DTZ Represents ACH In Its Kentucky Portfolio Growth
- Jan 20, 2015
Albanese Cormier Holdings has acquired the Alexandria Village Green Shopping Center, a 207,606-square-foot shopping center located in Alexandria, Ky., from Phillips Edison & Co.
DTZ represented the seller in the transaction. The price was not disclosed.
“Our company has been acquiring properties with upside potential for more than 15 years. Alexandria Village Green Shopping Center was presented to our acquisitions team and we jumped at the opportunity to grow our Kentucky portfolio while still remaining true to our business model,” Michael Albanese, Albanese Cormier Holdings’ partner, told Commercial Property Executive. “In addition to its impressive size and the way it serves as the region’s dominant shopping/dining destination, it was attractive due to its proximity to Cincinnati and the surrounding suburbs.”
Located at 6805-7109, 30 minutes from Downtown Cincinnati, Alexandria Village is a Wal-Mart shadow anchored property with a diverse, national tenant mix including Dunham’s Sports, Rue 21, GNC, Tuesday Morning, Snap Fitness, Payless Shoe Source, Bath & Body Works and SuperCuts.
The property sits centrally located along U.S. 27, with close proximity to Northern Kentucky University and the Greater Cincinnati Northern Kentucky International Airport.
“Its location was a major factor in the acquisition process, along with the surrounding roadways and traffic counts,” Albanese added. “There are over 100,000 people in the trade area and the property featured an impressive lineup of national tenants, many of which we already have existing relationships with.”
ACH owns, manages and leases more than 3 million square feet of strategically placed assets across the country. According to Albanese, the company’s acquisitions team focuses on properties that have upside potential and are located in secondary and tertiary markets.
“Like with all of our other acquisitions, our property management team will do an initial assessment to determine immediate enhancements we can make to ensure a positive experience for the tenants and their customers,” he concluded. “The property is in excellent condition and was well-maintained, so our immediate plans include general façade and landscape improvements.”