The investment vehicle, Saint Pierre Real Estate Liquidity Fund, is a joint venture of Cohen Asset Management and Chanin Capital Partners.
St. Pierre Real Estate Liquidity Fund will invest in individual properties with a transaction value between $3 million and $20 million and portfolio transactions up to $200 million. Chanin Capital Partners will provide deal flow to the fund.
Russell A. Belinsky, senior managing director of Chanin Capital Partners, says St. Pierre will provide liquidity for corporations with owned real estate, which are not core to their operations. In addition, St. Pierre will allow corporations to monetize non-core assets to fund their ongoing operations, he says.
Cohen Asset Management will provide capital and re-position, operate and manage properties held by St. Pierre. Brad Cohen, president of Cohen Asset Management, says that one of the biggest assets on any corporate balance sheet is a company's owned real estate. It's also one of the most valuable--if you know how to handle such an asset.
In 2000, Cohen purchased a five million sf corporate campus in Elmgrove (Rochester), N.Y., from Eastman Kodak. Renamed Rochester Technology Park, the repositioned campus now attracts tenants from around the world as well as the local area from a range of industries including optics, biotechnology/biomed, manufacturing and telecommunications. Tenants include Germany's Heidelberg Digital and Rochester-based Eastman Kodak and Lightwave Enterprises Inc.
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