HDRP Launched By GDF Properties Acquires Retail Portfolio From Mehdi Vakili For $10.34M

The transaction involved a retail asset with a total sale price of $10,340,000. The property encompasses a combined square footage of 105,063 and is located at multiple addresses including 12207 Grand River Avenue, 1280 East Main Street, 12915 Buckeye Road, 14305 Harper Avenue, 2188 East Market Street, 25880 Broadway Avenue, 352 East Waterloo Road, 3787 Pearl Road, 6513 Clark Avenue, and 815 Copley Road. The market for these assets spans across Detroit, Newark, Cleveland, Akron, and Oakwood Village.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,340,000
• Buyer: HDRP launched by GDF Properties
• Seller: Mehdi Vakili - AMVF Holdings
• Buyer's Attorney: Steven Herzberg
• Price per Square Foot: $98
• Total Square Footage: 105,063
• Market Areas: Detroit, Newark, Cleveland, Akron & Oakwood Village

The deal features investment-grade tenants with all leases extended at closing. The transaction was part of the launch portfolio for Heartland Dollar Retail Partners, which is backed by GDF Properties. Notably, the buyer mentioned a down payment of 10 and highlighted the potential for further acquisitions in the future, emphasizing recession-resistant characteristics and predictable cash flows of the portfolio.