Livonia, Michigan — Schostak Brothers & Company, Inc. announced the acquisition of 23 shopping centers 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 sq. ft.
The 23 shopping centers span 19 states, and is the third acquisition of Super Walmart shopping centers in less than a year.
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 sq. ft.
“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,” said David Schostak. CEO, Schostak Brothers & Company. “The 23 shopping centers are currently 82% occupied and position us to capture a significant upside through lease-up potential.”
In recent years, Schostak Brothers has assembled a sizeable portfolio of Wal-Mart shadow-anchored centers, now totaling 63 properties and more than 1.4 million sq. ft.