Business Specialties Investments
WestCorp, Equibase Partner to Pursue M-F Opportunities
May 15, 2008
By: Scott Baltic, Contributing Editor

Equibase Capital Group L.L.C. and WestCorp Management Group have partnered to create a strategic joint venture that will pursue multi-family investment opportunities throughout the United States.

The JV will focus on “value-add and opportunistic investment situations including direct asset acquisitions and purchases of performing and non-performing debt,” according to a prepared statement. “Equibase has had a long and successful track record investing with [WestCorp chairman] Kenneth M. Woolley and his team in both multi-family and self-storage assets,” Michael Husman, managing principal of Equibase, said in the statement.

The JV will not be a separate corporate entity, an Equibase spokesperson told CPN today, and will draw its funds solely from the two partner companies. The spokesperson declined to discuss the venture’s initial capitalization, but did say that the venture “will opportunistically pursue a range of transaction sizes.”

“The JV will be looking for value-added and opportunistic situations in which WestCorp’s multi-family property management platform can maximize the value of the asset,” the spokesperson said, adding that all types of debt would be considered by the JV, including non-performing CMBS.

Founded by Ken Woolley, founder & CEO of Extra Space Storage, WestCorp is a real estate investment and management firm focusing on multi-family and is part of the Nevada West Development family of companies. Nevada West has completed more than $600 million of development and redevelopment projects since 1991. Founded in 1990, Equibase is a provider of mezzanine debt and equity capital to middle-market real estate clients.

 
Recent Investments Headlines
Shovels Hit Dirt for $100M Biotech HQ in Suburban Philly
July 25, 2008
Work has commenced on Almac Group's new North American headquarters campus in Lower Salford Township in Harleysville, Pa., about 30 miles outside of Philadelphia. The Craigavon, Northern Ireland-headquartered bioscience research-and-development services company will invest $100 million to develop a 240,000-square-foot facility as part of an expansion and consolidation project that will ultimately yield an office and production complex of up to 1 million square feet.
AFIAA Acquires Wells Fargo Tower in Austin from Aspen Properties
July 24, 2008
AFIAA, a Zurich-based foundation investing in international real estate, has made its first purchase in Texas, acquiring the landmark Wells Fargo Tower in Downtown Austin from Aspen Properties Inc. for an undisclosed amount.
merrill Updated: Harrison Street Closes on $430M Equity Fund
July 24, 2008
Chicago-based Harrison Street Real Capital has closed on a new private equity fund after raising about $430 million. Harrison Street Real Estate Partners II L.P., as the fund is known, began raising capital in March, and according to Christopher Merrill, co-founder and managing principle of Harrison Street, a good number of investors were keen on getting in on the fund.
Sterling JV Pays $38M for Tampa Apartments Despite Soft Market
July 23, 2008
Sterling American Property Inc., in a JV with The Collier Cos., has purchased the St. Croix Apartments, a 540-unit, gated, resort-style apartment community in Tampa, for just north of $38 million.
Westcore Sells Vienna Office for $39M
July 23, 2008
Westcore Properties has announced the sale of a Class A Austrian office building.
 

 

Thursday REal Talk with Adam Perrotta
July 24, 2008
By Adam Perrotta, News Writer --In yet another example of an American firm's involvement abroad, Denver-based ProLogis has appointed Philip Dunne as COO of Europe and the Middle East. Dunne's appointment would seem to indicate that the firm has every...

Work Gets Underway on $500M Gates Foundation HQ in Seattle
July 24, 2008
By: Barbra Murray, Contributing Editor --Ground has just broken in Seattle on what will become the new home of the Bill & Melinda Gates Foundation. The multi-structure green headquarters campus (pictured) will encompass 900,000 square feet, including a visitor center,...

New York Housing Agencies Approve $329M to Build, Renovate Affordable Housing
July 24, 2008
By: Anuradha Kher, Online News Editor, Multi-Housing News --The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corp. (AHC), recently approved more than $317 million in financing to build...

ProLogis Makes More Big Moves in People, Places
July 24, 2008
By: Scott Baltic, Contributing Editor --In its fourth major personnel appointment in just a few months, distribution facility giant ProLogis has announced that Philip Dunne will join the company in the new position of COO/Europe and the Middle East. Dunne,...

ING Sells Roosevelt Raceway Center on Long Island for $103M
July 24, 2008
By: Judy Feldman, Contributing Correspondent --ING Clarion Partners L.L.C. has sold the Roosevelt Raceway Center in Westbury, N.Y. The New York office of Holliday Fenoglio Fowler L.P. announced the finalization of the $103 million sale and arranged financing, representing the...

Top Brokers Do Deals in Bad Markets, Too
July 18, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...

Know Thy Customer
July 11, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --How well do you really know your customer? Let me put this as simply as I can. If you want to succeed in business you must be in touch with the demands of...

How to K.I.S.S Problems Goodbye
June 27, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Keep It Simple Stupid. One of the most effective ways to order your world is to simplify everything you encounter. The problem is that keeping it simple often becomes very difficult when our...

Does Appearance Matter?
June 20, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --So, do appearances really matter? They shouldn't, but the reality is that they most certainly do. As the old saying goes, "you only get one chance to make a first impression," and often...

Recognizing the Need for Change
June 13, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Since the title of today's column is "Recognizing the Need for Change," I'm going to switch things up a bit and ask you to answer a question posed by me. I first warned...