Livonia, Mich. — Schostak Brothers & Co. Inc., a metro Detroit-based real estate investment firm, has purchased a portfolio of six retail properties adjacent to Walmart Supercenters in Mississippi, Louisiana and Texas.
The company purchased the assets, which total nearly 160,000 square feet, through SFP Pool Seven LLC for an undisclosed price. The properties include Eagle Plaza-Ruston at 1401 Eagle Drive in Ruston, Louisiana; Eagle Plaza-Farmerville at 775 Sterlington Highway in Farmerville, Louisiana; Eagle Plaza-Forest at 1303 Highway 35 South in Forest, Mississippi; Eagle Plaza-Cleveland at 710 N. Davis Ave. in Cleveland, Mississippi; Sulphur Marketplace at 301-341 N. Cities Service Highway in Sulphur, Louisiana; and Stone Street Plaza at 1101 Stone St. in Kilgore, Texas.
Occupancy for the six locations averages 92 percent, with tenants including Cato Fashions, Dollar Tree, Hibbett Sports, PetSense, Rue 21 and Shoe Show. With these transactions, Schostak Brothers has 73 shadow Walmart retail assets in its portfolio.