Lee's Summit has landed two partners to help spearhead a mixed-use revamp of its historic downtown district.
On Tuesday, City Council members approved a development structure agreement with Kansas City-based Lane4 Property Group Inc. and New York-based Biederman Redevelopment Ventures. They will be master developer and manager for the city's Downtown Market Plaza, respectively.
NORFOLK, VA (January 2021): SLN Capital Markets, a division of S.L. Nusbaum Realty Co., completed the sale of four separate outparcels to four different buyers at the Greenbrier Square Shopping Center in Chesapeake, VA. All of the transactions occurred within a few months after they hit the market, showing the continuing high demand for single tenant net leased assets.
“All of these deals had a few things in common. They were leased to national tenants with strong guarantors, long lease terms in place and they were located in a top shopping center off the interstate,” said Doug Aronson, Senior Managing Director of SLN Capital Markets who represented the sellers. “Buyers are flocking to safety and are willing to pay for peace of mind.”
Aronson generated multiple offers on each of the assets: an Arby’s, Popeyes, Starbucks and Kroger Fuel Center. All of them sit at or near the entrance to a shopping center anchored by Kroger, Dick’s Sporting Goods, Field & Stream, WoodSpring Hotel and other national and regional tenants. Sales prices ranged from $1,500,000-$2,025,000, with cap rates ranging between 4.94%-5.30%
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides brokerage services for shopping centers, apartment communities, office, industrial, land and investment properties throughout the Mid-Atlantic. For more information, visit: www.slnusbaum.com.
RICHMOND, VA (January 2021): S.L. Nusbaum Realty Co. is pleased to announce the sale of GreenGate Medical Office Building at 3400 Haydenpark Lane in Richmond, VA. The property was purchased by Montecito Medical Real Estate.
Nathan Shor and Reid Cardon of S.L. Nusbaum Realty Co.’s Richmond office and Chris Zarpas and Chris Devine of the Norfolk office facilitated the transaction.
The approximately 45,000 square foot, Class A, medical office building was built in 2018 and is located within GreenGate, a 75-acre, mixed-use development comprised of townhomes and single family residences, commercial office buildings and a variety of retailers in the prominent Short Pump submarket.
Current tenants in the building include Tuckahoe Orthopedics, VCU Health, Partner MD, River Run Dental, Richmond Virginia Orthodontics and East Coast Endodontics.
“S.L. Nusbaum Realty Co. was honored to be a part of this sale and to facilitate the transaction between the Buyer and Seller. Whenever any of our clients, whether the buyer, the seller, or both as in this case, walk away from the closing table satisfied, we are satisfied,” said Nathan Shor, Senior Vice President, Regional Director, S.L. Nusbaum Realty Co.
For more information, please contact: Nathan Shor, 804.944.2399, [email protected].
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides brokerage services for shopping centers, apartment communities, office, industrial, land and investment properties throughout the Mid-Atlantic. For more information, visit: www.slnusbaum.com.
Irvine, CA – (Jan 5, 2021): In a continued effort to carefully evaluate opportunities for its clients, Faris Lee Investments has arranged the off-market purchase of Meridian Plaza, a multi-tenant retail center anchored by Dollar Tree in Cypress, CA.
The 28,500 square feet property fronts Katella Avenue, one of the primary east-west thoroughfares in the trade area, trafficked by more than 53,000 vehicles per day. The asset is comprised of several national tenants including Starbucks, Dollar Tree, H&R Block and Wienerschnitzel.
A 1031 exchange Orange County-based family office acquired the asset for $13 million. Nick Miller, Director, and Shaun Riley, Senior Managing Director represented the buyer while Thomas Kim and Jamie Park from Apple Tree Management represented the seller in the transaction.
Transacting a multi-tenant retail sale in the current market where nearly every property is experiencing some level of rent collection issues makes every multi-tenant retail transaction exceptionally challenging. With fewer lenders in the marketplace and appraisers making downward valuation adjustments to compensate for further Covid-19 risks, a lot more strategy on the brokerage end is needed to bring about a successful transaction.
“There is a clear insufficiency of supply for multi-tenant retail assets with no rent collection issue in today’s market,” says Nick Miller. “We have noticed a trend of investors willing to acquire at aggressive pricing for these types of assets, as long as collections are strong” To provide its client with a secure and income-producing investment, the acquisition search parameters consisted of targeting COVID-19 resistant multi-tenant strip center assets with minimal to no rent collection issues. Many of the offering submittals were off market properties. Faris Lee Investments continues to add value to its clientele but being active in matching buyers and sellers in hard-to-find off market transactions.
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com