US Real Estate Acquisition
JZ CAPITAL PARTNERS EXPANDS U.S. REAL ESTATE PORTFOLIO WITH THREE ACQUISITIONS
~ JZCP makes its first real estate investment in Miami, Florida ~
2 February 2015
JZ Capital Partners Limited (LSE:JZCP.L or "JZCP"), the London listed private
equity fund that invests in high quality US and European microcap companies and
US real estate, has expanded its real estate portfolio by making
three acquisitions alongside its long-term real estate partner, RedSky Capital,
LLC ("RedSky").
JZCP and RedSky acquired 184-186 and 204-206 Bedford Avenue, two separate
properties located in the Williamsburg neighbourhood of Brooklyn, New York. The
properties feature frontages of 50 ft. and 40 ft., respectively, on Bedford
Avenue, the street with the highest footfall in Williamsburg, and a combined
20,850 sq. ft. of build-to-suit multi-level retail space. The combined purchase
price for the two properties was $39.7 million.
JZCP and RedSky have also adopted their proven value-orientated approach to real
estate investment outside of New York for the first time, entering into the
property market in Miami, Florida, specifically the Wynwood neighbourhood, where
rapidly increasing retail rents amid a thriving arts sceneprovide very
attractive investment opportunities.
The initial design for theacquisition of 2407 NW 2nd Avenue features
approximately 25,000 sq. ft. of prime retail and flexible office space at the
most important intersection in the Wynwood neighbourhood of Miami, with an
additional 50,000 buildable sq. ft. providing optionality for future
development of residential, office or hotel space. The purchase price for the
property was $10.6 million.
David Zalaznick, JZCP's Founder and Investment Adviser, commented: "We continue
to see attractive real estate opportunities in the U.S., particularly in
off-market assets with compelling value-add opportunities. The latest
investments are a continuation of that strategy, and we are delighted to expand
into Miami's Wynwood neighbourhood, which draws strong parallels tothe rich,
urban ecosystem of Williamsburg, Brooklyn.
"Over the past decade, Wynwood has seen an increasing trend of property
restoration and regeneration, transitioning what was once a primarily
commercial area into a vibrant work-live-entertainment hub, giving us further
confidence that this is a solid investment opportunity with significant capital
growth potential and secure income returns."
Ends
For further information:
Ed Berry / Kit Dunford +44 (0) 20 3727 1143
FTI Consulting
David Zalaznick +1 212 4859410
Jordan/Zalaznick Advisers, Inc.
Andrew Maiden +44 (0) 1481 745368
JZ Capital Partners
About JZCP
JZCP is a London listed private equity fund which invests in high quality US
and European microcap companies and US real estate. Its objective is to achieve
a superior overall return comprised of a current yield and significant capital
appreciation. JZCP receives investment advice from Jordan/Zalaznick Advisers,
Inc. ("JZAI") which is led by David Zalaznick and Jay Jordan. They have worked
together for 30 years and are supported by teams of investment professionals in
New York, Chicago, London and Madrid. JZAI's experts work with the existing
management of microcap companies to help build better businesses, create value
and deliver strong returns for investors. JZCP also invests in mezzanine loans,
first and second lien investments and other publicly traded securities. For
more information please visit www.jzcp.com.