After $301m purchase, Resnick looks for more.Jack Resnick & Sons, Inc. has closed on the purchase of five office buildings around the country comprising nearly 1.2 million square feet of space. The properties--all under long-term net lease to high credit tenants--were purchased for $301 million from American Financial Realty Trust. "We made a strategic decision to sell one of our buildings (The Gershwin, a 550-unit luxury rental apartment tower at 250 West 50th Street) within our 20-property Manhattan portfolio to add to our liquidity base and bring a modest diversity to our real estate holdings," stated Scott Resnick, president of Jack Resnick & Sons. He added that he expected his company would "explore other investment opportunities of this nature in the future." Of the five properties acquired by the Resnick firm, the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden asset--a 375,000 s/f building net leased to Charles Schwab Charles Schwab can refer to:
Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. comprise a condominium unit at 123 South Broad Street in Philadelphia net leased to Wachovia and properties in Meridian, Idaho Meridian is the second-largest city in Ada County, Idaho, United States and the third-largest in the state. As of the 2000 Census the population of Meridian was 34,919 (2006 estimate: 59,832)[1]. , Louisville, Kentucky, and McLeansville, North Carolina McLeansville is a census-designated place (CDP) and unincorporated community in Guilford County, North Carolina, United States. The population was 1,080 at the 2000 census. , all net leased to Citigroup. |
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