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MIAMI LAKES, FL, MAY 16, 2005 - AMC Delancey Group, Inc., a
Philadelphia, Pennsylvania-based national real estate investment
company, and their joint venture partner, Aquila Property Company, Inc.,
announced the sale of Lakes Plaza Corporate Center, a 45,629-square-foot
multi-tenant office building located at 8181 Miami Lakes Drive in Miami
Lakes, Florida. The property, which was sold for approximately $6.7
million, was acquired by the joint venture approximately two and a half
years ago for $3.9 million. The sale transaction was jointly effectuated
by Thomas Weber and Rodney Marks of Aquila Property and AMC Delancey's
Andrew Kleeman and Brian K. Friedman.
The
disposition of Lakes Plaza Corporate Center after less than three years
of ownership is atypical for us, said Kenneth P. Balin, President and
CEO of AMC Delancey. However, our expeditious realization of the value
enhancement strategy, attributable in large part to the diligent efforts
or our partners at Aquila, in combination with current capital market
conditions, created an opportunity for a relatively short term exit for
us, and a solid, low risk investment for the buyer. The transaction was
also illustrative of the success we have achieved with our operating
partners," Balin added. "While somewhat off strategy, our operating
partner's assessment of the market conditions and the desirability of a
sale at this time was very compelling in our decision to sell the asset.
We continue to actively seek operating partner relationships in the
Florida market and elsewhere, with operating partners who share our
vision and with whom we can align interests, such as was the case with
our Lakes Plaza partners, Tom Weber and Jordan Paul and Aquila Property
Company."
Aquila's
sale of Lakes Plaza comes right on the heels of another recent
disposition by Aquila, the $33.5 million sale of the Preferred Exchange
Tower in Coral Springs, Florida last month. At the time of acquisition
by AMC Delancey and Aquila, Lakes Plaza was under performing the Miami
Lakes market with a 50 percent vacancy rate. Aquila, with its detailed
and proactive management style immediately implemented a hands on
management and leasing program. Working with Grace Blanco of Abood
Wood-Fay Real Estate Group, LLC, Aquila increased occupancy to 94
percent within 6 months of acquisition. Lakes Plaza is now 100 percent
leased to a variety of strong tenants including Colonial Bank, Amedisys,
BNC Mortgage and NSI Insurance. The sale price represents an increase in
value of approximately 70 percent in less than three years.
Tom Weber, President of Aquila stated, We are very pleased to complete
the cycle of stabilization and value creation with the recent sale of
Lakes Plaza. Aquila specializes in turning around underperforming
assets, and our efforts have delivered outstanding results for our
investors. We look forward to continuing to build value for our partners
on our projects going forward.
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a
long-term investor in real estate that invests directly and with a
select group of local real estate operating partners throughout the
United States. Headquartered in Philadelphia, Pennsylvania, the Company
targets value-added investment opportunities in the multi-family,
office, industrial, hotel and retail sectors. AMC Delancey is planning
approximately $500 million in new investments over the next several
years and continues to seek long-term relationships with strategic real
estate operating partners in new markets. For more information on AMC
Delancey Group, visit
www.amcdelancey.com .
Aquila
Property Company, Inc. was founded by Jordan Paul and Tom Weber in 2000
to acquire and turn around under-performing Florida properties. Aquila
forms ventures with both institutional and local partners and provides
its clients with entrepreneurial vision and institutional quality
property management, construction management, development, leasing, due
diligence, valuation and financial consulting services. By applying a
hands on approach to upgrading its properties and attracting quality
credit tenants Aquila has built a consistent track record of turning
around well located under performing buildings. Since its founding
Aquila has acquired over 500,000 square feet of office and retail
projects in Palm Beach, Dade and Broward Counties including the
Innovation Business Park, a 190,000 square foot office and research park
located within 2 miles of the planned Scripps Development in Northwest
Palm Beach County.
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