Los Angeles, California (PRWEB) May 11, 2010
IBC Industrial Properties LLC, an affiliate of industrial and commercial real estate investment firm Cohen Asset Management, Inc. announced the acquisition of a note from a major Life Insurance Company secured by a portfolio of institutional quality, Class A industrial buildings. The properties, totaling 800,000 square feet, are located in the Inland Empire area of Southern California with construction completed in 2008. This represents one of the largest note purchases for distressed, institutionally owned industrial assets in Southern California and asserts Cohen's ability to source off-market transactions through its long standing operator model. The purchase adds to a series of transactions that Cohen has negotiated to acquire this year.
"We are very pleased to have identified this opportunity and concluded this transaction in the short time frame required by the seller. This acquisition consisted of a quick commitment from Cohen in return for an investment providing an extremely attractive basis at a substantial discount to replacement cost while offering significant cash flow and value creation potential. Over the last 18 months we have remained very cautious in our approach. Today we feel the market conditions are right to make acquisitions such as the one we are announcing today," said Brandon Delf, CIO and Executive Vice President of Cohen Asset Management.
Jason Haas, COO, said, "This deal was sourced on a limited marketed basis with no brokers involved and is reflective of our strong relationships in the marketplace. The transaction allowed the lender to reduce and manage its risk-weighted capital over the long-term, while also allowing their team to focus on its core lending business."
The transaction is in line with the strategy of Cohen which consists of a cash flow driven model while offering liquidity to private property owners and institutions looking to monetize their equity and debt investments.
Cohen Asset Management, Inc., ("CAM"), is a private commercial and industrial real estate investment firm. The firm's relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial 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. For more information, please visit http://www.cohenasset.com.
Forward looking Statement
Except for the historical facts, the statements in this press release regarding CAM'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.