ScanlanKemperBard principal Robert Scanlan tells GlobeSt.com the purchase price, "in excess of $20 million," includes the 72,000 sf shopping center, 47-apartment units and a "potentially developable pad" of about 55,000 sf. The acquisition is scheduled to close in June.
The seller is Federal Realty Investment Trust of Rockville, Md. Federal Realty purchased the property in 1997 for around $16 million.
SKB acts as a fiduciary for approximately 225 investors representing more than $115 million in real estate investment. Since 1996, the firm has acquired 35 projects with an aggregate value of approximately $540 million.
All told, SKB oversees about four million sf of property up and down the West Coast, and it will grow again soon. Scanlan tells GlobeSt.com his firm is currently in escrow for three more retail properties and a $25-million Downtown high rise, all in Los Angeles.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
