Click a name below for biographical information
BentleyForbes recently expanded its investment program to include hospitality properties, with the formation of BentleyForbes Hospitality, LLC. This wholly owned subsidiary of BentleyForbes seeks to acquire, own and asset manage/operate trophy four-star and five-star hotels. Generally, such hotel properties are located in major CBDs or destination resort areas which have high barriers to entry. Additionally, the Company will generally only purchase hotels that currently are, or post-acquisition will be, managed by major, international hotel management companies.
BentleyForbes Hospitality, LLC recently completed, in August 2006, its initial hospitality property acquisition with the purchase of the Four Seasons Resort and Club Dallas located in Las Colinas, Irving, Texas. This trophy property includes the following features:
- 397 hotel rooms including 90 villas
- Two golf courses including a Tournament Players Club course which annually hosts the EDS Byron Nelson Classic, which is the second largest PGA attendance tournament
- 176,000’ sports facility which includes indoor tennis, swimming, racquetball, jogging track, retail golf and tennis shops, and members’ club and restaurant
- 32,000’ of first-class meeting space in 28 meeting rooms
- Texas only Five Diamond hotel
- 400 acres of land
- Managed under long-term management agreement by Four Seasons, the best-of-class world-wide luxury hotel management company
BentleyForbes Hospitality, LLC utilizes the financial resources and staffing services of its parent company.
Generally, BentleyForbes seeks acquisition opportunities based on the following
minimum transaction sizes:
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| Hospitality | ||||
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In the past, the Company has completed property acquisitions as large as approximately $500 million; though BentleyForbes has no maximum acquisitions transaction price.
BentleyForbes typically acquires trophy Class A multi-tenant office buildings, luxury resort and hotel properties and select high-quality industrial and retail facilities. The Company focuses on acquiring such properties in major market MSAs or regional submarkets and places a particular emphasis on the relevant submarkets, in addition to the macro-markets. In the hospitality sector, the Company seeks to purchase best-of-class luxury properties in destination resort areas or markets with significant barriers to entry.
Further, the Company is a noted leader in structuring and the execution of sale-leaseback and single tenant property investments, and is an active investor in this sector. In these transactions, the Company is uniquely qualified due to its extensive experience underwriting investments on both the credit worthiness of a corporate tenant and the intrinsic value of the property.
This industry-leading expertise has been developed by completing single tenant property investments during the past two decades involving such major corporate entities as: Ford Motor Company, Isuzu Motors, Verizon, AmeriCredit, Delta Dental, Kaiser Foundation Heath Plan, Medical Mutual of Ohio, Thomson Consumer Electronics, Kuhne & Nagel, Borders Group, the State of California, the Scotts Company, and many others.
| Office, Retail & Industrial | |
| Property Types | Class A |
| Remaining Lease Terms | All, including short, intermediate and long term |
| Locations | Major markets in the U.S. |
| Hospitality | |
| Property Types | Luxury resort and hotel properties |
| Management | Major brand management companies |
| Locations | Major MSAs or resort destinations in the U.S. |
Click a name below for biographical information
BentleyForbes is one of the nation’s fastest growing, privately-held commercial real estate investment companies. The Company is focused on the acquisition, ownership and management of trophy Class A office buildings, luxury resort and hotel properties and select high-quality industrial and retail facilities in major markets throughout the United States. The Company was founded in 1993 by C. Frederick Wehba and C. Frederick Wehba II. The Wehba family has been involved in the acquisition, development, ownership and management of commercial real estate for over 25 years.
BentleyForbes actively invests in multi-tenant commercial real estate properties, focusing on acquiring signature, Class A trophy assets which have a high residual real estate value due to their locations in major MSAs and top submarkets nationally. In its acquisitions, the Company places a primary focus on the underlying submarket, as opposed to a macro-market, believing
that real estate is all about a specific location and its fundamentals.
In addition to its investment in multi-tenant commercial real estate properties, the Company is also internationally recognized for its expertise in the acquisition and management of single-tenant, sale-leaseback and net lease properties.
