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Kentucky Company Buys Five Shopping Center Portfolio

NEW YORK CITY-A New York City-based real estate company sells a 700,000-sf five shopping center portfolio in Kentucky and West Virginia at a cap rate of 8.5%.

By Natalie Dolce | Updated on July 30, 2007

NEW YORK CITY-Locally-based Cohen & Co. Inc. Real Estate sold a portfolio of shopping centers located in Kentucky and West Virginia. CCIRE exclusively represented both the seller, a New York City-based real estate company, and the buyer, a real estate company out of Lexington, Kentucky. The buyer and seller could not be disclosed.

Helen Putterman, president of Cohen & Co. Inc. cannot disclose a price to GlobeSt.com, but put the cap rate at 8.5%. Putterman also noted that the seller was a long time owner.

The portfolio consists of five centers, totaling 700,000 sf. They are located in the county seats in their respective markets and are viewed to have tremendous upside. The upside value has been determined by multiple under market leases, vacancies, and development possibilities.

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