Mandelbaum Salsburg's Real Estate Team Completes Largest Real Estate Transaction in the Firm's 89 Year History
January 22, 2018Posted at 20:06h
in Latest News
Congratulations to Mandelbaum Salsburg’s Real Estate team on completing the largest real estate transaction in the Firm's 89 year history. This complicated transaction on behalf of long-time Firm client Rubenstein Properties involved the sale of a portfolio of 29 properties (located in 6 different states) having approximately 5.2 M square feet of industrial space with a purchase price of nearly $200M. Member Owen Hughes led a team of attorneys and support personnel from the real estate practice and our Environmental Group, including Member Gordon Duus, who provided assistance on environmental matters. The contract was negotiated and signed in the fall of 2018. The transaction involved complex title and survey issues, property condition diligence, tenant issues, bulk sale and environmental compliance activities and negotiation and procurement of environmental insurance. The closing stretched over 3 days during the week of January 14, 2019, including one night with Owen and Chair Barry Mandelbaum leaving the closing table at midnight. We are proud of the team effort by the members of our Real Estate and Environmental practices to ensure a successful portfolio sale for our client.