Larkspur Landing Shopping Center Sold for $65M

Larkspur Landing Shopping Center in Larkspur has been sold to J.S. Rosenfiield Company for roughly $375 psf. The thirty year old center is about 70% leased, and includes Bed Bath & Beyond and 24-hour fitness. The property was sold by Inland Real Estate who acquired the asset about 7 years ago for $60 Million. The new owner is looking at this acquisition as a value-add play and intends to redevelop the center.

[Update 02/15] The financing was arranged through City National Bank and featured a five-year term, an interest rate in the 6 percent range, a loan-to-value ratio of 50 percent and a recourse requirement.

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