"Centro Properties is divesting a number of properties to raise cash at this point," Hicks tells GlobeSt.com of the retail property ownership and services organization. "We are working with them on a number of other listings, primarily in the Southeast, and this is the first of them to close." He says Centro is looking to sell B and B-plus neighborhood and community shopping centers, in addition to some power center properties.

HT Group was attracted to the value-add portfolio as it recognized the opportunity to reposition and refurbish the properties, which were all geographically desirable to them, says Hicks. The acquisition consists of five Tennessee assets with major tenants including Food Lion, Dollar General, Family Dollar, Burke's Outlet, AutoZone and Movie Gallery. The buyer plans to hold the assets long-term, notes Hicks.

The largest property involved in the deal is the 92,499-square-foot West Towne Square at 101 Hudson St. in Elizabethton. The property is currently 61% occupied with average rental rates of $7.59 per square foot. The Apison Crossing property at 9408 Apison Pike in Ooltewah totals 79,048 square feet with 29% occupancy and average rents of $7.42. The remaining three assets include Madison Street Station in Shelbyville, Saddletree Village in Columbia and Stone East Plaza in Kingsport, which range in size from 45,800 square feet to 56,766 square feet in size with occupancy levels from 85% to 95%.