Advance forms $200M venture.

The Advance Group, Inc., with offices in Bedminster, N.J. and Lanham, Md., announced that it has formed a joint venture between Advance Realty Investors, LLC (formerly Bedminster Capital, LLC) and Invesco Realty Advisors to acquire office, industrial and flex properties in the Northeast. The new alliance, ARI Ventures, LLC is being capitalized with $200 million in equity. The partners plan to acquire approximately $500 million of value-added suburban office, flex and industrial properties in their existing New Jersey and Washington, D.C. markets, as well as in Boston and Philadelphia.

Peter J. Cocoziello, Advance's founder and CEO said, "We are delighted to have a firm with Invesco's stature and reputation join us as a partner in our acquisition program. Our joint venture with Invesco is an affirmation of our track record and a key component of our company's five-year growth plan. This transaction triples our equity base and positions us to greatly expand our activities throughout the Northeast."

Invesco Realty Advisors issued the following statement: "We are impressed with Advance's track record and their integrated value-added strategy. We look forward to benefiting from Advance's team-oriented approach to acquisitions. This venture will enable us to take advantage of the value-added opportunities in some of the strongest markets in the country, with a fully integrated owner/ developer."

Legg Mason Wood Walker acted as placement agent and advisor to Advance Realty Investors. Keith Getter, Managing Director of Legg Mason added, "Advance is well positioned to be a major player in the Northeast office and industrial markets. Advance's management team is of public company caliber and this venture with Invesco matches a value-oriented institutional investor with one of the Northeast's most astute privately held real estate firms."