FOR IMMEDIATE RELEASE
Contact: Lauren Smith / Greg Young
IDEA HALL
(714) 436-0855 ext. 23 / 25
lauren@ideahall.com /
greg@ideahall.com
Buchanan Street Partners Facilitates Sale of Burlington Crossings in WA for $37.75M on Behalf of Newman Development Group
- Class-A Retail Power Center Sold to Stratford Hall, Inc. for $233/SF
Newport Beach, CA (June 28, 2006) - Buchanan Street Partners, a national real estate investment
bank, announced today that it has arranged the $37.8 million sale of Burlington Crossings in Burlington,
WA on behalf of New York-based Newman Development Group, LLC. The Class-A retail center was sold to
Stratford Hall, Inc. of Los Angeles for $232.76 per square foot.
Built in 2005, Burlington Crossings is located between Highway 5 and S. Burlington Boulevard, 45 minutes
north of Seattle. The 162,178-square-foot power center shadow anchor by Home Depot, and other national credit
tenants including Old Navy, Petsmart, Ross, Linens-N-Things, Best Buy, McDonald's, and Olive Garden.
"Stratford Hall was selected over other buyers due to its purchase price and ability to move quickly with
no financing contingency," said Alan Purser, Buchanan Street Partners vice president. "We were very happy
with their speed and efficiency."
"Buchanan Street Partners handled this sale perfectly," said George Akel, III, California Managing Member
of Newman Development Group. "Through this transaction, we realized the breadth of services the firm offers
and how those services work together on their clients' behalf. We expect to benefit from that versatility
again in the future."
About Buchanan Street…
Buchanan Street Partners is a real estate investment bank that
provides real estate capital for owners and developers. The firm makes principal equity investments for
real estate in a discretionary capacity, arranges debt and structured finance, is an investment manager
to institutional and private investors, offers investment sale brokerage services, and has a specialty
in self-storage finance. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago
and Atlanta.
Recent activity on behalf of clients includes arranging the sale of Hotel Griffon in San Francisco
and securing a construction loan for the conversion of 74 New Montgomery Street, also in San Francisco,
into condominiums.
About Newman Development Group…
Newman Development Group is active in developing, renovating, and expanding retail centers nationwide.
Headquartered in Vestal, NY with offices in San Francisco and Plymouth Meeting, PA the company has
developed and acquired several million square feet of retail since 1992. For more information,
visit
www.newmandevelopment.com.
