|
Empire Realty Investments Creates Value with Aggressive Strategies, Total Access: Flexible Approach Accounts for Wave of Deal Closings in '07
PHILADELPHIA (Business Wire EON) October 10, 2007 -- "We've closed eight deals in the last six months," says Pearlstein. "I think the caliber of these deals and of the properties, themselves, speaks to our strengths and flexible strategies and to the solid relationships that we've built with developers, owners and financial institutions over the years."
Empire's overall transactions have totaled approximately $200 million in recent months, and the company is closing in on its goal of reaching $1 billion in real estate holdings. The mix includes multi-family, mall, office and retail properties that cover territory from the Philadelphia area to the Midwest and to Washington and Oregon states.
Empire's growth is a testament to Pearlstein's tenacity, says Kevin McClernon, a senior vice president with CB Richard Ellis. McClernon represented one of the nation's largest shopping center owners in the sale of the Schuylkill Mall, a 900,000 square foot property on 150 acres in Pottsville, Pa. "The deal was very complicated, and Mike was very aggressive in his pursuit of the property. He showed great perseverance in ferreting out what he needed to do to make it a profitable project for both sides, and he's proving that out now as the owner," says McClernon.
Joseph Verdejo, senior director for Cushman & Wakefield's Capital Markets Group, was also witness to Pearlstein's persistence. Verdejo sold a 100-unit apartment complex in Lansdale, Pa., to Empire on behalf of Home Properties, Inc., the country's fifth largest apartment REIT. "From the time that Mike committed to the property through the closing, the debt market had changed significantly. In spite of that, Mike performed," says Verdejo.
Pearlstein says it should come as no surprise that Empire can close on new opportunities even in challenging markets. "In fact, we see a great opportunity across the country to capitalize on deals that are now being affected by the challenged markets," he says. "Typically, we are buying deals that already have high vacancies or are performing far below the market - these are the deals where we can add value and create long-term growth because we're buying the investments based on the as-is numbers, not the proforma. It's always been our business goal to buy low and keep our assets long term in good, stable markets."
The Empire Advantage
Pearlstein said his business formula and track record give Empire an advantage, especially in challenging markets, and it's getting the company recognized and sought out by institutional-sized owners, including several of the top 10 real estate developers in the country. "We're moving the company to the next level. Owners and brokers know that we're credit-worthy, and they know that when we go under contract, we close the deal," he said.
Ask brokers what the Empire advantage is and they'll tell you that, in part, it's the total access they have to Pearlstein. "If Mike's interested in a property, you'll know it," says R. Eric Mattson, Jr., a vice president with GMH Capital Partners. "He's the decision-maker, and he's available 24/7. A lot of larger companies have big teams that come in with a standard checklist, but Mike is very hands-on and figures out the best approach for the deal. He even shadowed the physical engineer on the tour of the property he bought through me." That property was a 100-unit apartment building in Newark, Del., that Mattson sold for Fairfield Residential, one of the top 10 multifamily management companies in the country.
About Empire Realty Investments
Empire Realty dates to 1960 when Pearlstein's father, Robert, first began acquiring and managing properties. Michael created the current business model in 1987 and said that being a family-run company is what allows him a very hands-on approach to the business. "We stabilize properties for long-term growth because we give them our personal attention and have the flexibility to be aggressive, make quick decisions and really negotiate with tenants we have confidence in. Larger institutional lenders can't do that," Pearlstein says. "We also understand that what worked today will not necessarily work tomorrow. We anticipate and respond to the changes in the market and become creative and hands-on to make the deals successful."
In addition to managing much of its own portfolio, Empire's relationships with major property management players like Fameco Real Estate also ensure that Pearlstein's plans for asset redevelopment and management are handled efficiently, professionally and cost effectively.
Empire Realty Investments, Inc., has acquired and managed approximately 2,500 units, 3 million square feet and 500 acres of retail, office, multi-family and residential properties throughout the metropolitan Philadelphia area and in 15 states across the country.
For more information about Empire Realty Investments, Inc., visit www.empirerealtyinvestment.com or call 215-232-5400.
