(To read more on the debt and equity markets, click here.)

AST LANSING, MI-Financial details have been released regarding the recent sale of Hannah Plaza, a 72,764-sf shopping center adjacent to Michigan State University. GlobeSt.com has learned that the buyer, Chicago-based R&D Katz Real Estate, LLC, obtained $12.2 million in acquisition financing to purchase the property from the Eyde Co., a private real estate holding company.

Terms of the loan include 80% loan-to-value and pricing based on the 10-year US Treasury. Chicago-based Cohen Financial secured the loan for R&D’s subsidiary, R&D Hannah Plaza, LLC. This was the first mid-Michigan acquisition for the company.

The center is anchored by the College Bookstore, a college text bookstore owned by the Nebraska Book Co., a Gold’s Gym and 23 other leased tenants. The sale also included a contiguous 24,182-sf strip center. Both properties are located on South HagadornRoad. Irvin Kebler, CEO of the Eyde Co., says this was the firm’s largest sale in more than 20 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.