Brickman Plans to Shed 3M SF of Class A Assets

NEW YORK CITY-New York City-based private equity firm Brickman is on the verge of selling off a hefty chunk of its portfolio throughout the nation, GlobeSt.com has learned. Sources indicate that the total portfolio–some 18 properties in Brickman’s Real Estate Fund II–could fetch anywhere from $1.3 billion to $1.5 billion with an initial 5% yield. The properties on the block pace out to nearly three million sf.

Brickman would not return calls to comment on the sale. The broker, Eastdil Secured senior managing director Douglas Harmon, did confirm that his shop is handling the assignment but would not talk about the projected financial outcome. He did call the disposition strategy, “a rare opportunity to purchase an extraordinary critical mass of institutional-quality properties.” He stated that the assets provide stable and predictable cash flows “as well as value-enhancement opportunities.”