SYRACUSE-In an all-cash transaction worth $16 million, Berkley Properties LLC has purchased a portfolio of retail properties here. The seller was local investor Michael Muraco.
Jonathan Greenberg, a sales associate with the Kislak Co., represented the purchaser Berkley. The seller was represented by Marty McDermott of locally based JF Real Estate. The sale involved 14 retail properties, which consisted of strip malls and single-tenant buildings that totaled approximately 200,000 sf. Greenberg says that Berkley Properties owns several apartment complexes and a few office buildings in the Syracuse area.
Commenting on the deal, Greenberg says, "The buyers really stepped up to the plate and performed above and beyond what anyone could consider reasonable," to get the transaction concluded. He notes that the seller made some demands during negotiations, including an all-cash deal.
He adds that the Berkley is now aggressively undertaking improvements and lease up at its new retail holdings. "Syracuse is a Top 15 mid-sized American city for conducting business, and this retail sale will continue to have a positive effect on the area."
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