Industry sources confirmed for GlobeSt.com that $26 million exchanged hands for the 151,400-sf Greenhouse Marketplace in San Leandro. The 19-year-old center is 95% leased. It was sold by its developer, Greenhouse Marketplace LLC, led by Lary Mielke of Pasadena, CA and Thomas Tellefsen of Los Angeles, who says the center was sold for estate-planning purposes.
Timothy L. Bower, first vice president with CB Richard Ellis Inc. in Los Angeles, says the center was on the market about 60 days. Weingarten was one of four top offers in the running from a field of 12 serious would-be buyers chasing the deal. He and CBRE's Jerry Asher, an executive vice president, and Mark R. Koenig of BT Commercial in San Francisco worked the sale.
The seller owns about two million sf of mostly retail properties. Tellefsen says the partners seldom sell, but should they do so again that Weingarten would be their first telephone call. He says the REIT's top price and ability to close won the face-off.
Tracy Pursell, Weingarten's investor relations director, says the deal closed with a loan assumption, cash, 1031 Exchange funds and downREIT operating partnership units.
The pair of North Carolina properties--the 123,700-sf Harrison Point Center and 114,400-sf Leesville Shopping Center--came from Bob Hughes & Associates in Raleigh as an outgrowth of a relationship that started nearly four years ago when the REIT became manager of nearly all of Hughes' portfolio. In 2002, Weingarten bought seven shopping centers in the Raleigh area and one in Fort Worth from Hughes. Pursell says the latest trade of about $46 million was completed downREIT operating partnership units, cash and 1031 Exchange capital. For previous story, click here.
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