In a release announcing the deal, Andrew Merin of Cushman & Wakefield, says that there was a limited pool of potential buyers for the property. "Not all regional owners focus on both retail and office, and even fewer are able to make an all-cash purchase," he says. "In light of today's difficult financing environment, especially for investors looking to acquire value-add properties, Larken Associates was the perfect buyer for Echo Plaza."
Also known as 899 Mountain Ave., the complex consists of a 66,568-square-foot neighborhood shopping center that is 71% leased to a mix of national and local retailers, including Big Lots, Outback Steakhouse and Sherwin Williams. A 40,880-square-foot, three-story office/professional building is 91% occupied by financial, insurance and area services companies.
In a statement, Bernhaut noted that the building presents a viable repositioning opportunity, because of its below-market leases, near-term expirations and available space. Cushman & Wakefield's Metropolitan Area Capital Markets Group, led by David Bernhaut, Merin, Gary Gabriel and Jose Cruz, arranged the sale. John Garibaldi, of GRC Management, also represented seller Paragano Development LLC.
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