BENTLEYFORBES COMPLETES $37.25 MILLION ACQUISITION OF THREE BUILDING, MULTI-STATE, SINGLE-TENANT RETAIL PORTFOLIO
National Real Estate Investment Company Reaffirms Expertise in Sale-Leaseback Transactions; More Single Tenant Acquisitions Key Basis for $500 Million Investment Goal
Los Angeles, Calif. (May xx, 2010) — BentleyForbes, a national real estate investment company, has successfully completed the acquisition of a three building, multi-state, retail property portfolio in a sale-leaseback transaction valued at $37,250,000. The transaction marks the company’s first acquisition in 2010, with plans targeting up to $500 million in new acquisitions during the next 12 months.
“BentleyForbes sees compelling investment opportunities in the single tenant property market and we expect to target this specialized transaction type in the coming months,” said C. Frederick Wehba II, president and CEO of BentleyForbes. “We are capitalized and prepared to move on up to $500 million in new acquisitions during the next 12 months, and will pursue a mix of single-tenant and multi-tenant commercial properties made available in the current market climate, where quality assets can be acquired at a low basis with attractive pricing.”
In the transaction, BentleyForbes was represented internally by Mr. Ahsan Aijaz, senior director of investment banking for the company. Mr. Aijaz focuses on complex, structured corporate finance transactions at BentleyForbes, with a specific expertise in working with corporate clients to achieve their credit and finance goals in the sale-leaseback and single-tenant investment markets. Additionally, Aijaz works on corporate buyouts for the company, with a broad interest in market and sector opportunities including but not limited to the consumer products, food & beverage and industrial sectors. The three retail properties in this transaction were acquired directly from an unnamed supermarket chain operator, with individual properties within the portfolio located in Nebraska, Missouri and Kansas for a total of approximately 225,000 square feet. Each supermarket property was immediately leased back to the unnamed seller in 20 year, NNN leases with additional renewal options providing extremely attractive returns on investment and stable fundamentals for underwriting purposes.
About BentleyForbes:
BentleyForbes is a national real estate investment firm founded in 1993. The Company is focused on the acquisition, ownership and management of commercial real estate in the office, industrial, mixed use, retail and hospitality sectors. Typical investments for the Company range from $10 million to $500 million and beyond, emphasizing Class A commercial properties in top CBD or regional submarket locations. Furthermore, the Company is recognized for its expertise in the acquisition and management of single tenant and/or sale-leaseback property investments, and continues to invest in assets of this type on a wide basis. From its Los Angeles headquarters, BentleyForbes employs a roster of real estate and corporate finance experts well versed in commercial real estate investment, finance, law, accounting and asset management. The Company also has regional offices in Atlanta, Chicago and Washington D.C. For more information on the Company, its portfolio of properties and officers, please visit www.bentleyforbes.com.
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