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05.16.05
The disposition of Lakes Plaza Corporate Center after less than three years of ownership is atypical for us, said Kenneth P. Balin, President and CEO of AMC Delancey. However, our expeditious realization of the value enhancement strategy, attributable in large part to the diligent efforts or our partners at Aquila, in combination with current capital market conditions, created an opportunity for a relatively short term exit for us, and a solid, low risk investment for the buyer. The transaction was also illustrative of the success we have achieved with our operating partners," Balin added. "While somewhat off strategy, our operating partner's assessment of the market conditions and the desirability of a sale at this time was very compelling in our decision to sell the asset. We continue to actively seek operating partner relationships in the Florida market and elsewhere, with operating partners who share our vision and with whom we can align interests, such as was the case with our Lakes Plaza partners, Tom Weber and Jordan Paul and Aquila Property Company." Aquila's sale of Lakes Plaza comes right on the heels of another recent disposition by Aquila, the $33.5 million sale of the Preferred Exchange Tower in Coral Springs, Florida last month. At the time of acquisition by AMC Delancey and Aquila, Lakes Plaza was under performing the Miami Lakes market with a 50 percent vacancy rate. Aquila, with its detailed and proactive management style immediately implemented a hands on management and leasing program. Working with Grace Blanco of Abood Wood-Fay Real Estate Group, LLC, Aquila increased occupancy to 94 percent within 6 months of acquisition. Lakes Plaza is now 100 percent leased to a variety of strong tenants including Colonial Bank, Amedisys, BNC Mortgage and NSI Insurance. The sale price represents an increase in value of approximately 70 percent in less than three years. Tom Weber, President of Aquila stated, We are very pleased to complete the cycle of stabilization and value creation with the recent sale of Lakes Plaza. Aquila specializes in turning around underperforming assets, and our efforts have delivered outstanding results for our investors. We look forward to continuing to build value for our partners on our projects going forward. Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that invests directly and with a select group of local real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company targets value-added investment opportunities in the multi-family, office, industrial, hotel and retail sectors. AMC Delancey is planning approximately $500 million in new investments over the next several years and continues to seek long-term relationships with strategic real estate operating partners in new markets. For more information on AMC Delancey Group, visit www.amcdelancey.com . Aquila Property Company, Inc. was founded by Jordan Paul and Tom Weber in 2000 to acquire and turn around under-performing Florida properties. Aquila forms ventures with both institutional and local partners and provides its clients with entrepreneurial vision and institutional quality property management, construction management, development, leasing, due diligence, valuation and financial consulting services. By applying a hands on approach to upgrading its properties and attracting quality credit tenants Aquila has built a consistent track record of turning around well located under performing buildings. Since its founding Aquila has acquired over 500,000 square feet of office and retail projects in Palm Beach, Dade and Broward Counties including the Innovation Business Park, a 190,000 square foot office and research park located within 2 miles of the planned Scripps Development in Northwest Palm Beach County.
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