this recent transaction, other recent acquisitions by Schostak Brothers & Company, Inc. include Canton Corners in Canton, Mich. a 195,000 square-foot shopping center with notable anchor tenants, including Home Goods, Buy Buy Baby and Hobby Lobby and Livonia PowerTrain, a one million-square-foot industrial building in Livonia, Mich.
One of the acquired shopping centers by Livonia, Mich.-based Schostak Brothers & Company, Inc. as part of this acquisition located in Sioux Falls, South Dakota.
Established in 1920, Schostak Brothers & Company, Inc., is a fourth-generation commercial real estate company, focused on shopping center development, acquisitions, mixed-use, commercial and residential development. Currently, the company operates commercial properties in 19 states as a full-service real estate development, management, leasing and consulting company. For more information visit www.schostak.com.