Cohen and Co., Inc. Real Estate negotiated the sale of Ormond Towne Square, a 234,045-square-foot shopping center in Ormond Beach, Fla., from Developers Diversified Realty to the Jaffe Corp. for $20 million. The
“It was a very good fit for [the buyer’s] portfolio,” Cleeman says.
Cohen and Co. would not disclose the cap rate at which the property was purchased, but the financing did require a new loan. The entire transaction, from signing to closing, was completed in 55 days. Based on the slight increase in closed transactions over the past month, it seems the gap between buyer and seller expectations has started to close, Cleeman says. “I think the sellers are becoming more realistic as to what kind of pricing they will be able to achieve in this market,” he notes.
Marcus & Millichap Real EstateServices negotiated the sale of a 663,000-square-foot portion of the Northland Center, a 1.7-million-square-foot enclosed mall in Southfield, Mich., from Jager Management Inc. to Askenazy Acquisition Corp. for approximately $30 million… Stan Johnson Co. negotiated the sale of 12 Napa Auto Parts properties for $19.2 million. The properties are located throughout Florida, Georgia, Illinois, Minnesota, Mississippi, Texas, Virginia and Washingon… Sperry Van Ness/Lighthouse Commercial Realty negotiated the sale of an 11,945-square-foot CVS-anchored retail property in Marion, S.C. for $3.3 million. The initial term of the double net lease for the property is 22 years.