Centro Sells CT Shopping Center for $1.1M Less Than 2005...

Centro Sells CT Shopping Center for $1.1M Less Than 2005 Acquisition Price, published Mar. 30, 2009
New York City-based Katz Properties recently acquired Stop & Shop Plaza, an 122,718-square-foot neighborhood shopping center in Enfield, CT for $15.5 million from debt-inundated Centro Properties Group.

The center, built in 1988, is situated upon 54 acres at 54 Hazard Avenue, just off I-91 in Enfield. The center was 85% occupied at the time of sale by anchor tenant Super Stop & Shop -- other tenants include Advanced Auto Parts, 99 Restaurants, Hallmark Cards, The UPS Store, H&R Block, and Domino’s Pizza. Katz anticipates leasing up the vacant space.

According to CoStar COMPS ID# 1100337, Galileo America Shopping Trust acquired this center for $16.9 million in December 2005 -- Centro later inherited the center through its acquisition of Galileo.

Tim Breda of Goedekke & Co. arranged mortgage financing that was provided by The Liberty Bank. Geoffrey Millerd of Cushman Wakefield represented both Katz and Centro in the transaction. Summit Realty Partners of Lexington, MA has been assigned as leasing and management agent.

http://www.costar.com/News/Article.aspx?id=83DBBABC046B9DA471F96BF923FB9354

Its possible that this is more than book value?