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Centro Shopping 17-Property Retail Portfolio

PRINCETON, NJ-The Australian company has hired NAI to find a buyer for the 1.3 million-sf holding, valued at more than $90 million.

By Eric Peterson | Updated on August 01, 2008

PRINCETON, NJ-Australian-based shopping center conglomerate Centro Properties Group wants to sell a portfolio of 17 community and grocery-anchored shopping centers in nine Southeast and Midwest states, and has hired locally based NAI to find a buyer. The holdings amount to about 1.3 million sf, and Centro has put their estimated combined value “in excess of $90 million.”

NAI ReStore, the firm’s retail real estate group, is handling the assignment. “We have brokers in the local communities where these centers are located,” says NAI ReStore president and CEO, David Solomon. “By knowing the local sale comparables, investors, retailers, alternative space users and elected officials in these secondary and tertiary markets, we have some advantages in helping Centro sell these properties faster and at less of a discount than they might face in a typical portfolio situation where the discount can be greater because there are more unknowns.”

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