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Stonemar, Kimco Take Deed to 350,000-SF Center

COOKEVILLE, TN-The joint venture pays $30 million for Jackson Plaza, the largest shopping center in the Cookeville trade area.

By Melissa Kress | Updated on December 03, 2007

COOKEVILLE, TN-Two New York City-based companies have teamed on the acquisition of Jackson Plaza, a 350,000-sf shopping center here. Stonemar Properties, of New York City, and Kimco Realty Corp., of New Hyde Park, NY, paid $30 million for the retail asset.

Stonemar will be the managing member of Jackson Plaza, which was built in 1999, with expansions in 2005 and 2006. It is anchored by an 80,000-sf Sears and a 59,000-sf Belk. Both department stores have long-terms leases. The tenant roster also includes TJ Maxx, Old Navy, Petco and Factory Card Outlet.Emmet Austin, chief investment officer for Stonemar, tells GlobeSt.com the property is 95% occupied, with long-term leases for the big box tenants and three-to-five year leases for the smaller in-line tenants. Rents are in line with other centers, he adds.

“We are very excited about the Southeast, particularly Tennessee and Middle Tennessee,” Austin tells GlobeSt.com, adding that Stonemar is also looking at properties in the Nashville area and in Arkansas, Georgia and Louisiana. “We look to buy high-quality assets with high-quality tenants that are at least 95% occupied.”

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