Real estate firm announces purchase of Putnam Plaza

A spokesperson for a multi-state real estate firm announced Tuesday plans to develop the Greencastle shopping center once occupied by Wal-Mart.

Putnam Plaza, which is home to Tractor Supply Co. and several other smaller businesses, was recently acquired by Midland Atlantic Development Co., according to information contained in a press release issued Tuesday.

According to the companies website, Midland specializes in retail shopping centers in the Midwest and Mid-Atlantic regions and has offices in Cincinnati, Indianapolis and Raleigh, N.C.

The company announced Tuesday that it is close to signing leases with two national and several local retailers.

Putnam Plaza is 93,872 square feet in size and was built in 1986. Total land area occupied by the shopping center is 16.42 acres.

According to the company, Midland is planning extensive capital renovations to the center including exterior updates, parking lot repairs, upgraded lighting, and customized landscaping, among other improvements.

In the press release, the company mentions several current businesses that occupy the mall, including TSC and Aldi's. In addition to those and two businesses that Midland says it is negotiating leases with, it says the mall will be at more than 90 percent capacity.

"With its central location, proximity to DePauw University, and current tenant mix, we are attracting a diverse mix of retailers to complement the current businesses," Aaron Boyle, a principal of Midland Atlantic, said in a statement.

This is the latest purchase to-date for Midland Atlantic's Acquisitions Division, which was formed in May 2007.

As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of the asset.

"By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately maximizing the value of our investment," Dave Wik, director of acquisitions for Midland Atlantic, said in a statement.

The company's website is midlandatlantic.com