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.”