3/25/2008

Lamar Companies pays $21M for Fort Wayne shopping center

by

Covington Plaza

Morristown, N.J.-based Lamar Companies has acquired the Covington Plaza shopping center in Fort Wayne, Ind., for $21.02 million from a private investor.

Greg Moyer and Lori Schneider of Marcus & Millichap represented both parties in the transaction. The seller's identity was not released but the Fort Wayne Journal Gazette has reported the previous owner as Peter Bobeck.

Covington Plaza is located at 6400 W. Jefferson Blvd. and sits on a 28.26-acre lot. The 199,071 square foot shopping center contains two buildings and sold for $106 per square foot. Current tenants of the property include Allstate Insurance, General Nutrition Center, Office Depot and the office of U.S. Senator Richard Lugar.

In July 2007, Moyer represented a group of tenant-in-common investors in the $24 million sale of Angelus of Dubuque, a 185-unit assisted living facility in Dubuque, Iowa.

Address: 6400 W. Jefferson Blvd., Fort Wayne, Ind.

Size: 199,071 square feet

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Filed Under: Retail

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