Atlanta-based NewBridge Retail Advisors, which represented seller Oaktree Capital Management of New York, declined to disclose the acquisition price. But area brokers familiar with the 67%-leased property tell GlobeSt.com the price was about $20.8 million or $50.95 per sf, below replacement cost of a comparable asset today.
"Over the past few years, Cross Country Plaza has been repositioned and redeveloped into one of the dominant shopping centers in the market," NewBridge managing partner Gary Saykaly tells GlobeSt.com. The deal took 60 days to complete, from contract signing to closing.
In preparing the property for market, Saykaly says "the seller did a great job of focusing on the major pieces, leaving the remaining elements for the benefit of a new buyer."
He adds, "This project was a hybrid, between a stabilized asset and a repositioning opportunity, and required locating an investor that could underwrite the Columbus market, provide aggressive pricing for the stabilized component, and compensate the seller for the inherent value remaining at the property."
Saykaly says "the ultimate private market buyer was able to accomplish the seller's objectives and move extremely quickly through the inspection and closing period, given their extensive capital network."
Van Barron, another NewBridge managing partner who worked on the deal with Saykaly, calls the transaction "a complicated process." Barron says "the center's multitude of buildings, anchors, sub-anchors and shop tenants logically meant many moving components. There was a sense of urgency to determine the issues, find equitable solutions and move the deal to closing, given the volatility of the debt market."
Still, Barron says, NewBridge "was able to pro-actively manage the issues, expedite the negotiation process between the seller and buyer, and work with the buyer's lender to keep them up to speed and on track for a targeted closing."
Brown Realty Advisors of Atlanta represented Glenwood Development.
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