Target-anchored shopping center sold for $5 million

America’s Best, Jackson D. Stewart II, executive vice president and general counsel for SCP, said during a phone interview Wednesday afternoon. The Target store is attached to the shopping center but is separately owned. It was not part of this acquisition. "This is our first and I hope it's not our last purchase (locally)," Stewart said of the acquisition. "We love the Louisville market. We started looking at the market first and the asset second."

He said Louisville works for SCP's investment strategy because of the city's diversity, both economically and demographically. As part of the deal, he said the firm intends to make physical upgrades, including enhanced landscaping and new awnings among the possible aesthetic improvements. The shopping center also has about 4,300 square feet of vacant leasable space that SCP aims to fill with complementary tenants. Atlanta-based The Shopping Center Group is actively marketing those spaces for lease now. Stewart said the vacancy will give his firm a clean slate to work with. “This asset is located at a critical confluence between two high traffic roads and physically connected to a company-owned Target that reinvested heavily in their store earlier this year, Stewart said in a news release announcing the sale. “While Bashford is a strong asset for us day one, we are working closely with an excellent leasing and management team to bring the center to the next level with respect to the customer experience and make improvements that will be well received by our tenants.

We have had outstanding results with a number of similarly situated assets and strategies.” SCP both develops and purchases retail centers, office buildings and light industrial properties, mainly in the southeastern and midwestern United States.