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Opportunities abound in New Jersey.


Since its formation a little over two years ago, Wellsford Commercial Properties Trust has amassed a 6 million square-foot portfolio of properties from Boston to Washington, D.C.

As a private REIT REIT

See: Real Estate Investment Trust


REIT

See real estate investment trust (REIT).
 joint venture between WRP WRP Wetland Reserve Program
WRP Workforce Recruitment Program
WRP Workers Revolutionary Party
WRP Windows Resource Protection (Microsoft Windows Vista)
WRP Wetlands Restoration Program
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, a publicly-traded American Stock Exchange American Stock Exchange (AMEX)

Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921.
 Company, and The Whitehall Fund, an affiliate of Goldman, Sachs & Co., Wellsford Commercial Properties Trust is focused on acquiring redevelopment projects, Class A properties and land, sites from Boston to Washington, D.C. With new space now nonexistent non·ex·is·tence  
n.
1. The condition of not existing.

2. Something that does not exist.



non
, our organization is focused on redeveloping and converting older, outdated out·dat·ed  
adj.
Out-of-date; old-fashioned.


outdated
Adjective

old-fashioned or obsolete

Adj. 1.
 facilities into Class A properties to meet market demand. We expect to continue to be among the most active acquirers on the East Coast in the new millennium.

Our view is that the current conditions of the marketplace pose an outstanding opportunity for us to make significant acquisitions in the New Jersey, Boston and Baltimore markets. As a private REIT with substantial capital and partners that are constantly investing in a volatile market, Wellsford is one of the few large companies that has not withdrawn from the negotiating table. Our plans are to actively step up our acquisition plans throughout the Northeast and, with the REITs pulling back, we are finding that we are one of the only ones looking at particular properties.

Because the fundamentals of the market remain strong (no new space, a robust economy, low interest rates), Wellsford is committed to growth within the market and poised to hit the $1 billion threshold in assets in the very near future.

Wellsford Commercial Properties Trust has quickly seized seized (seised) n. 1) having ownership, commonly used in wills as "I give all the property of which I die seized as follows:...." 2) having taken possession of evidence for use in a criminal prosecution. 3) having taken property or a person by force. (See: seisin, seizure)  an established market position as an extremely well-capitalized, full-service development company that has already built a significant portfolio in prime, Class A markets. Our strategy has positioned us to be able to fill the void in the market for corporate quality space in the Northeast's most desirable markets.

Because of the time factor associated with new development and the cost of market entry, Wellsford Commercial Properties Trust can meet tenants' occupancy needs in the most expeditious ex·pe·di·tious  
adj.
Acting or done with speed and efficiency. See Synonyms at fast1.



ex
 manner.

In the near future, Wellsford Commercial Properties Trust plans to aggressively pursue new acquisitions in the Boston, Northern New Jersey and suburban Washington, D.C. markets.
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Article Details
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Author:Previdi, Richard
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Jan 26, 2000
Words:362
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