LOUISVILLE, KY-CalSTRS has confirmed it has purchased Springhurst Towne Center here for $78 million. A partnership of the locally based Hocker Group and Chicago-based Heitman sold the property, which it had purchased from Melbourne-based Centro for $42.4 million in August 2009.
Tenants at the 422,035-square-foot property include Old Navy, Shoe Carnival, TJ Maxx, Kohl’s and a Cinemark Cinema. The center is also shadow-anchored by Meijer and Target. The property is nearly 100% leased, says John Williams with New York City-based Savills. Williams and Gerard Mason represented the seller in the transaction.
The 15-year-old property was built by CBL & Associates Properties Inc., based in Chattanooga, TN. Hocker will continue to manage the property.
Williams tells GlobeSt.com that the property, totaling about 800,000 square feet, is the number one power center in the area. “Hocker bought the site when it needed to be stabilized, at a low point in the market when nothing was going on,” Williams says. “There’s always a market for core properties such as these.” He says he sees a somewhat subdued retail market today, as compared to the almost unbridled enthusiasm seen at the 2011 ICSC RECon in May.
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