Hampton Plaza, anchored by Kohl's, HHGregg and Books-A-Million, was purchased from a private REIT while the Laurens property was bought from a private seller and the Talladega store was acquired from Cincinnati-based Kroger Co., according to Parker Blanchard, vice president of acquisitions with RCG. The company declined to disclose terms of those deals.
RCG looks to acquire commercial assets in the central and eastern regions of the US, concentrating its efforts within a 500-mile radius of its Atlanta base, says Jim O'Donnell, also a vice president of acquisitions. The company seeks properties that are undervalued, underperforming or need to be repositioned; involve time-sensitive transactions, such as expiring debt or liquidity issues; and from buyers or developers needing equity.
"We're hoping to acquire another two or three assets before year end," O'Donnell tells GlobeSt.com. "We're on pace to get to 100 shopping centers in the next three to five years."
Privately funded RCG focuses primarily on anchored shopping centers with long-term ownership potential, yet is not limited to the eastern and southern regions, O'Donnell says: "We're more deal driven than geographically driven."
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