CRE-Pro, LLC and Infinite Equity Capital, LLC acquire hub of power anchored by investment grade tenants
CRE-Pro, LLC, (“the Company”), a diversified national private equity firm based in Miami, has announced that a subsidiary has acquired Pirates Plaza
– Gideon Gratsiani
MIAMI, FL, UNITED STATES, July 16, 2021 /EINPresswire.com/ – CRE-Pro, LLC and Infinite Equity Capital, LLC acquire Power Center anchored by quality tenants
The funds associated with the Company also acquired a property in northern Indiana during the same quarter.
Miami, Florida: Today. CRE-Pro, LLC, (“the Company”), a diversified national private equity firm based in Miami, has announced that a subsidiary has acquired Pirates Plaza. The commercial building is a regional Power Center built in 1996 whose main tenants are solvent Ulta Beauty and Five Below. The asset is located in Genesee County, Michigan along Miller Road near Interstate-75 and Interstate-69. Miller Road is known to be one of the best retail corridors in the state, with Pirates Plaza flanked by top retailers, such as Target, PetSmart, Best Buy, DSW, Burlington Coat Factory, and more. In addition, there are three General Motors factories, a regional shopping center and an international airport within three miles of the property which serves an estimated population of nearly 300,000 within a ten mile radius. The official announcement was made by Gideon Gratsiani, a recognized expert in foreclosure and bankruptcy, as well as the Founder and Executive Chairman of CRE-Pro, LLC. The asset was purchased through an auction and was purchased for a double-digit cap rate at an attractive cost base.
“We are delighted to announce this acquisition, which is the first investment with our new partner, a foreign retirement advisory fund. This acquisition is part of our strategy of buying assets at significant discounts to their intrinsic value, in good real estate markets, and well below their replacement cost, ”said Mr. Gratsiani. “Expect to hear about other acquisitions soon.”
The business plan of buying properties at a discount due to a particular situation, default of deadline, dissolution of partnership and other unconventional means is part of the opportunistic strategy of CRE-Pro to provide their investors with creative investment opportunities offering superior risk-adjusted returns. By purchasing Pirates Plaza, the Company expects to use this asset as a springboard for further strategic acquisitions and to increase its presence in the region.
“The acquisition of Pirates Plaza represents the culmination of months of hard work by the multitude of parties who helped secure this agreement. We would like to thank our investors and business partners for their assistance. I would like to personally thank Evan Lyons with Encore Real Estate Investment Services for negotiating the transaction and Brad Lefkowitz of Mid-America Real Estate Group for their fantastic property management and advice. We now look forward to a successful debt execution that will allow us to return a significant portion of the invested capital to our partners in the first few months of owning Pirates Plaza, ”said Nicholas Perrone, Vice President of Investments at CRE-Pro , LLC. .
Additionally, CRE-Pro, LLC announced another asset purchase in the region that took place around the same time as the closure of Pirates Plaza. This second acquisition was an off-market transaction. The purchase consists of two net leased, single tenant investment grade businesses operating in the suburbs of one of the largest cities in the state of Indiana.
About CRE-Pro, LLC
CRE-Pro, LLC is a nationally diversified private equity real estate firm specializing in acquiring quality commercial and residential real estate assets at prices below market value. Together, the partners have over 40 years of experience in the real estate industry, covering all types of products and asset classes in commercial and residential real estate property and management.
About Mid-America Real Estate Group
Mid-America Real Estate Group is the Midwest’s premier full-service retail real estate organization specializing in property management, leasing and investment sales. Mid-America is made up of five offices located in Michigan, Illinois, Wisconsin and Minnesota.
About Encore Real Estate Investment Services
Encore Real Estate Investment Services is dedicated to assisting clients in the acquisition and disposition of net leased and multi-tenant retail properties across the country. The company has marketed and sold more than $ 6 billion in real estate investments nationwide in more than 1,000 transactions.