For Erez Capital, $31m portfolio deal is in the bag.Erez Capital Fund, Inc. is pleased to announce its most recent acquisition --three vibrant and well-located grocery-anchored shopping centers totaling 450,485 s/f in Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . The anchors include Wegmans, BJ's Wholesale Club BJ's Wholesale Club, Inc. NYSE: BJ is a membership-only warehouse club chain operating in the East Coast of the United States, as well as in the state of Ohio. History , Hannaford, Grand Union, Big Lots, Office Max and Ace Hardware, along with some of the best-known national and regional retailers. A high occupancy rate and long-term leases with the opportunity to add value, makes the portfolio a solid investment. The package sold for $30.5 million. Udi Erez, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Erez Capital Fund, says, "We are thrilled with this recent purchase. These stabilized grocery-anchored investments are very sought after in today's capital markets. The portfolio is one such opportunity, occupied by quality anchors and located in separate and diverse submarkets with high barriers-to-entry." Erez has recognized the chance to focus on acquiring retail properties in secondary markets in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Erez adds, "What we are seeing during this credit crisis are rising cap rates and we are taking advantage of this opportunity." Erez feels there is an appetite for investments in the U.S., "... foreign investors still believe in the U.S. economy; and although there is some caution, they have interest in grocery-anchored investments at this time," he continues. Erez was represented in this shopping center transaction by Dan Altman of Belkin Burden Wenig & Goldman LLP's transactional department. With Altman's guidance and counsel, Erez was able to assume the owner's three existing securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. loans from various securitized lenders. Erez indicated that "... especially in this volatile credit market, I was thankful to have such able counsel navigate and guide me through the complicated assumption process and get this transaction closed." Erez Capital Fund Inc. aims to produce a geographically diversified portfolio of properties resulting in stable growing cash flows with potential for upside and improvement. Founded in 2007, Erez Capital Fund's mandate is to represent offshore investors, mainly from Israel, who are seeking real estate investment opportunities in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. The Fund targets income producing properties with stable cash flows or upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . |
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