LOS ANGELES—DealPoint Merrill has purchased three redevelopment properties throughout the country totaling 325,500 square feet. Two of the properties, located in Ohio and Michigan, are shopping centers, and the third is a self-storage facility located in Arizona.
Located in Columbus, Ohio, the first shopping center, National Road Plaza, is 120,700 square feet, while the second center, Bay View Plaza in Saginaw, Michigan, rings in at 151,396 square feet. “The two properties have excess land area which will be developed into street front retail pads which will be either sold or leased, and using a vacant anchor store which has the square footage for our self-storage facility and adjoining retail will enable us to redevelop the property rather than to build from scratch, thus saving us money,” Danielle Watson, DealPoint communications director, tells GlobeSt.com. “The other property in Arizona is already a self-storage facility which will be redeveloped into a larger facility with retail.”
The self-storage facility is the smallest of the three purchases at 53,400 square feet. DealPoint purchased these properties because “they have good demographics and income, high traffic count and street front visibility,” according to Waston. The price for these three purchases is undisclosed.
David Frank, DealPoint Merrill CEO, and Sterling McGregor, chief investment officer, negotiated the deal and dealt with the due diligence requirements on behalf of the company, while Sperry Van Ness assisted with the investment capital. Sperry Van Ness’ Mark Mimms and Mark Yadisernia brokered the deal. The two firms recently formed a strategic alliance partnership to expand its national equities platform and focus on value-add and co-investment opportunities.