News

Last month Avison Young recruited a large team of brokers and other professionals from The Ezra Co.

Donigan, who most recently served as the president and CEO of Sapphire Digital (formerly Vitals) of Lyndhurst, NJ, replaces John Standley, who served as CEO for the national drugstore chain for nearly nine years, effectively immediately.

Corey Lonberger, managing partner at RRA, says, “Both properties traded at sub 6.5% T-12 cap rates and north of $110,000 per unit, which shows the strength of the multi-family market at this time. With historically low interest rates, values are at all-time highs.”

The two companies are selling some properties owned by their JV and are also adding new properties to their joint holdings.

Liberty Tax, soon to be renamed the Franchise Group, has inked a definitive agreement to acquire the Vitamin Shoppe in an all cash transaction. The Vitamin Shoppe conducts business through more than 750 company-operated retail stores under The Vitamin Shoppe and Super Supplements retail banners nationwide.

The firm reports it paid $42.85 million for the eight-story, 233,166-square-foot, Class-A office property at 1111 West 22nd St. Located in the East/West submarket, the building is 93% occupied.

The purchase increases Preferred’s multifamily portfolio to 33 multifamily communities across 10 states. The company financed the acquisition utilizing a non-recourse first mortgage loan from MetLife Investment Management on behalf of a client.

This likely is the biggest office construction loan to ever close for a Brickell project.