TownE Centre North
This 50,500 SF shopping center was purchased from a special servicer in 2012. The center is strategically located in the Vann Drive/Columns retail submarket, which is the most desirable area of Jackson. When Anchor purchased the center, the occupancy rate was 45% and the property has a significant amount of deferred maintenance. Within 18 months of purchase, Anchor signed 8 new leases - highlighted by a long-term, 19,000 SF lease with ALDI inc. - taking the center's occupancy to 100%. Anchor has made numerous capital improvements to the center since its purchase to reposition Towne Centre North into the Class A asset it is today. Anchor sold the center at a significant return to its investors.