BentleyForbes has successfully completed the purchase of several Class A office and hospitality
properties in diverse markets, summarized as follows:
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Property
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Location
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Building Size – Square Feet
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| Prudential Plaza | Chicago, Illinois | 2,200,000′ |
| Bank of America Plaza | Atlanta, Georgia | 1,288,000′ |
| Las Olas Centre | Ft. Lauderdale, Florida | 469,000′ |
| Preston Commons | Dallas, Texas | 419,000′ |
| Sterling Plaza | Dallas, Texas | 303,000′ |
| Watergate | Washington, D.C. | 261,000′ |
| Park Center | Dallas, Texas | 236,000′ |
| AmeriCredit | Arlington, Texas | 237,000′ |
| Four Seasons Resort and Golf Club | Irving, Texas |
431 rooms; 2 PGA golf courses
Home of the HP Byron Nelson Championship |
Generally, the Company acquires commercial real estate properties for an intermediate holding period, thereby
providing the Company with a stable revenue stream. Selectively, the Company sells properties when those assets are not deemed to be consistent with its longer-term ownership goals.
BentleyForbes is staffed by a team of senior executives and industry professionals with expertise in commercial real estate acquisitions, asset management, finance, investment banking, corporate operations, transaction due diligence and legal. The strategic oversight of the Company is directed by its Executive Committee, which includes the co-founder, C. Frederick Wehba II, President, other members of the Wehba family, and Chad Wehba. The Executive Committee works directly to develop strategies and investment programs, implemented by the Company’s senior executives.”
BentleyForbes has substantial access to capital for investment in commercial real estate properties. One of the Company’s greatest strengths is its ability to make a quick decision on an investment opportunity; this is possible because the Company is privately owned and its family controlled Executive Committee is able to act much more quickly than can a typical public company.
The Company is headquartered in Los Angeles (Century City), California and also operates regional offices in Atlanta, Chicago, Dallas, Ft. Lauderdale and Washington, D.C.
BentleyForbes is headquartered at:
10250 Constellation Blvd., Suite 2300
Los Angeles (Century City), CA 90067
Phone: 310.282.8000 | Fax: 310.282.8585
info@bentleyforbes.com
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Chicago, Illinois
Prudential Plaza is a trophy office complex containing approximately 2.2 million square feet in two separate but integrated towers. Each tower is architecturally distinct from a distance however, the towers are unified by a common mezzanine and matching architectural treatments at the pedestrian level. The complex is ideally situated immediately north of Millennium Park and Chicago’s lakefront Grant Park on 3.3 acres of land with 70,000 square feet of retail and restaurant space, 5 levels of underground parking and a one acre landscaped plaza. Two Prudential Plaza is the 10th tallest building in the United States and the 31st tallest in the world.
The two towers offer panoramic views of the city, Millennium Park, Grant Park, Buckingham Fountain and Lake Michigan. Located in the East Loop, Chicago’s Central Business District (CBD) and the nation’s second largest concentration of office space, Prudential Plaza is connected to an underground network of pedestrian corridors (the “Pedway”) that provides direct access to neighboring office buildings, hotels and attractions. Furthermore, the Chicago Transit Authority’s “L” station can be easily reached via the “Pedway” and one of Chicago’s four major Metro commuter rail stations, Randolph Station, is accessed via One Prudential Plaza. The complex is also in close proximity to the Streetsville/Gold Coast residential area and North Michigan Avenue’s “Magnificent Mile” shopping district which is synonymous with world class shopping, offering tenants a live-work-play atmosphere.
Pertinent facts on Prudential Plaza are as follows:
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Item
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1 Prudential Plaza
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2 Prudential Plaza
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| Number of Office Floors | 41 | 58 |
| Building Size | 1.2 million sq. ft. | 1 million sq. ft. |
| Completion Year | 1955 | 1990 |
| Major Renovations | 1990 | n/a |
| Building Address | 130 East Randolph Drive |
180 North Stetson Avenue |
| Architect | Naess and Murphy | Loebl, Schlossman and Hackl |
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