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Lamar Partnership Picks Up “Dominant” East Town Retail
Lamar Companies, in conjunction with Real Capital Solutions, has acquired East Town Plaza in Madison, WI. The 216,785-square-foot shopping center is located along a two-mile commercial corridor.
The buyers didn’t disclose financial terms of the deal. The seller was RPT Realty, which said in a fourth-quarter earnings call that it had sold the property for $13.5 million. The shopping center REIT paid $16.5 million for it in 2000.
The center is 83% leased; the tenant roster includes Burlington, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, DSW Shoe Warehouse, ULTA Beauty and Party City. It has seven vacancies ranging from 1,334 square feet to 17,200 square feet.
“East Town Plaza is currently positioned as one of the most dominant centers in the East Town submarket, and Lamar will look to further improve its position through an aggressive leasing and management plan,” said Kyle Hayes, director of acquisitions at Fairfield, NJ-based Lamar.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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