Transaction Represents Largest Single-Asset Retail Sale in Two Years
NEW YORK, July 8, 2014 /PRNewswire/ — Coldwell Banker Commercial (CBC) Alliance, a national real estate services firm backed by leading New York City based investment manager Waterfall Asset Management, helped broker the recent sale of the Golden Gate Shopping Center in Mayfield Heights, a Cleveland suburb, to a joint venture of two East Coast real estate firms.
Bruce Weissberg, EVP, Business Development for CBC Alliance, helped generate and close this off-market deal to a partnership of Hornig Capital Partners LLC, a New York-based real estate firm, and Hutensky Capital Partners of Hartford, Conn. The joint venture paid $47.05 million to the seller, Cleveland-based Forest City Enterprises Inc.
Golden Gate, built in 1958, is a 371,748-square-foot center that was renovated in 1995. The center is currently 95% occupied and anchored by national tenants including Marshalls, PetSmart, Golf Galaxy, h.h. gregg, OfficeMax and Jo-Ann Fabrics.
Mr. Weissberg added, "We are pleased to have played a key role in arranging this sale, which represents the largest single asset retail shopping center purchase in the Cleveland market over the last two years. The Golden Gate Shopping Center is an extremely valuable asset with lots of upside and this transaction is a win-win for both the buyer and the seller."
About CBC Alliance
Coldwell Banker Commercial Alliance is a national commercial real estate brokerage company headquartered in New York City, dedicated to serving private investors, owners, and small/mid-cap corporate users of real estate. The firm currently has offices in New York, Los Angeles and Orange County, Calif., Dallas, Miami, and Denver, 150 professionals, $800 million in closed transaction value and over six million square feet under management. The company is also an independently owned and operated affiliate of the international Coldwell Banker Commercial® organization and one of the top offices in the firm's global network of over 200 offices and 3,000 brokers.
CBC Alliance was founded by Waterfall Asset Management (Waterfall), an investment adviser. The parent company of CBC Alliance is a real estate finance company that acquires, originates, manages and finances commercial loans as well as asset-backed securities and other real estate-related investments. For more information, please visit www.cbcalliance.com.
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