Sperry Van Ness secured $100 million incash for purchases of sale/leaseback portfolios. The equity came from three family-owned private funds and a non-traded REIT, with each party contributing $25 million.
The transaction was completed by Sperry Van Ness’ EasyLeasebacks team, including Peter Colvin, Dave DeMaagd, Sean Lutz and Dan Elliot. The team specializes in assisting franchisees with 10 or more franchise units, with a focus on fast food restaurants, furniture rental venues and auto related uses. “We help package and sell portfolios anywhere in the country,” says Colvin. “A lot of the owners of franchises have to do remodels and that money is very hard to get from banks right now, so the sale/leaseback money can help them remodel those stores.”
Inland Acquires Three Shopping Centers for $70.7M
Inland Real Estate Acquisitions Inc. purchased three shopping centers for $70.7 million on behalf of Inland Diversified Real Estate Trust Inc. Theinclude Prattville Town Center, a 168,914-square-foot property in Prattville, Ala., which sold for $27 million; NorthCrest Shopping Center, a 133,674-square-foot property in Charlotte, N.C., which sold for $27 million, and the Village at Bay Park, a 180,758-square-foot property in Ashwaubenon, Wis., which sold for $16.7 million. Matthew Tice, vice president of Inland Real Estate Acquisitions, negotiated the acquisition of the first two centers. Mark Cosenza, also vice president, negotiated the acquisition of the Village at Bay Park.