Samuels & Associates and Edens & Avant today announced plans to buy 40 of 60 shopping centers owned by Farmington, Conn.-based Konover & Associates. Most of the centers are in New England, New York, New Jersey, Pennsylvania and Maryland.
Representatives of a joint venture between Columbia, S.C.-based Edens & Avant and Boston-based Samuels & Associates signed a letter of intent to buy the centers, which comprise more than 4 million sq. ft. of retail space.
Konover recently turned its focus away from its shopping center portfolio and toward its construction business and development pipeline, which includes more than 30 potential projects, Edens & Avant noted.
Edens & Avant owns or manages more than 250 retail centers in 19 states and is among the largest shopping center companies on the East Coast. Samuels & Associates is a leasing and development company with more than 15 projects under development. Its core markets are New England and the Midwest.
-- Staff and wire reports