| Yesterday, KLNB?s Gil Neuman told us massive amounts of cash seeking scarce quality assets and historically low-interest rates are creating an intense investment sales market. ?Capital has been accruing for so long that people are ready to start spending,? says Gil, who's listing the 32k SF Monument Street retail portfolio (2213-2241 E Monument to be exact) two blocks from Johns Hopkins main campus for $5.6M on behalf of an undisclosed family who's owned it for 70 years. Anchored by Murray?s Foods (imagine the 70-year-old wines!), Foot Locker (imagine the 70-year-old sneakers!), and Rainbow (imagine the 70-year-old . . .leprechauns?), Gil tells us the portfolio?s 9.8% cap rate is ?unheard of? for stabilized retail properties. He knows from cap rates: he received hundreds of inquiries for the Shops at Gateway Plaza in Columbia, which we told you sold for $3.5M last week. |
A PERFECT STORM
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