RELATED ARTICLES:
TomoTherapy Co-Founder to Speak at North Carolina IMRT/IGRT Symposium
TomoTherapy Incorporated (NASDAQ: TOMO) announced today that company co-founder Thomas "Rock" Mackie, Ph.D., will speak at an upcoming symposium on intensity-modulated and image-guided radiation therapy (IMRT/IGRT). The symposium, co-sponsored by Duke University and East Carolina University, will be held on April 19, 2008 in Greenville, N.C. Dr. Mackie will discuss the clinical advantages of TomoTherapy's unique, highly-modulated mode of radiation delivery.
Buckingham Partners & Sun Homes Announce Palmer Hill: Luxury Town Home & Condo Community on Greenwich/Stamford Border Underway
Palmer Hill, a private luxury condo and townhome community on the Greenwich/Stamford border, is scheduled to be completed in summer 2008. The community will feature 81 condominium homes and 114 townhouses situated on 20 acres of park-like grounds.
More Than 1,000 Homes Sold in Two Years at Amberly
Amberly, a master-planned community in Cary, North Carolina, has reached the 1,000-home milestone. Amberly surpassed the one-year record for home sales by a Wake County community in 2006, and continues its rapid sales pace, reaching 1000 sales in just two years. At build out, Amberly will be home to 5,000 families and feature 270,000 square feet of retail space and 135,000 square feet of office space.
Vacation homes in Kauai
INTRODUCTION:
North Carolina Golf Resort Offers Vacation Package
Sea Trail Golf Resort & Conference Center offers fourth night free for a limited time.
Happy Home Realty Announces Top Producing Agents for 2006
Happy Home Realty recently announced its Top Producing Real Estate Agents for 2006.
Cars for Homes™ Drives Week-long Habitat for Humanity® Home Building in the Gulf
Helping rebuild communities ravaged by Hurricanes Katrina and Rita, Habitat for Humanity's Cars for Homes™ vehicle donation program is utilizing the revenues from a donated powerboat to sponsor one complete house and energy saving upgrades to others being built this week. Over a year after the hurricanes, Habitat for Humanity continues to fulfill its commitment to build simple, decent, affordable housing in the Gulf. Cars for Homes™ staff, corporate partners and volunteers from ten different states are joining with the Ginger Ford Habitat for Humanity affiliate to help build Rosario Louisa August, a widow, and her four children, a new home.
Luxury Realty Group, a Luxury Las Vegas Real Estate Brokerage, is Proud to Announce its Broker Co-owners Will Reside in Ultra Luxury Sky Las Vegas Whe
Luxury Realty Group, well known for its Las Vegas luxury real estate expertise and services, is proud to announce its brokers and co-owners Bruce Hiatt and Simon Chen will reside in the new Sky Las Vegas luxury high rise when it opens in a few weeks. They will provide, independent from Sky Las Vegas developer agents, luxury real estate services for sellers and buyers of Sky Las Vegas luxury condos.
Visiting the South's Best Luxury Homes
Explore the exquisite interiors of some of the south's best second home, luxury, resort and retirement communities' most elegant homes from Asheville to Wilmington, Williamsburg to Tampa Bay. See spacious modern kitchens, bathrooms complete with mosaic tiles and garden tubs, Charlestonian porches, masterful mountain retreats and more.
Skilled Nursing Homes - What Are They?
A skilled nursing home is a medical facility providing services similar to a hospital. The homes are staffed with licensed nurses, shared rooms, hospital beds, regular scheduled doctor rounds, meals and housekeeping.
Amerivest Realty (Naples, Fl) Announces July 2008 Leaders
View the top agents over the last 12 months at Amerivest Realty in Naples, Florida
Konstructa Provides Sturdy Site Accommodation for Rialto Homes
As one of the UK's leaders in house building, Rialto Homes required appropriate site accommodation hire for their onsite workers, which would provide all the facilities needed. Rialto Homes were then approached by the site accommodation suppliers Konstructa Hire Ltd, who were able to offer the buildings and facilities that Rialto Homes required.
Estes Park Realty and StoneGate Homes Welcomes GMA
Estes Park companies sponsor Gospel Music Association's 34th Annual Music in the Rockies.
United Country Absolute Auction and Realty to Conduct Multi-Property Auction in Sullivan County
Five properties, including residential, commercial and acreage to be sold at auction October 14 with no minimum bids.
Decorating Homes With Glass
Decorating with glass does not need to be expensive or clich?. Today?s decorative glass goes far beyond colored glass bottles, mirrors, and walls made from glass blocks.
|
|