Kentucky Retail Center Sold

An Owensboro, Ky. retail center has fetched $19 million. New York City-based real estate firm Stonemar Properties bought the Owensboro Towne Center from privately held firm Warm Springs LLC.

Stonemar partnered with Kimco Realty Corp., a listed retail REIT (NYSE: TK), on the deal. Owensboro, which is located in the western edge of Kentucky, is the state’s third largest city. National tenants such as Best Buy, Target, TJ Maxx, Cato's and TGI Friday's all lease space at the center.

Owensboro is known as the "festival city," hosting over twenty events annually, including the country's largest International Bar-B-Q Festival, which attracts over 80,000 people and takes place in downtown Owensboro. Owensboro is also included on the tours of most of the top Country Western and Bluegrass bands. It is home to the International Bluegrass Museum, the Museum of Fine Arts and the Owensboro Symphony Orchestra.

"The Owensboro Towne Center is a high quality asset and meets our investment objectives by providing strong current cash flow and the opportunity for significant capital appreciation. The center has always been 100% occupied by a majority of national credit tenants, which in combination with the area's thriving local economy, makes this a project we’re truly excited about," says Jonathan Gould, CEO of Stonemar.

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