The Newport Shopping Center and Newport Plaza have new a new owner.
Lexington-based BC Wood Properties announced their acquisition of the shopping centers on Monday.
“We look forward to operating in Newport, Kentucky. We plan to continue to add businesses that will stimulate the growth of the surrounding community,” said King Offutt, president and chief operating officer of BC Wood Properties.
Newport Shopping Center is 267,665-sq. ft. while Newport Plaza is 161,734 sq. ft. They are neighboring properties at the corner of Monmouth Street and Carothers Rd., adjacent to Interstate 471.
Tenants at Newport Shopping Center include Newport Racing & Gaming and Crunch Fitness, while Newport Plaza’s tenants include Planet Fitness and Fresh Thyme.
According to the announcement, the properties “were purchased for the benefit of” a BC Wood Real Estate private equity fund. “The portfolio contains a blend of centers anchored with national retail tenants as well as grocery-anchored properties,” the announcement said.
With the addition of the two Newport centers, BC Wood Properties now owns and operates 10 shopping centers in Kentucky. Newport is the only local location.
Terms of the deal were not disclosed.