During the fourth quarter of 2017, MEPT acquired kedron Village ii, an 157,185 square foot retail center for a total gross purchase price of $30.9 million. Kedron Village II is located 30 miles southwest of downtown Atlanta in Peachtree City and is adjacent to an existing Fund-owned asset, Kedron Village I, a 93,356 square foot, grocery-anchored retail center acquired in 2011. Peachtree City, the largest city in Fayette County, Georgia, has strong demographics with average and median household incomes within a 3-mile radius of the Property of $120,000 and $95,000, respectively. Built in 2006, Kedron Village II is 90 percent leased to a mix of national, regional, and local tenants. The center is anchored by Ross Dress for Less, Bed Bath & Beyond, and Petco.
"This acquisition aligns with the Fund’s strategic goal of acquiring core retail properties in primary, knowledge-based markets throughout the U.S.," stated David Antonelli, Executive Vice President and Portfolio Manager at Bentall Kennedy. "Investing in necessity-based retail centers in areas surrounded by large, educated and affluent populations provide stable income for the Fund."
Additionally, the Fund acquired a JV partnership interest in one of the Boston assets, Doctor’s Office Building, a 97,289 square foot medical office building, for $4.9 million.