K-Mart, Martin's plazas changing hands

June 14, 2003|by SCOTT BUTKI

Ownership of two shopping centers on Wesel Boulevard - one containing K-Mart and the other Martin's Food Market - is changing hands.

A company announced Thursday it has entered into contracts to purchase Valley Plaza Shopping Center, which includes the K-Mart.

The purchase of the 191,200-square-foot shopping center by Cedar Income Fund Ltd. of Port Washington, N.Y., is expected to be final on or about June 30, the company said in a news release.

Inland Retail Real Estate Trust Inc. of Oak Brook, Ill., bought the 89,589-square-foot Valley Park Commons for $11.3 million in March, company spokesman Rick Fox said Friday.


The center's anchor is the 48,820-square-foot Martin's Food Market, he said.

The change in ownership does not affect Martin's, Erik Keptner, spokesman for Giant Food Stores which operates the store, said Friday. It is unlikely the store would move off the property, he said.

Inland Retail owns about 300 shopping centers across the nation and rarely makes changes to the purchased property except for needed improvements, Fox said. He doubts there will be any changes noticeable to shoppers.

The company was previously owned by BVT, an Atlanta-based investment company.

The Cedar Income president could not be reached for comment Friday. Other company employees referred calls to the president, who was not at work Friday.

Cedar Income Fund also is buying a 155,000-square-foot property in Southington, Conn., the company said. The aggregate purchase price for the two properties will be about $18.75 million including closing costs, the company said.

Cedar Income Fund is a real estate investment trust administered by Cedar Bay Reality Advisors, Inc.

The shopping center includes K-Mart, which occupies about 95,810 square feet; Ollie's Bargains Outlet, about 24,000 square feet; Tractor Supply Co., 32,000 square feet; and McDonald's, Fazoli's and Ground Round, among others.

Tim Troxell, director of the Hagerstown-Washington County Economic Development Commission, said it speaks well for the region that investors are interested in buying property here.

The Herald-Mail Articles