Logan Town Centre has new owner
The Logan Town Centre has been sold.
Deed transfer documents obtained online Thursday show that AVR-Altoona LP sold the property for $101.5 million to TKG Logan Town Centre LP, based in Columbia, Mo.
Taxes for the transaction totaled $2 million – including $1 million in state transfer tax and $507,000 each for the Altoona Area School District and Logan Township.
The deed transfer was executed June 26.
The new owner assumed a mortgage – originally $76 million – from AVR.
The 700,000-square-foot “power retail center’s” major tenants include Boscov’s, Dick’s Sporting Goods, Kohl’s, Giant Eagle, Best Buy, Barnes & Noble and Staples.
The center draws from a 60-mile radius, according to an AVR web page.
Yonkers, N.Y.-based AVR bought the center in 2007 for $101.05 million – $450,000 less than the recent sale price – after Morgan Stanley Mortgage Capital Holdings LLC had filed for foreclosure on a partnership that included Greg Morris, the original developer.
That partnership had acquired the property from Echo Altoona Associates LP of Pittsburgh, which had bought out a previous Morris partnership.
“We’re more than happy to get the transfer tax,” said Logan Township Supervisor Joe Metzgar.
The payment amounts to a little less than 5 mills’ worth of revenue, he said.
“We’ll do what we can to help them out,” Metzgar said about the new owners.
Mirror Staff Writer William Kibler is at 949-7038.