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Cafaro Sells Open Airs

FORT WAYNE, IN-Equity Investment Group acquires a 755,000-sf retail portfolio of five centers from Ohio-based Cafaro Co.

By Dana Dubriwny | Updated on April 27, 2006

FORT WAYNE, IN- In a move that will relinquish Youngstown, OH-based Cafaro Co., of some of its non-core assets, the retail development company put five retail centers out to bid. Emerging as the taker, locally based Equity Investment Group has gained control of the 755,000-sf retail portfolio, which includes properties located in Indiana, Pennsylvania and West Virginia.

Ben Wineman, vice president with Oakbrook Terrace, IL-based Mid-America, represented Cafaro in the sale. He tells GlobeSt.com that the centers were selected based on Cafaro’s operational strategy, which consists of having an open-air center near a company-owned regional mall.

Because these centers were stand-alone properties without a Cafaro regional mall or base office nearby, it made sense to dispose of them, Wineman says. “Cafaro doesn’t have their typical critical mass in these assets,” Wineman says. “Their core business is middle- and secondary-market enclosed malls.”

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