Concord Township News…thanks to the News-Herald…

CONCORD TOWNSHIP

Grist Mill Retail Center sold at sheriff’s auction

The Grist Mill Retail Center on Fredle Drive in Concord Township has been sold at sheriff’s auction.

The center owned by CRM Inc. was foreclosed on and bought back by the bank, according to Concord Township Administrator Andy Rose.

Prior to the foreclosure, negotiations were in the works to put a grocery store in the former Reider’s location.

According to Rose, private investment firm LNR Partners out of Miami Beach, Florida, bought the property for $11.5 million at the May 20 auction.

Rose said that the company plans to hold the property for two to five years to recoup some of its investments.

“The bank has it and they hired a management company called Friedman (Real Estate)… They are the property manager for the property,” Rose said. “We have given them the contact information for the potential grocery store. They were aware of the potential grocery store. It was baked into the foreclosure order and they are currently, I’m told… they are negotiating with the grocery store to seal the deal.”

Rose went on to explain that the bank is actually servicing the loan for the investment firm who actually owns the property and hired Friedman to manage it.

In an email from David Gimple, director of retail leasing at Friedman Real Estate, Gimple explained that the property didn’t technically sell and that the sheriff sale was merely a formality for the lender to come in and begin the final phase of taking the title to the property so the property can be held as an REO (real estate owned) asset. This removes the former borrower completely from the process.

According to Rose, the renovation plans for the store have already been approved by the county’s chief building official, but everything is on hold pending negotiations.

The property management firm has indicated that there is a possible fast casual sandwich tenant for the 12,000-square-foot vacancy in the center as well, according to Rose.

Gimple said the company was continuing to stabilize the center with renewing tenants and marketing new spaces for lease.

“We do have several prospects, but really aren’t in the position to disclose details at this point,” Gimple said in the email. “Normal course of business is to disclose that kind of info with prospect approval and once actual lease documents are signed.”

Court document s obtained from Lake County Common Pleas Court reference the possibility of Dave’s Supermarket as a potential candidate for the center.

Calls to Friedman Real Estate were not immediately returned.

Rose said that the company plans to hold the property for two to five years to recoup some of its investments.

A sign announcing space available hangs in the window of one of the vacant store fronts at the Grist Mill Retail Center on Fredle Drive in Concord. KRISTI GARABRANDT — THE NEWS-HERALD

A sign announcing space available hangs in the window of the former Reider’s location at the Grist Mill Retail Center on Fredle Drive in Concord Township. Township officials are hopeful a deal will be in place for a new grocery store in that space soon, even though the center recently sold at a sheriff’s sale for $11.5million. KRISTI GARABRANDT — THE NEWS-HERALD

 



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