26A — September 16 - 29, 2016 — DelMarVa — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
EW CASTLE, DE — Cushman & Wake- field announced that STAG Industrial increases its Mid-Atlantic holdings Cushman & Wakefield represents Zenith Home Corp. in $27.5m sale-leaseback of ind. property N one of America’s manufactur- ers of bathroom storage and organizational products for the retail market. The property is located approximately four miles from I-95, three miles from access to Rte. 13, and two miles from I-295. n
the firm has represented Ze- nith Home Corp. in the $27.5 million sale-leaseback of 400 Lukens Dr. in New Castle. Boston-based real estate in- vestment firm STAG Indus- trial acquired the property for $27.5 million in one of 2016’s largest Delaware investment sale transactions. Cushman & Wakefield’s Robert Yoshimura , Joseph Hill , and Eric Mattson of the Pennsylvania Capital Markets team represented the seller in
A. Buchanan and D. Root form Blackfin Real Estate Investors
Blackfin is focused on acquir- ing and repositioning mul- tifamily properties from the Carolinas to Boston. Before co-
ARLINGTON, VA—Andy Buchanan , former president of Mid-Atlantic based devel- oper Kettler, and Doug Root , former managing director of investments for Greystar In- vestment Group’s Northeast, Mid-Atlantic, and Midwest regions have formed Black- fin Real Estate Investors .
400 Lukens Dr.
al Park in New Castle County. The property is fully leased on a long-term basis for 15 years by Zenith Home Corp,
the transaction. 400 Lukens Dr. is a 485,987- s/f industrial facility located within the Riveredge Industri-
f o u n d i n g Blackfin, Bu- chanan spent the past 15 years wi th Kettler. Dur- ing his last seven years w i t h t h e c o m p a n y , B u c h a n a n served as its p r e s i d e n t and oversaw the acquisi- tion and fi- nanc i ng o f
Andy Buchanan
We Have Money to Lend!
Doug Root
more than $500MM of apart- ment value-add acquisitions as well as over $2 billion of apartment and condominium development. Root joined Greystar’s In- vestment Group in March of 2011. There he was respon- sible for the acquisition, dis- position, financing, and asset management of investments in the Northeast, Mid-Atlan- tic, and Mid-West. Over his 5 year tenure at Greystar, Root acquired approximately $1.2 billion of apartments. As a start-up in the Value- add investment space the partners believe they will have two competitive advantages in executing their strategy. The first advantage is a lot of new equity sources are looking to invest in the apartment space, but most existing plat- forms have well established equity relationships and are not seeking new equity part- ners. The second advantage is, unlike most of their peers, Blackfin does not have its own property management firm, creating the opportunity to hire the best management company by market and prod- uct type. While many of its competitors find good opportu- nities, their execution suffers if the management company is either unfamiliar with the market or is not experienced in managing a particular type of asset. n
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