CINCINNATI-Morgan Stanley has closed on the sale of Sycamore Plaza at Kenwood, a 320,000-sf shopping center here that is 90% occupied and located across the street from Kenwood Towne Centre, a 1.1 million-sf mall anchored by Dillards, Lazarus-Macy’s and Parisian. The sale price was $61.5 million.The new owner is RP Properties, a private investment group from west Los Angeles that owns 15 shopping centers around the country. The principals are bankruptcy attorney Richard Pachulski and Stuart Rubin, a retail and residential developer. RP used equity from its recent $44-million sale of Long Beach Plaza to acquire Sycamore Plaza.RP was advised in the transaction by David Lee, chairman of Faris Lee Investments, an Irvine, CA-based retail investment advisory. Faris Lee President Richard tells that the challenge of the deal was bidding against multiple institutional buyers. “I think what enabled us to win this deal was having financing pretty much in place and having the company principals in the market at the time of negotiations,” says Walter. “They could immediately deal with issues that came up at the time of bidding.”Walter says Sycamore is a long-term hold that will provide RP with double-digit returns on cash flow. “The key to this deal was the caliber of property,” says Walter. “They would buy in California if they could, but they want the A location.” Adds Lee, “Prime retail properties are hard to obtain in the current Southern California market, so…we have been strategically moving exchange and new capital from California across the United States into premium properties in major retail markets such as Cincinnati.”Granite Partners LLC, a New York-based real estate investment banking company represented Morgan Stanley in the transaction.

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