Alex. Brown Realty, Inc. and Altus Realty Partners Acquire Infill Retail Site in Annapolis, Maryland
Contact: Mr. Thomas R. Burton
Baltimore, MD (December 18, 2007) - Alex. Brown Realty, Inc. (ABR), a national real estate investment company, has entered into a joint venture with Altus Realty Partners, a Washington, DC-based real estate investor to invest approximately $17 million in a portfolio of retail pad sites located in metropolitan areas throughout the Mid-Atlantic region. With leverage of approximately 65%, the portfolio would have a total investment capacity of close to $46 million.
“When Altus approached us about assembling a portfolio, we saw a great opportunity to capitalize on the strengths of both firms; Altus has the experience and sophistication to execute the development plans while ABR has the equity to capitalize these transactions,” commented John Prugh, ABR’s president and chief executive officer.
ABR and Altus recently closed its first transaction, 1.89 acres of infill retail land in Annapolis, Maryland. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $881,357 to the venture. Equity capital was arranged by Joe Donato of CBRE/Melody.
The site, which is currently zoned for retail use, is located near an intersection through which more than 90,000 vehicles travel per day, and directly across from the Annapolis Mall. The mall, which contains 1.5 million square feet and is now one of Anne Arundel County’s largest retail centers, has recently completed a $160.0 million expansion project.
“This simply is a great opportunity to acquire an infill retail site in a great location,” commented Tom Burton, ABR’s vice president and chief investment officer. “Given the strong retail market in Annapolis, we are confident that the site will be very attractive to a number of user groups given the site’s prominence.”
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Altus Realty Partners (Altus) is a Washington, DC-based real estate investor established in 2006 to provide private and institutional investors in the Mid-Atlantic and the Washington, D.C. metropolitan markets with an operating and investment partner who can manage complex acquisitions, identify and realize development opportunities, and act as the long-term steward of their partners’ interests. www.altusre.com