Commerz Real has sold the commercial building Seltersweg 83-85 in Gießen to the local project developer and property owner Faber & Schnepp.
The latter plans to convert the building, which dates back to 2006 and has more than 4,100 sqm of lettable space, into a residential and commercial building. A food market and a market hall are to be built on the ground floor, formerly used by the shoe retailer CCC and the fashion retailer The Sting. Above that, a municipal kindergarten and six to eight condominiums are planned. Faber & Schnepp wants to keep the commercial part in its own portfolio, and the conversion is to be completed by mid-2023.
The building, which was only 20% let since CCC's insolvency, had been in the portfolio of Commerz Real's open-ended real estate fund Hausinvest since 2019, for which Catella Property Consultants acted as advisor.
Christian Rosen, Head of Investment Munich, Catella Property Consultants: "The revitalisation of previously pure retail properties in prime locations requires creative approaches, a constructive environment and close cooperation between the players involved. The example of Gießen shows how it can also work successfully in other locations. Many thanks to all those involved!"
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