VOL. 119 | NO. 200 | Tuesday, November 1, 2005
Memphis Real Estate Recap
Former Kmarts to Be Converted to Retail Centers
7060 Winchester Road
Memphis, TN 38125
Cost: $8 million
Buyer: NPK Winchester LLC
Seller: Kmart Corp.
Property: 17.6 acres at 7060 Winchester Road near Riverdale Road. The property is one of three former Super Kmart properties purchased by affiliates of New York-based New Plan Excel Realty Trust. The other locations are 1245 Germantown Parkway in Cordova and 560 Stateline Road in Southaven.
According to a statement released by New Plan Excel Realty Trust, the company closed on the properties in early October under a joint venture with Kmart Corp. New Plan has a 20 percent interest in the joint venture and will be responsible for redevelopment, management and leasing of the properties.
During a conference call to report third quarter results for the company, New Plan CEO Glenn J. Rufrano said the company plans to convert the big-box stores into shopping centers.
"These are sites that range from 18 to 26 acres that will be developed into neighborhood shopping centers," he said.
New Plan Excel Realty Trust is a self-administered and self-managed real estate investment trust with a national portfolio of 450 properties in 39 states, including properties held by joint ventures.