A New Hope
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|First it was a note sale. Then an REO. But finally, Sperry Van Ness'Jeffrey Baasch, Dan Elliot, and Sean Lutz sold the 121k SF Lincolnshire Village Green complex. The team worked on disposing of the property for the last 10 months and found success last week.|
|The property, which contains a mix of office, medical office, and retail tenants was purchased by The Baseline Group, a Colorado investor that specializes in REO assets and has been hot on the Midwest recently. Dan and Sean, who specialize in net-lease sales, were trying to sell the note before the property went into foreclosure last spring. They brought in Jeffrey, a foreclosure and multifamily expert. While the $12M selling price represented a 50% loss for the bank, it shows that assets are beginning to move as banks try to get properties off their books, Jeffrey says.|
|The property's about 75% leased and tenants include Flatlanders Brewery (we're assuming that's the medical office), Subway, and Einstein's, with a 10k SF restaurant space still open for lease. Dan says Baseline will handle the leasing of the property in-house. All three brokers are looking forward to 2011, which Dan and Sean say will be a boom year for net-lease properties because investors are looking for low-risk, low-maintenance properties to help bring their money off the sidelines. Jeffrey says apartments have already been making their mark in investment sales; he closed on an 18-unit property in Evanston just last month.|