MONTH OF WEITZMAN
|After starting Weitzman’s Investment Advisory Services division last year, 2010 is off with a bang for its director, JC Burciaga. Already, the group has repped the sale of the 320k SF Gainesville Factory Shops, a 340k SF retail deal under contract with closing days away, and talks are underway on the sale of a vacant Home Depot.|
Weitzman has logged more than $40M in sales this year. JC, whom we snapped with EVP Greg McDonald, tells us people will buy in 2010 because they now understand where we are in the economy. Also, banks are starting to lend on quality projects. The kinds of properties moving are the typical income producers: power centers, grocery anchored centers, or even office buildings, he says. He’s also been looking for alternative uses of property. The firm recently worked a deal with a small office property on Central Expressway that the neighbors bought to scrape and make a parking lot.
Back to those Gainesville Factory Shops: Fort Worth-based Woodcrest Alliance purchased the 40% occupied 320k SF outlet mall at 4321 I-35N for an undisclosed sum. Greg repped the seller, a group of 11 lender participants led by Business Partners, LLC. Woodcrest Real Estate’s Jon McDaniel repped the buyer. JC says there are banks knocking on their doors asking for quality deals to finance, and there is a tremendous amount of equity on the sidelines. There are more investors waiting for deals than deals we can show them, he says.