Origin Capital Partners has completed the disposition of a seven building, 67,364-square-foot real estate portfolio anchored by Giordano’s retail locations.
Origin purchased the portfolio out of bankruptcy in November 2011 and sold the six retail buildings for $13.9 million, totaling 46,029 square feet of space, and a 27,600-square-foot industrial facility.
Arizona-based S|T|O|R|E, a real estate investment trust specializing in the ownership and management of single tenant operational real estate, acquired the properties.
After the successful completion of the business plan, Origin engaged the brokerage firm of CBRE to market the remaining assets for sale. The brokerage team consisted of Ian Schroeder, Senior Vice President – Retail Investments, and Michael Kader, First Vice President – Retail Investments.
Over the course of three and one-half years, Origin brought occupancy from 94% to 100% by executing leases with AthletiCo and Sprint at the Giordano’s anchored retail locations. These cash flows and credit enhancements further strengthened the portfolio.
