Search
 

Mall Buy Fuels Renovation Plans

KINGSPORT, TN-Making its third mall acquisition in the past 12 months, Somera Capital Management moves into the Tennessee retail market by taking Fort Henry Mall.

By Melissa Kress | Updated on January 09, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

KINGSPORT, TN-Somera Capital Management has staked a claim in the Tennessee retail arena with the acquisition of Fort Henry Mall. The retail asset has 530,446 leasable sf.

Built in 1976, the mall underwent renovations in 1989 and 2005, according to a Somera release. It is the only regional mall in Kingsport, and is 25 miles from the nearest competitor, company officials add. Fort Henry Mall is anchored by Belk, Belk Home & Kids, JC Penney and Sears. The tenant roster also includes American Eagle, Victoria’s Secret and an 11-theater Marquee Cinema. It is currently 95% leased. The property was the first to be sourced by the company’s new Washington, DC office. Somera Capital Management declined to reveal the purchase price, cap rate or the seller. The new owner has given General Growth Properties the leasing and management contract.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.