Jeffrey R. Anderson Real Estate sold its Skytop Pavilion shopping center in Mount Washington for $20.3 million as part of a plan that could result in the sale of two other local retail centers.
New Plan Excel Realty Plus, a New York-based real estate investment trust that also owns Harper's Station in Symmes Township, acquired Skytop Pavilion in late November.
Though just built in 1999, Skytop, whose anchor is Bigg's, no longer fits Anderson Real Estate's strategy, said J.R. Anderson, director of development. Anderson, based in Norwood, is focusing on its core assets: lifestyle centers such as Rookwood Commons.
"We like it and it's a good center, it's just a different leasing mentality," Anderson said. "It just wasn't a good fit for what we want our portfolio to look like going forward."
This plan has led to the sale of five other properties on Beechmont Avenue, for $10 million. And Anderson is now analyzing its remaining "non-core" centers: Alexandria Village Green and Union Centre Pavilion, which also is anchored by Bigg's.
Alexandria Village is anchored by a Wal-Mart that is in the process of expanding into a 209,000-square-foot supercenter.
"All these locations where we build these new stores, it's amazing how many new residential developments are going into those areas," said Wal-Mart spokesman Keith Morris.
The demographics are what attracted New Plan to Skytop, said Stacy Slater, senior vice president. The average household income in a three-mile area is just shy of $80,000, according to Anderson data.
"It's a high-quality property," Slater said, noting that it is 95 percent occupied.
New Plan specializes in owning and managing shopping centers, with a $3.8 billion portfolio of more than 400 properties. Its other local properties include Brentwood Plaza, Hillcrest Square, Delhi Shopping Center and Western Village.
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