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Sperry Van Ness Secures $100M in Equity for Sale/Leaseback Acquisitions

Sperry Van Ness secured $100 million in private equity cash 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. The properties include 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.

HFF Negotiates Sale of Westpark Shopping Center in Virginia for $23.3M

Holliday Fenoglio Fowler closed the sale of Westpark Shopping Center, a 176,973-square-foot grocery-anchored shopping center in Glen Allen, Va., from a fund managed by J.P. Morgan Investment Management Inc. to Westdale Real Estate Investment and Management. Westdale Real Estate paid $23.3 million for the center and assumed existing financing on the property.

Westpark Shopping Center is located on a 14.7-acre site on West Broad Street, approximately five miles from downtown Richmond. It is 74 percent leased, with tenants including Martin’s and The Tile Shop. Richard Reid, Jim Hamilton and Mark Remington, of HFF, represented the seller in the transaction.

Broadstone Buys Four Applebee’s Restaurants in a $10.5M Net Lease Deal

Broadstone Net Lease Inc. completed the acquisition of four absolute net-leased Applebee’s restaurant sites for a total purchase price of $10.5 million. Three of the properties are located in the greater Minneapolis area, while the fourth is located in Mankato, Minn. All four sites are operated by Apple American Group LLC, the largest Applebee’s franchisee in the country. The leases on the sites are for 17 years.

Prudential Douglas Ellis Sells Madison Avenue Retail Condo for $1.75M

Prudential Douglas Elliman’s retail group arranged the sale of a multi-level retail condominium at 1086 Madison Ave. in New York City to Stanley Lobel, owner of Lobel’s Fine Meats, for $1.75 million. The price works out to $4,471 per square foot.

Located between 81st and 82nd Streets, the condominium comprises approximately 1,200 square feet of space. Faith Hope Consolo, chairman, and Joseph Aquino, executive vice president of Prudential Douglas Elliman’s retail group, represented both the seller and the buyer in the transaction.

Other Notable Deals

Voit Real Estate Services completed a receiver-controlled sale of Rancho Serra Mesa Shopping Center in San Diego, Calif. to Omninet Capital LLC for $6.7 million

Rancho Serra Mesa is a 55,761-square-foot retail property anchored by a CVS Pharmacy. The property was sold through Douglas Wilson Cos. as receiver.

Mark Caston, senior vice president and Tony O’Neill and Kendrick Askew, vice presidents with Voit Real Estate, represented the seller in the transaction.

Mid-America Real Estate Corp. closed the sale of a freestanding Lowe’s building in South Lebanon, Ohio to USA Properties for $5.1 million. Rivers Power Crossing LLC was the seller in the transaction.

The property is a 117,000-square-foot Lowe’s store that serves as an anchor for the 450,000-square-foot Pavilion at Rivers Crossing center currently under development in South Lebanon. Kohl’s and Target are the other anchors.

Ben Wineman, Tom Fritz and Mark Goldberg, of Mid-America’s investment sales group, along with Tracy Green, of Ohio Realty Advisors LLC, represented the seller in the transaction. The buyer represented itself.

StanCorp Mortgage Investors LLC originated two refinance loans for a private borrower with maturing CMBS loans on two centers in Florida. A $3.4 million loan was placed on a 70,104-square-foot Shoppes of Atlantic center and a $2.95 million loan was placed on a 66,403-square-foot Tamarac Center. Both loans featured a 6 percent interest rate, a 10-year term with 10-year and five-year extension options, 25-year amortization schedule and 70 percent loan to value ratio. For the Shoppes of Atlantis, debt service coverage was 1.96x, while debt service coverage for the Tamarac Center was 1.66X.

The Boulder Group completed the sale of a single tenant net leased Wendy’s property in Midlothian, Ill. for $685,000. The seller was a private Midwest partnership and the buyer was a private individual investor.

The property is a 3,000-square-foot building that sits on a 35,619-square-foot land parcel. It is leased to Wendy’s on a short term basis.

Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented both parties in the transaction.

DPC Development sold Carrolltown Corners, a 14,885-square-foot retail center in Carrollton, Texas, to JGEP Investments Inc. for an undisclosed price. Brad Cruickshank and Trip Green, of The Woodmont Co., represented the seller in the transaction.

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