Livonia-based Schostak Brothers & Co. Inc. announced today the acquisition of 23 shopping centers located across the country from Coldwater Liquidating Trust.
The purchase is part of a bankruptcy liquidation in which Schostak Brothers purchased the majority of the remaining Coldwater Liquidating Trust portfolio, totaling 405,000 square feet.
The shopping centers span 19 states, and is the third acquisition of Super Walmart shopping centers in less than a year. The acquisition is part of Schostak Brothers ongoing and significant growth strategy into the Super Walmart shadow-shopping center asset class said Schostak Brothers CEO David Schostak. Five other centers purchased in 2013 were also acquired through the same bankruptcy, and one was purchased from an individual property seller. These recent acquisitions total 29 properties for 497,738 square feet.
“We’ve monitored this bankruptcy for several years and are looking forward to the continued expansion and diversification of our portfolio as a result of this sizeable retail acquisition,” Schostak said. “The 23 shopping centers are currently 82 percent occupied and position us to capture a significant upside through lease-up potential. We will utilize our extensive understanding and proven best practices in the shadow-shopping center sector to improve these retail assets.”
As part of this exciting growth trajectory, in recent years, Schostak has assembled one of the largest portfolios of Walmart shadow-anchored centers in the country, now totaling 63 properties and more than 1.4 million square feet. In addition to this recent transaction, other recent acquisitions by SchostakI include Canton Corners in Canton, a 195,000-square-foot shopping center with notable anchor tenants, including Home Goods, Buy Buy Baby, and Hobby Lobby and Livonia PowerTrain, a 1 million-square-foot industrial building in Livonia.