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2006 : Baum Realty Group, Inc. Completes Sale Valued at $4.6 million April 27, 2006 Chad M. Firsel Executive Vice President of Baum Realty Group, Inc. recently represented a private investor in the sale of the Day-Grape Retail Center—a 30,000 square foot retail center that also includes a 50,000 square foot ground lease—located at 4110-4130 Grape Road in Mishawaka, Ind. valued at approximately $4.6 million. The Day-Grape Retail Center is currently 93 percent occupied. Long-term tenants of the Center include Don Pablo’s Mexican Restaurant and Sofa Select. Day-Grape Retail Center is located in a primary shopping corridor in Mishawaka, Ind., on the southeast corner of Grape and Day Roads, north of Edison Road. It is in close proximity to Princess City Plaza, a Power Center that includes major tenants such as Kohl’s, Borders Books & Music, Old Navy, Bed, Bath & Beyond and PetsMart. Chad M. Firsel, Baum Realty Group, Inc. Vice President, represented both the buyer and seller in the Day-Grape Retail Center transaction. The Seller was a local real estate owner and the buyer is from Chicago, IL “This center was an attractive investment opportunity because of its stable occupancy and excellent, highly visible location in a central retail corridor in Mishawaka,” Firsel said. “New ownership will have the ability to increase occupancy and rental rates to add value to the property.” The private investor who purchased the property acquired the asset to fulfill a 1031 Starker Exchange requirement. |
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1030 W. Chicago Avenue :: Suite 200 :: Chicago, IL :: 60642 :: P: 312.666.3000 :: F: 312.666.7970 :: info@baumrealty.com |
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