1 Seller : 3 Buyers : Complex Deals : 1 Guarantor
Transactions: The seller, based in Beverly Hills, California, was motivated to sell three Long Island properties located in Farmingdale, Northport, and Islandia to move their investment holdings to the west coast. Each deal had many complexities. One property was subleased to a local hardware store chain with the rent being paid by Rite Aid Pharmacy corporate. One property had a vacant pad site that was creating additional expense. In addition, one property was attached to a very high CMBS loan that had to be assumed.
SIP negotiated a total selling price of $20.55M for all three properties to separate buyers with Rite Aid Pharmacy as guarantor on all of them.