Klaff Realty, together with JV partners, acquires the national real estate portfolio from Rex Stores
Klaff Realty, LP, together with joint venture partners Coventry Real Estate Advisors and Lubert Adler, acquired a 1.03 million square foot, 87-property national retail portfolio from Rex Stores Corporation (“Rex”).
The fee-owned portfolio is comprised of free-standing buildings averaging 11,700 square feet on 1.2 acres of land. The stores are located in 28 states with concentrations in Florida, Ohio, Michigan, Texas and South Carolina.
The buildings are generally in excellent condition, often command the premier locations within their markets and in many cases are mall out-parcels. Forty stores were leased back to Rex on a short-term basis, ten were subject to leases with third party tenants, and thirty-seven stores were vacated by Rex upon acquisition. Klaff Realty, LP is directing and managing the re-positioning strategy of the portfolio for the partnership.