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Separate companies offer to buy Konover & Associates, Konover Property Trust

Two different joint ventures today announced bids to acquire most or all of the shopping center assets of Farmington, Conn.-based Konover & Associates and Raleigh, N.C.-based Konover Property Trust.

Samuels & Associates and Edens & Avant announced plans to buy 40 of 60 shopping centers owned by Konover & Associates. Most of those centers are in New England, New York, New Jersey, Pennsylvania and Maryland.

Separately, Prometheus Southeast Retail offered to buy Konover Property Trust, which owns 38 shopping centers in the Southeast. Prometheus already owns 67% of Konover Property Trust's stock.

Representatives of a joint venture between Columbia, S.C.-based Edens & Avant and Boston-based Samuels & Associates announced they had signed a letter of intent to buy the Konover & Associates centers, which comprise more than 4 million sq. ft. of retail space.

But spokespersons for Konover & Associates and Samuels & Associates said the companies aren't yet releasing financial terms of the transaction or the specific centers to be sold.

Konover & Associates, which has more than 30 potential projects in its development pipeline, owns about 60 shopping centers in Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.

"We’re focusing our energies on growing our development and construction businesses," said Lori Murphy, Konover & Associates communications director. "It’s an exciting time right now because we have a lot in the pipeline."

Edens & Avant owns or manages more than 250 retail centers in 19 states, most of them grocery- and drugstore-anchored neighborhood centers, and is among the largest shopping center companies on the East Coast. Samuels & Associates is a leasing and development company with more than 15 projects under development. Its core markets are New England and the Midwest.

-- Staff and wire reports

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