Quantum Real Estate Advisors’ Dan Wasazak brokered the sale of a two-shopping center portfolio in Fort Wayne, IN. Totaling about 27,000 square feet, the properties are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and sold for just under $12,000,000.
The seller, an Indiana based development group, redeveloped both properties into class-A shopping centers with high-quality tenancy. The buyer is a private investor from Mexico.
“This sale shows the continued demand for high-quality retail assets,” said Waszak. “The tenant lineup featured long-term leases to internet- and COVID resistant tenants, which was the main attraction for the buyer.”
He added, “This transaction wasn’t without its challenges, however. The buyer was able to get attractive terms on a CMBS loan, and in the eleventh hour, significant hurdles arose. All parties worked diligently to finalize this loan and ultimately close the transaction.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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