2009 CPN Goldbook - (Page 27)

and more than 18 million square feet, with an overall occupancy rate of 99 percent. Its investment strategy also focuses on long-term triple-net or double-net leases with corporate guarantees. These are typically “necessity” retail, which may include drug stores, family restaurants and home improvement stores among others. The year-end average lease term was more than 12 years. The CCPT II offering is now closed. Cole Credit Property Trust III Christopher Cole Founder & CEO Inc., which launched in December 2008, will also invest primarily in freestanding, single-tenant retail properties net leased to investment-grade and other creditworthy tenants. As of Feb.26,the trust owned six Walgreen’s, Sam’s Club, Kohl’s and CVS Pharmacies stores with an average remaining lease term of 19.4 years.The total offering is $2.5 billion, which includes the dividend reinvestment program; it is currently accepting subscriptions. In 2008, Cole Real Estate Investments and its affiliated Hoover, Ala., near Birmingham Fredericksburg, Va. entities acquired more than $1.3 billion in assets, totaling over 7 million square feet. The company continues to acquire income-producing assets with triple-net or double-net leases, including power centers and lifestyle centers. U.S. Realty Advisors L.L.C. ompleting its 20th year at the forefront of net lease real estate investing and advisory services, U.S. Realty Advisors L.L.C. draws on capital markets knowledge, transaction experience, analytical skills and creativity to address the massive changes and issues being created by the global economy, financial system and capital markets.Since its inception in 1989, the company has completed more than $9 billion worth of saleleaseback, leveraged lease, recapitalization and structured credit-based real estate transactions. Because of the turbulent economic environment, corporate, government, tax-exempt and other credit tenants are focusing on the net lease structure as an effective way to efficiently monetize their core real estate assets. U.S. Richard Ader Realty strives to provide tenants with Chairman & Managing Partner attractively priced, long-term fixed-rate funding and long-term control over important business assets. It typically works with the client company to customize the transaction to satisfy specific tenant requirements, including pricing optimization, tax efficiency and offbalance-sheet/operating-lease treatment. While a chaotic marketplace can increase the benefits of the net lease structure for tenants, it can also increase the risk for an owner or investor in the property. During 2008, with indicators of a downturn looming, U.S. Realty Advisors opted not to buy property until the markets were less volatile and began to show signs of stabilizing. By the second quarter of 2009, the company had announced that it was back in the market and aggressively looking for the right deals. At press time in late April, the company was in the final stages of closing two trans- C actions and expected to be active for the remainder of the year. U.S. Realty Advisors acquires net lease assets across a range of core property types, including office, distribution, retail and healthcare assets. Acquisitions can take the form of a sale and leaseback of property owned by the tenant; the purchase of a target property owned by a third party and to be leased to the tenant;a build-to-suit transaction; or a property to be acquired as part of a pending corporate merger or acquisition. In many cases, a portfolio of properties is leased in a single transaction, thereby creating economies of scale and providing the tenant with efficient,long-term control over core business assets. U.S. Realty is well capitalized and liquid, able to address and execute transactions that are responsive to each credit tenant’s unique needs and constraints.Depending on the Great Escape Theaters individual tenant, considerations may include accounting (balance sheet and income-statement impact), taxation (gain recognition or deferral), cash flow, regulatory (capital creation) and operations (reporting requirements and lease flexibility). In the current environment, the company believes its long transaction experience, structuring creativity, financial stability and capital markets knowledge provide credit tenants with the assurance of a well-structured, wellpriced transaction that will be responsive to the tenant’s operational requirements for many years beyond the closing. www.cpnonline.com • May 2009 • COMMERCIAL PROPERTY NEWS 27 http://www.cpnonline.com

Table of Contents for the Digital Edition of 2009 CPN Goldbook

2009 CPN Goldbook
Contents
Industry Update
From the Expert
Owners/Investors
Developers
Mortgage Banks
Lenders
Service Providers
Title Insurance Firms
Technology (Software) Firms
Net Lease Investors
Appraisers

2009 CPN Goldbook