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620 Commons Drive
SOLD

Lamar Companies Acquires Retail Property In Geneva From LaSalle For $63.7M

620 Commons Drive

Retail
438,000 SF
clock iconSold 74 days ago
Richard Frolik
George Good
Christian (Chris) Williams
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Summary

Sale
ILLINOIS
Retail
438,000 sqft

The property involved in the transaction is a retail asset located at 620 Commons Drive in Geneva. The sale price was $63,700,000, with a total square footage of 438,000. The deal resulted in a price per square foot of $145. The seller, LaSalle Investment Management, sold the property to the buyer, Lamar Companies, with the assistance of brokers Christian Williams, George Good, and Richard Frolik from CBRE.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $63,700,000
  • Address: 620 Commons Drive
  • Market: Geneva
  • Buyer: Mark Kalkus - Lamar Companies
  • Seller: Mark Gabbay - LaSalle Investment Management
  • Brokers: Christian Williams, George Good & Richard Frolik - CBRE

LaSalle Investment Management incurred a significant loss on the sale, as the property was sold for $63.7 million, down from its purchase price of $124 million in 2013. The buyer, Lamar Companies, obtained a $60.2 million loan from Banc of California to finance the acquisition. The transaction highlights challenges in the suburban shopping mall sector, reflecting a trend of distressed sales and notable losses across similar properties in the region.

Players

  • All

    5

  • Agents

    3

  • Agencies

    1

  • Lenders

    1

Richard Frolik's profile picture
Richard Frolik
CBRE-image
Executive Vice President
$172.1M Sold

Details

Deal Summary
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SOLD
IMAGE: Mark Kalkus, George Good, Christian Williams, Richard Frolik & Mark Gabbay DATE: 04/30/2024 ADDRESS: 620 Commons Drive MARKET: Geneva ASSET TYPE: Retail BUYER: Mark Kalkus - Lamar Companies (@Lamar.Companies) SELLER: Mark Gabbay - LaSalle Investment Management (@LaSalleIM) BROKERS: Christian Williams, George Good & Richard Frolik - CBRE (@CBRE) LENDER: Banc Of California (@BancofCal) SALE PRICE: $63,700,000 SF: 438,000 ~ PPSF: $145 NOTE: LaSalle Investment Management sold its stake in the Geneva Commons shopping center for $63.7 million to Lamar Companies, marking a significant loss compared to its purchase price of $124 million in 2013. The sale equates to about $145 per square foot, and Lamar Companies secured a $60.2 million loan from Banc of California to finance the acquisition. The transaction reflects ongoing challenges in the suburban shopping mall sector, with other recent distressed sales and significant losses reported across similar properties in the region.

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Address620 Commons Drive

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