(Save the date: RealShare Industrial 2012 comes to The Banker's Club, Miami, December 5 - 6.)
SAN FRANCISCO-Affiliates of New York-based Almanac Realty Investors LLC have entered into an agreement with locally based Drawbridge Realty Trust under which Almanac has initially committed to invest $150 million in the real estate investment and development company. Under terms of the transaction, Drawbridge will be able to draw funds from Almanac as needed over the next two years in order to expand its portfolio.
Investment activity will be focused on the western US, with a particular emphasis on Northern California, Southern California and Austin, TX. Drawbridge is focused on the acquisition, development and management of “value-add” commercial property investment opportunities in the western US. The firm focuses on office, R&D and industrial properties, which can ultimately be leased to large corporate tenants. Almanac manages a series of investment funds and is a provider of growth capital to public and private real estate companies.
“Our alliance with Almanac will be transformational for Drawbridge and will allow us to pursue investments at this opportune time and rapidly grow our company,” said Mark Whiting, CEO of Drawbridge, in a prepared statement.
Whiting and principal Mark Pearson have been active in commercial real estate for more than 25 years. Whiting was previously co-founder and CEO of publicly traded TriNet Corporate Realty Trust Inc., while Pearson is a co-founder and managing partner of national corporate real estate tenant-rep firm CRESA Partners.
“We are excited about our partnership with Drawbridge, as we believe they are well positioned to continue to profitably and efficiently grow their company,” said Justin J. Hakimian, director of Almanac. “Further, the principals have a long and successful history in the commercial real estate sector with a unique emphasis on large corporate tenants.”
As part of this transaction, Almanac representatives Hakimian and D. Pike Aloian have joined Whiting and Pearson on Drawbridge’s board of directors. JMP Securities LLC advised Drawbridge on the transaction.
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As GlobeSt.com previously reported, in August Almanac partnered with locally based NRES Holdings, a real estate company that consists of Nolan Real Estate Services and its affiliates, including KC Venture Group LLC, for investment in multifamily properties in the Midwest and the Southwest. Almanac has committed to invest up to $150 million.
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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.
