AST LANSING, MI-Financial details have been released regarding the recent sale of Hannah Plaza, a 72,764-sf shopping center adjacent to Michigan State University. GlobeSt.com has learned that the buyer, Chicago-based R&D Katz Real Estate, LLC, obtained $12.2 million in acquisition financing to purchase the property from the Eyde Co., a private real estate holding company.
Terms of the loan include 80% loan-to-value and pricing based on the 10-year US Treasury. Chicago-based Cohen Financial secured the loan for R&D's subsidiary, R&D Hannah Plaza, LLC. This was the first mid-Michigan acquisition for the company.
The center is anchored by the College Bookstore, a college text bookstore owned by the Nebraska Book Co., a Gold's Gym and 23 other leased tenants. The sale also included a contiguous 24,182-sf strip center. Both properties are located on South HagadornRoad. Irvin Kebler, CEO of the Eyde Co., says this was the firm's largest sale in more than 20 years.
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