Larkspur Properties News

Larkspur Acquires Vacant Marsh Supermarket In Indianapolis for $875,000 from an affiliate of C-III Asset Management.

Larkspur sells Palms Club Condominium Project to Pacifica Companies for $15.3mm.

Larkspur sells 2.3 acre outparcel at West Volusia Retail Center to Atlantic Housing for $1mm.

Larkspur sells Bal Harbor Plaza in Punta Gorda, Fl for $3.5mm.

Larkspur refinances $2.5mm loan on Interstate Park with new $5.0mm bank facility.

Larkspur acquires Pearman Dairy Plaza in Anderson, SC for $2.0mm.

Larkspur sells Cobblestone at Eagle Harbor Condominiums to Venterra Living for $16.5mm.

In November 2017, a Larkspur affiliate acquired a 33,800 sq ft retail shopping center in Dayton, OH. Anchored by the Original Pancake House and Jersey Mikes’s, 56% of the center’s floor area is a former Bally’s Gym that Larkspur will convert to small-shop space. Larkspur also plans to convert some of the excess parking lot to a self-storage facility to capitalize on the strong visibility of the center in an upscale Dayton suburb.

In August 2017, a Larkspur affiliate acquired a 214,000 sq. ft. office condominium property called Acropolis at Fairfield Commons in Dayton, OH. The property’s prime location adjacent to Wright Patterson Air Force Base and the growing eastern suburbs should allow Larkspur to lease the property back to historical occupancy levels from the 52% at acquisition. Acropolis should also benefit from increased future defense spending as a majority of tenants are defense contractors or suppliers.

Larkspur signs 5 year lease with Unity Physicians Partners for approximately 8,000 square feet at its Memphis office location. Within one month of the acquisition, Kirby Gate’s occupancy has improved from 30% to 49%.

An affiliate of Larkspur acquires a 60,000 sq. ft. office/industrial building in Indianapolis, IN for $1.5mm. Greenwood Oaks is 75% occupied at the time of acquisition and Larkspur expects to improve operating performance through a re-tenanting program and capital improvements.

An affiliate of Larkspur acquires a 43,000 sq. ft. office building in Memphis, TN for $1.6mm. Kirby Gate is 30% occupied at the time of acquisition and Larkspur expects to drive occupancy gains through leasing incentives and targeted capital improvements.

Larkspur signs 10 year lease with Rheem North American for 28,0000 square feet at Interstate Park. Rheem is consolidating its Water Heater Operations Unit at Interstate and is expected to occupy the space during the summer of 2017.

Larkspur sells Eastpointe Business Center in Jacksonville, FL for $3.3mm.  The sale yields a 40% gain over a 2 year period to limited partners.

Larkspur signs 10 year lease with Simon Medical Imaging for 7,000 square feet at its West Orange Professional Center.

Larkspur acquires Interstate Park in Montgomery, AL from an affiliate of C-III Capital for $2.5mm. Larkspur plans to make numerous improvements to the 200,000 square foot property including landscaping, branding and pricing incentives to drive occupancy from the 40% on the acquisition date.

Larkspur achieves 70% occupancy at Wistar Center after owning the property for seven months

Larkspur sells its last condominium at the Chelsea Lofts in Jacksonville, Fl.
Net gain on sales of the Chelsea Lofts was 44% before cash flow from rental payments during the five years Larkspur owned the units.

Larkspur acquires the 35,000 square foot West Orange Professional Center in Orlando, FL from an affiliate of C-III Capital for $3.7mm.
Larkspur plans to aggressively market the space by offering attractive tenant improvement packages to local medical professionals in order to capture increasing demand from the expanding Health Central Hospital.  Larkspur also plans to upgrade signage, landscaping and common areas to drive occupancy to above 80% from the current 35%.

Larkspur acquires the 50,000 square foot Wistar Center in Richmond, VA from an affiliate of C-III Capital for $2.3mm.
Larkspur plans an exterior façade renovation, new signage and landscaping upgrades to drive occupancy from the 38% on the day of acquisition

Larkspur refinances the 52,000 square foot West Volusia Retail Center in Orange City, Fl.
The $2.5mm loan was used to return capital to investors as well as for capital expenditures associated with sub-dividing the 12,000 square foot junior anchor box.

Larkspur acquired the Eastpointe Business Center in Jacksonville, Fl for $1.7mm.
The property was acquired from a special servicer which had foreclosed on the prior owner. Eastpointe is located on a main commercial artery in Jacksonville and has a strong regional tenant base. Larkspur will look to increase occupancy from the current 66% by renovating the exterior facade, upgrading the landscaping and installing street signage to improve visibility of the office building.

Larkspur sold Unit 101 at the Cheslea Lofts for a 43% gain to its cost basis.
Larkspur has now sold over 50% of its condominiums units at the Chelsea Lofts in Jacksonville

Larkspur announced the signing of two additional tenants at its West Volusia retail center outside of Orlando.
BOCO Salon & Spa and Studio 13 Dance Academy are both expected to possession of 1,500 and 3,000 sq ft respectively before November 1, 2014. The additions of these two tenants increases occupancy to 68% from the 53% at acquisition.

Larkspur closes $550,000 construction loan with Centennial Bank, NA.
On June 30th, Larkspur Punta Gorda, LLC closed a construction loan with Centennial Bank of Arkansas to redevelop the vacant Food Lion space at Bal Harbor Plaza. The loan is structured as a 5 year term loan with a 5.25% coupon and the first 12 months interest-only. Larkspur expects the construction to be completed within 90 days.

Larkspur Sells Eagle-Harbor Condominium for nearly double its investment.

Larkspur West Volusia signs 1st lease with Kara’s Bridal.
On May 26th, 2014, Larkspur signed a 5-year lease with Kara’s Bridal, a long-time Orange City, Fl retailer of bridal and formal wear. The lease is a 5-term at prevailing market rates.

Larkspur Closes West Volusia Retail Acquisition.
On February 10th, 2014, Larkspur West Volusia Retail, LLC purchased a 52,255 sq ft retail center and adjacent land parcels for $4.1mm from Wells Fargo. The center is anchored by national discount retailers Dollar Tree and Goodwill Industries. Larkspur plans to sub-divide certain space to accommodate smaller tenants and reduce lease rates to drive occupancy.

Larkspur Punta Gorda Retail, LLC announces the purchase of the 58,000 sq ft community shopping center in Punta Gorda, Fl commonly known as Bal Harbor Plaza.
Larkspur acquired the center for $1.1mm from the original developer of the plaza who had purchased the land for the same price in 1990. Formerly anchored by a 29,000 sq ft Food Lion, Larkspur plans a complete renovation of the old grocery store space to allow local retailer to use the store frontage while reserving the back for storage and warehouse use.