320,371-SF Retail Portfolio Changes Hands

ELIZABETHTON, TN-HT Group LLC, an Atlanta-based retail value-add operator/investor, has acquired a 320,371-square-foot shopping center portfolio for $12 million. The five-asset package featuring properties throughout Tennessee was sold by New York City-based Centro Properties Group in line with the company’s strategy, says Fain Hicks, vice president with Atlanta-based NAI Brannen Goddard, which represented the seller in the deal.

“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.