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Brokerage
Posted: March 25, 2013
Cleeman and Putterman of CRE arrange $70 million JV for Corners at Wescott
In a transaction that highlights the strength of grocery-anchored retail, Cohen Real Estate (CRE) has arranged a joint venture partnership to develop phase I of the $70 million Corners at Wescott, a 167,000 s/f shopping center that will anchored by Harris Teeter and Marshall's.
"Both the original developer and the new equity partner worked seamlessly throughout the transaction to make sure all of the anchor tenant leases and all city approvals were in place so that construction could start right away to meet the demand for the stores to open as quickly as possible," said Michael Cleeman, vice president of CRE, who represented the new equity investor on this transaction. Helen Putterman, president of CRE, represented the developer.
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