SAN DIEGO-Industry veteran Scott Sweeney has launched Property Income Advisors, a real estate advisory firm focused exclusively on assisting non-US clients in the investment and management of US commercial real estate. The firm will assist high net-worth investors, family offices, private banks and institutions in a comprehensive variety of services, including investment strategies, creation of tax-efficient holding structures, Shari’a-compliant (according to the Islamic code) transactions, asset management, acquisitions, dispositions, financing and consulting services.
“With the current Euro zone difficulties and property in central London priced very aggressively, non-U.S. investors have a renewed interest in stable US commercial real estate," Sweeney tells GlobeSt.com. “They are yield oriented and seeking high-quality properties. With conservative leverage taking advantage of the current low interest-rate environment and proper tax structuring, non-US investors can achieve excellent risk-adjusted returns.”
Sweeney, who serves as the firm’s CEO, previously worked for 19 years as EVP, head of US asset management and Middle East marketing for Falcon Real Estate Investment Co. LP, a large, New York City-based advisory firm. He has successfully supervised asset-management activities for more than 13 million square feet of commercial real estate located in major markets throughout the US valued in excess of $2 billion. Additionally, he has directed property acquisitions, dispositions, financings and lease transactions totaling more than $3 billion.
“Our goal is to serve as an unbiased fiduciary, providing superior service and innovative investment strategies for our clients,” said Sweeney in a prepared statement. “We have the knowledge, expertise and track record to deliver exceptional results to non-US investors looking to partner with a premier real estate investment-advisory firm.”
Sweeney said that PIA’s clients are looking primarily to acquire investment-grade assets with an emphasis on single-tenant, long-term leased properties throughout the US. Global investor purchasing activity in the US remained strong in the second quarter of this year, with about 35% of the $40 billion in transactions involving cross-border parties, according to data collected from more than 50 countries by Jones Lang LaSalle Capital Markets research for the firm’s 2Q Global Capital Flows Report.
As GlobeSt.com previously reported, in May 2008, when Sweeney with Falcon, the firm sold a 75,000-square-foot office building at 425 Spring Lake Dr. in the Spring Lake Business Park in Itasca, IL, on behalf of an “offshore private investor,” said Sweeney at the time. The sales price was nearly $8.8 million, or $117 per square foot.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
