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And on development projects that have failed to meet their pro formas, that's exactly what we're seeing, says veteran real estate attorney Y. David Scharf.
After a change in ownership in 2014, 400 Record has undergone extensive remodeling led by global design firm Gensler and Lincoln Property Company has assumed property management of the asset.
Lyric Market is a 31,500-square-foot food-hall concept and 801-space parking garage opening in fall of 2018, and is expected to serve as a community-centric gathering place and ultimate foodie destination.
Even as the role of retail pharmacy stores is changing, the physical buildings and land continue to be worthwhile investments, with a steady rate of return.
Stos Partners sells a 91,541-square-foot single-tenant industrial property for $21 million after owning the asset for slightly more than a year and completing an improvement program on it.