Gorjian of Namdar Realty completes purchase of 6,600 s/f retail property

Cleveland, OH Joel Gorjian, vice president of acquisitions & dispositions at Namdar Realty Group, has completed the acquisition of the 5900 St. Claire Ave. retail property in the St. Clair-Superior area. A Key Bank branch currently occupies the 6,600 s/f, one-story, single-tenant retail building.

The seller was a private investment fund represented by CRESCO Real Estate, a member of the Cushman & Wakefield Alliance.

Namdar is a national commercial real estate investment and management firm headquartered in Great Neck, NY.

“The Key Bank branch building, one of the most attractive retail properties in the area, is situated within an up-and-coming, 7,000-resident St. Clair-Superior section of Cleveland. The neighborhood is home to numerous popular art, community, culinary, and business initiatives and programs. However, it lacks sufficient retail facilities to serve the local residents, which made the property an appealing acquisition target. In addition, the tenant renewed the lease only six months prior to the transaction taking place. The all-cash deal was negotiated off-market and we are planning to retain and operate the property long-term,” said Gorjian.

Gorjian is currently negotiating six more retail real estate acquisitions, including one in Ohio, four elsewhere in the Midwest, and one in Nassau County on Long Island, NY. His firm’s acquisition strategy focuses on underperforming properties with high cap rates, negotiated through off-market deals. Namdar targets retail, office, and medical properties nationwide, particularly in the Midwest, Southeast, and Northeast. The firm recently purchased the Gault Village Marketplace shopping center in Ypsilanti, MI and the 8522 Old State Road single-tenant retail property in Holly Hill, SC.

“Owners of a high number of commercial properties around the country, which were acquired or re-financed in 2006, are facing maturing 10-year CMBS loans. CMBS loans, many of which provided 80 to 100 percent of the purchase funds 10 years ago, cannot be replaced on the same terms due to stricter banking regulations, which forces the owners to either increase their equity in the properties or sell them,” explained Gorjian. “Well-financed, all-cash investors who don’t rely on loan financing, such as Namdar, provide a safer, faster disposition option to real estate owners than other buyers, who rely on loans for their acquisitions. We are planning at least 45 acquisitions this year,” he added.

Namdar Realty Group is a privately held commercial real estate investment and management firm headquartered in Great Neck, NY. The firm owns and operates more than 20 million square feet of commercial real estate nationwide. Namdar’s portfolio includes more than 100 retail centers, medical buildings, and office properties. These include: the Desoto Square Mall and the Jacksonville Regional Shopping Center, both in Jacksonville, FL; the Brewton Shopping Center in Brewton, AL; the Northwest Arkansas Mall in Fayetteville, AR; the Phillipsburg Mall in Phillipsburg, NJ; the Centereach Plaza in Centereach, NY; the Massapequa Strip Center in Massapequa, NY; the Eastridge Commons Shopping Center in Flint, MI; and the Mall of the Bluffs in Council Bluffs, IA.