sealed bid auction $3.3-billion purchase
The sale of the outstanding bank branch and retail property assets have a set bid date of Oct. 13, 2008. Gramercy tells GlobeSt.com that they decline to comment at this time. The portfolio is geographically diverse; it includes assets in 19 states, although most of the assets are located on the east coast with particular concentrations in Florida, Alabama, Pennsylvania, Georgia and Virginia. Most of the portfolio's properties are primarily vacant former bank branches, although 12 are cash flowing assets and are fully or partially leased to existing bank tenants.
Michaels tells GlobeSt.com that Carlton will consider selling the 12 cash flowing properties as a block to an investor. In addition, he says, "we would consider selling the portfolio to one or two buyers." Carlton executives, Thomas McCarthy, managing director, John MacConnell, vice president, and Sandy Myer are handling the sale for Carlton.
"Buyers have definitely shown a ton of interest," Michaels tells GlobeSt.com. "These are good retail investment properties all located in prime areas." He continues to say that "these assets are former and current bank branches that are all located in high visibility areas. Retailers, such as restaurants, fast food, regional banks, clothing stores, would love to purchase these properties, especially since they can buy the properties at a good price."
Michaels says that the properties, which total 275,000 sf, excluding the six land only assets, range in value from $200,000 to $3 million. As for why Gramercy intended to sell the assets, Michaels says that due to the size of the portfolio that the New York City-based firm bought from American Financial Realty Trust, "these assets are non-core assets and represent the last remaining vacant properties that are not accretive to Gramercy." Furthermore, he notes, "these assets will sell for very good prices."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
