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Newport Shopping Center, Plaza Sold

The Newport Shopping Center and Plaza have a new owner.

Beaumont, Tx.-based Albanese Cormier Holdings announced the acquisition of the adjacent properties on Monmouth Street and Carothers Road. The company purchased the longtime shopping destination from an unnamed seller represented by Midland Retail.

The purchase price was not disclosed.

Newport Plaza has attracted some big-name tenants in recent years, quickly replacing a shuttered Remke Market with Fresh Thyme Farmers Market, and adding a new Planet Fitness when Sears closed.

Newport Shopping Center is also seeing its spaces repurposed, with a Beef O'Brady's using a storefront and a security firm operating an office there.

Newport Plaza at 82 Carothers Road is 161,734 square feet of retail, anchored by Fresh Thyme, Planet Fitness, Dollar Tree, and Verizon Wireless. Newport Shopping Center is 264,196 square feet of retail at 1727 Monmouth Street with offerings like ACE Hardware, Aaron's, Defender Direct, Dollar General, Family Dollar, and Taco Bell.

Albanese Cormier Holdings (ACH) also owns Alexandria Village Green.

“We’re excited to start 2018 off by adding two strong centers to our portfolio," said Brandi Norwood, director of leasing at ACH said. "Newport presented an opportunity to strengthen our presence in the Northern Kentucky Market by adding these two properties to our strong performing center in Alexandria, just 15 minutes away.”
-Staff report