Stonemar's store spots.New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. based real estate firm, Stonemar Properties, has completed the purchase of three premium shopping centers in Jackson, Mississippi Jackson is the capital and the most populous city of the U.S. State of Mississippi. It is one of the county seats of Hinds County; Raymond is the other county seat. As of the 2000 census Jackson's population was 184,256. . The centers, totaling 200,000 s/f, are located along County Line Road, the main retail corridor for North Jackson. The purchase represents Stonemar's continued focus on pursuing high quality assets situated in strategic retail locations. The $25 million transaction was spearheaded by Stonemar's acquisition team who partnered with Kimco Realty Corp. Debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay was provided by Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. . The centers were purchased from locally based The Mattiace Companies. The centers--Purple Creek, North Regency Square and Centre Park--feature national tenants such as Academy Sports, Guitar Center, Pier One, and Applebees. The centers are also "shadow-anchored" by one of the state's largest retail draws, The North Park Mall. Said Jonathan Gould, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Stonemar, "The surrounding area's solid demographics combined with the drawing power of such national players as Target, Sam's Club, Best Buy and Lowe's, which should open its home improvement store by early 2006, makes this transaction an ideal fit with our investment criteria." Added Chris Covey, Director within Kimco Realty Corporation's Preferred Equity Group, "This is our first joint venture with Stonemar and we look forward to a long term working relationship with them." |
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