"I'm sitting here right now writing an ad in the (local business weekly) in hopes of finding some more; it says: 'Wanted: Real Estate, Quick Cash Available by Local Investor,'" Greg Goodman tells GlobeSt.com. "Our concern is that people still feel we are only investors in Downtown."
And for good reason; some 90% of the family's holdings are still Downtown. Goodman tells GlobeSt.com it could stay that way if the best deals are Downtown, but he says the family has widened its scope and will examine opportunities regardless of its location in the region as long as "it makes sense and we feel we can operate it."
Moreover, says Goodman, if the economy continues to struggle there will be plenty of opportunities to consider for a family like his that has cash to spend. "People have been telling me cash will be king here shortly and that could very well be," says Goodman. "There are a lot of people that have tied up properties that don't make sense."
The Goodmans' first pure retail acquisition makes very good sense, however. Acquired from publicly-held Regency Centers for $8.5 million, the 53,579-sf grocery-anchored strip center is located in a high-income neighborhood, has no competition for 2.5 miles and is filled with national credit tenants including QFC, Starbucks, Washington Mutual and Blockbuster.
The property is West Hills Plaza, located at the intersection of Southwest Barnes and Miller roads. The list price was $8.95 million. Lou Lauman of CB Richard Ellis brokered the deal.
"Regency had a number of offers after our came in but was very honorable," says Goodman. "We kept our string alive; we've never tied up a property and then not gone through with the acquisition."
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