Strategic Capital Partners and Single Tenant Net Lease Advisors sell portfolio for $7.7m

1460 5th Avenue - Bay Shore, NY

Bay Shore, NY Strategic Capital Partners (SCP) through its fund, Strategic Partners Value Enhancement Fund (SPVEF), along with its partner, Single Tenant Net Lease Advisors, has sold three, 100% occupied, single-story industrial buildings totaling 75,421 s/f. The sale price was $7.7 million, or $102 per s/f.

Acquired in October, 2006, the three properties were fully leased to Air Industries Machine Corporation (AIM) on a 20-year NNN lease. AIM is a public company that has been in business since 1972. They are engaged in the manufacturing and design of precision parts for the aircraft industry.

"This transaction is indicative of our successful investment strategy of acquiring smaller, value added properties with local real estate operators," said Tim McCain of SCP. "We acquired the portfolio at an attractive price and made minor upgrades to the properties. The lease was finalized with Air Industries on a long-term basis, then the property was financed with long-term debt, with the goal of selling it to an exchange-type buyer."

The buyer was Hope Horizon Realty LLC with managing partner/member Ronald Ofeck. They are based in Cliffside Park, N.J. and were represented by the Cornerstone Group. Single-Tenant Net Lease Advisors was represented by Sperry Van Ness and are being managed by Single-Tenant Financial Corp. of Hollywood, Fla. as managing member.

The principals of Single Tenant Net Lease Advisors have more than 25 years of experience in the real estate industry, specifically in New York, New Jersey and Pennsylvania.

Strategic Capital Partners, LLC is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multifamily properties via joint ventures with experienced real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York.