For more retail coverage, clickGlobeSt.com/RETAIL.
DALLAS-In an off-market transaction, a local investment grouphas put close to $60 million on the line for nearly 1.7 million sfof redeveloped former Safeway grocery store space. The 64-propertypackage was 92% leased at sale time.
J. Kenneth Dunn, president of Rainier Capital Management, boughtthe Sunwest portfolio from a private investor in Dallas whoacquired the package in 1989. Dunn tells GlobeSt.com that the dealclosed with a $46-million assumption of a GMAC-serviced loan thatmatures in 2012. He says the plan is to let the financing ride andinvest another $3 million to $4 million into long-overdue upgradesat the properties over the life of the loan.
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