A partnership between WREIT Inc. and tenant-in-common investors has sold a grocery-anchored retail center in Brookings, S.D., for an undisclosed price.
WREIT, which owned a 68.5 percent interest in the property, and tenant-in-common investors, which owned the remaining 31.5 percent, unloaded the property on Burger and Giles-Burger.
The property, Brookings Mall, was originally built in 1975 and features 148,158 square feet on approximately 14 acres. Located near Highway 14 and Interstate 29, Brookings Mall was approximately 97 percent occupied at the time of sale by Hy-Vee Food Stores, Ace Hardware, Daktronics, Brookings Liquor and Mediacom.
The joint venture disposed of the asset after more than seven years’ ownership.