Real Estate

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As a new real estate cycle begins, large real estate private equity funds and public REITs have raised equity in almost every asset class, while medium sized real estate operators have been shut out of the capital markets over the last couple of years.  Western Reserve believes this “big vs. small” capital dislocation will start to dissipate as those that require capital start to find it from more sophisticated investors in search of yield.  We  also believe that the sector will see increased transaction activity as it continues to deleverage and larger, capitalized operators deploy capital in opportunistic and value-add real estate transactions.  Western Reserve’s professionals have significant experience in the real estate industry, having executed more than 65 transactions worth nearly $5 billion in the following sectors:

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Representative transactions

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    Weston, Inc.

    Western Reserve acted as exclusive financial advisor to Weston, Inc. in its formation of a real estate joint venture with Blue Vista Capital Management.

    Weston is a Solon, Ohio based commercial real estate company established by Tony Asher in 1972 that offers acquisition, leasing and management services. At the time of the transaction, Weston’s portfolio had grown to more than 10 million square feet of industrial, office and retail space in more than 75 properties in nine states. The company managed each of its industrial properties and maintained relationships with 450 tenants primarily in the Midwest and Southeast.  Weston was growing quickly and was poised for geographical expansion and diversification.

    Western Reserve was engaged by Weston to advise in their formation of a joint venture, and in May 2008, Weston established the joint venture with Blue Vista.  Founded in 2002 and based in Chicago, Illinois, Blue Vista co-invests with acquirers and developers of all real property types across the U.S. and in select international markets. The joint venture acquired value-added industrial real estate in Spartanburg and Greenville, South Carolina, as well as other parts of the U.S. These properties were well-positioned to capitalize on the dynamics surrounding the transportation, distribution and logistics markets.  The transaction provided Weston with outsized returns generated from the negotiated joint venture promote structure, as well as an equity partner to execute its “value-add” strategy in Upstate South Carolina.

    Edward Asher, Principal at Weston, said, “The Western Reserve team was with us every step of the way and did a terrific job in working through the many details of the transaction.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

     

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    Ferchill Group

    Western Reserve acted as exclusive financial advisor to The Ferchill Group in its sale of its Bridgeside Point property to The Inland Group.

    Headquartered in Cleveland, Ohio, The Ferchill Group is a real estate development and management firm, acquiring, developing or redeveloping real estate assets, including office buildings, full-service and limited-service hotels and residential projects, in Cleveland, Akron, Buffalo, Detroit, New York and Pittsburgh.

    At the time of the transaction, Bridgeside Point, valued at $31.5 million, contained the premier wet lab space in the Midwest.  It was anchored by Cellomics, who occupied the facility on a 15-year, triple net lease basis, but enlisted the University of Pittsburgh Medical Center and the Pittsburgh Lifesciences Greenhouse as interim subtenants for its unutilized space.  Bridgeside Point is located in close proximity to Carnegie-Mellon University and the University of Pittsburgh and represented one of the shining examples of the emergence of Pittsburgh in the medical and technology fields.

    Bridgeside Point was acquired by The Inland Group in November 2005.  Inland, headquartered in Oak Brook, Illinois, is one of the nation’s largest commercial real estate and finance groups, specializing in creating, developing and operating companies that provide real estate services, as well as developing and operating real estate-related investment funds to support those efforts.  The transaction provided The Ferchill Group with valuable capital for deployment in its numerous other development projects.

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    Giltz & Associates

    Western Reserve acted as exclusive financial advisor to Giltz & Associates Inc. in the formation of a commercial real estate joint venture with Harbert Management Corporation.  This transaction represented the firm’s second engagement by Giltz, as Western Reserve advised the company in its 2005 operating partnership unit exchange with Cedar Shopping Centers, a public REIT.

    Giltz, based in North Canton, Ohio, develops, acquires, leases and manages retail and residential real estate throughout the Eastern U.S.  At the time of the transaction, Giltz had developed 3 million square feet of real estate over the previous ten years, the majority of which had been in the form of Discount Drug Mart anchored retail centers throughout Ohio.

    Western Reserve was engaged by Giltz to advise in their formation of a joint venture, and Giltz partnered with Harbert in June 2007.  Harbert, based in Birmingham, Alabama, manages funds for itself, institutions and high-net-worth individuals in a variety of platforms, including commercial real estate.  The joint venture developed approximately 20 shadow-anchored retail shopping centers – centers that draw upon retail traffic from a nearby anchored center – primarily in the Southeastern U.S.  The transaction provided Giltz with outsized returns generated from the negotiated joint venture promote structure, as well as an equity partner to build Giltz’s retail business.

    Harry Giltz, Chairman of Giltz, said, “The Western Reserve team delivered on everything we had hoped for in this transaction.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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    Island One, Inc.

    Western Reserve acted as financial advisor to Island One, Inc. in its reorganization by Timeshare Acquisitions LLC.

    Island One, based in Orlando, Florida, is one of the largest privately-held timeshare developers in the U.S.  At the time of the transaction, the company had grown from a single site to an organization that had acquired, developed and re-developed nine properties in Florida and the U.S. Virgin Islands.  Island One’s affiliate, Club Navigo, allowed customers to gain access to a larger network of 29 affiliate resorts.

    Initially engaged in 2009, Western Reserve represented Island One in a pre-bankruptcy recapitalization process and eventually a Chapter 11 bankruptcy case.  During bankruptcy, Western Reserve executed both a bankruptcy recapitalization process and a fee for service sale process, producing the chosen reorganization partner, Timeshare Acquisitions LLC.  Timeshare Acquisitions LLC is a holding company owned and formed by a hedge fund to acquire the reorganized equity interest in Island One.  Western Reserve collaborated with the existing creditors and the reorganization partner to develop an innovative solution that was satisfactory to the bankruptcy court.  Island One retained operation of its eight resorts in Florida and divested of certain other inventory and assets, and the company’s executive team remained intact.

    Deborah Linden, Board Co-Chair of Island One, said, “Western Reserve was instrumental in finding and maintaining the interest of a capital partner that understands the industry and can integrate and implement our growth strategy.  For the past 20 months, the team has provided great service and advice, helping our company to arrive at the best possible outcome for all vested parties.  We are now financially and structurally well-positioned to capitalize upon a very deliberate strategy for growth.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.