CENTRO PROPERTIES TO SELL 17-PROPERTY PORTFOLIO
PRINCETON, N.J. — Australian-based Centro Properties Group plans to sell a 17-property shopping center portfolio and has chosen NAI ReStore to market it. The portfolio includes more than 1.3 million square feet in community shopping centers and grocery-anchored centers in nine Southeast and Midwest states. Centro has put an estimated value of “in excess of $90 million” on the portfolio.
“NAI has brokers in the local communities where these centers are located,” says David Solomon, NAI ReStore president and CEO. “By knowing the local sale comparables, investors, retailers, alternative space users and elected officials in these secondary and tertiary markets, we have some advantages in helping Centro sell these properties faster and at less of a discount than they might face in a typical portfolio situation where the discount is greater because there are more unknowns,” he said.
NAI ReStore did not disclose the names or locations of the 17 properties in the portfolio.