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BALLWIN, MO-The Bedrin Organization of New Jersey has acquired the 287,678-sf Olde Towne Plaza here for $40 million. The private family-run business acquired the center from DLC Management Corp., which will continue to manage the property for a year. The sale closed late last week.

Olde Towne Plaza is a 100% leased, Lowe's-anchored shopping center located at the corner of Manchester Road and Ries Road. Other National tenants include Marshalls, Stein Mart, Home Goods, Ultimate Electronics, Fedex Kinkos, Nextel and Starbucks.

Bedrin's acquisitions director Garret Bedrin tells GlobeSt.com that Lowe's is on "a very long-term ground lease" that includes "significant income bumps throughout the term" and the other large national tenants have "long-term leases." The first year cap rate is in the 6.5% range, he says.