Allentown, PA (PRWEB) July 13, 2010
CAM Core+ Fund 1 LLC, a private real estate investment fund based in Los Angeles, has sold 6845 Snowdrift Road, an approximate 93,000 square foot industrial building located in the Allentown submarket of the Lehigh Valley. The sale closed on June 29, 2010 to a Pennsylvania-based private investor.
6845 Snowdrift Road was acquired by Cohen Asset Management, Inc. on behalf of the CAM Core+ Fund 1 LLC in May 2007 as part of a portfolio acquisition containing 14 industrial buildings in addition to developable land located in the greater Philadelphia and Allentown, Pennsylvania markets. The property was acquired 100% vacant and shortly thereafter CAM was successful in executing a ten year lease with International Battery, Inc for the entire building.
Included in Cohen Asset Management's investment strategy in acquiring the portfolio and leasing the vacant space was to monitor capital demand for individual buildings by users and investors and complete a sale on an opportunistic basis to maximize returns on each individual building while reducing the overall remaining basis in the portfolio. In agreeing to sell the asset consideration was given to the premium price offered and the limited upside, given the single tenant nature of the property. "Executing opportunistic sales of individual buildings in the portfolio at premium pricing is indicative of the value-add potential that the CAM Core+ Fund 1 LLC perceived at acquisition as the previous institutional owner was unwilling to dispose of assets on an individual basis" said Jason Haas, COO and Executive Vice President of Cohen Asset Management.
Cohen Asset Management, Inc., ("CAM"), is a private real estate investment firm. The firm's relationships extend to high net worth individuals, institutional investors and domestic business entities. Cohen Asset Management, Inc. is an active operator and investor of real estate assets and has a well-established reputation as a value added investor focusing on real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.
Forward looking Statement
Except for the historical facts, the statements in this press release regarding Cohen's business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on past forward-looking statements to anticipate future results or trends. Except as required by law, we assume no obligation to update any such forward-looking statements.