Los Angeles (July 15, 2015) – Adler Realty Investments, Inc. (Adler) recently purchased two properties for $5,550,000 in a court order receiver managed sale. Adler acquired the properties at price well below the replacement costs and used these purchases to meet a 1031 tax deferred exchange requirement from a recent sale of an office park in Ontario, California.
The first property was a 53,643 square foot office building in the St Louis suburb of St Charles. The property is 100% leased with Royal Canin as the major tenant. The second property was a fully leased 30,300 square foot neighborhood retail center in Sikeston, Missouri. Situated at the primary intersection in Sikeston the property has a strong national tenant mix including Buffalo Wild Wings, UPS Store, and Charter Cable Company.
“These properties add to our portfolio’s diversification and I am excited to continue our expansion in the region,” said Michael Adler, president of Adler. “Chris Engel, our director of acquisitions, is continuing to look throughout the west and mid-western United States for other investment opportunities to meet our capital requirements.”
Carlos Farfan of CBRE brokered the transactions and Lord Partners, a Sperry Van Ness affiliate, will be managing the assets for Adler who is headquartered in Los Angeles.