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

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.