Feasibility analysis to support lender’s analysis of planned flex-tech office development. StoneCreek Partners prepared a market feasibility evaluation of this El Segundo (Los Angeles County) flex-tech office park, as part of underwriting for a loan by lender GE Capital to the project’s developer. Study included review of comparable facilities throughout Southern California.
Management review of the historic Racquet Club of Palm Springs (California) tennis and other club operations, staffing practices, and operating results, with recommendations for operating tactics to improve bottom-line profitability. The facility has since ceased operations due to fire. This project holds special interest for SCP, as it was the among the first real estate consulting projects of SCP’s founder Donald Bredberg.
Acquisition and property management of master-planned landholding on behalf of a major offshore investor client, Banning-Lewis Ranch was purchased from the Resolution Trust Corp. for $18.5 million. The property had been assembled, acquired, and held for development by well-known Colorado entrepreneur Frank Aries, through more than $200 million in investment in infrastructure and land purchases. The property was re-sold several years later for $60 million.
Banning-Lewis Ranch is a highly strategic landholding, existing essentially as the entire direction of growth for metropolitan Colorado Springs, encompassing more than 20 square miles along the city’s eastern edge.
Due diligence services were provided in support of client’s underwriting efforts, in connection with a proposed investment in Calhoun Beach Club’s major renovation and expansion.
Calhoun Beach Club is a well-known local athletics club, social club, luxury apartment complex, and social banquets location, overlooking Minneapolis’ scenic downtown lakes. Located on the shores of Lake Calhoun, in one of the finest Minneapolis neighborhoods, Calhoun Beach Club is an experience unlike any other you?ll find in the region. Just minutes from downtown and easily accessibly from area suburbs, the club is at the heart of a network of parks and tree-lined lakes with miles of running, walking and biking paths at your doorstep.
StoneCreek Partners provided due diligence consulting in connection with buyer’s shopping center acquisition, including property inspections, Phase 1 environmental reviews, tenant lease confirms, and rent rollover analysis, for this grocery-anchored community shopping center. Support of the buyer included preparation of tenant lease abstracts, estoppels, SNDA (subordination, non-disturbance and attornment) provisions, and a review of common area charges (CAM) and vendors, among due diligence items.
Tenancies at Lakeside Shopping Center included a typical roster of anchor and inline retail tenants, along with a Kroger Fuel Center (gas station) with limited convenience store offerings.
Preparation of Foster & Kleiser consolidated corporate financial projections to support prospective acquisition by third-party.
Founded in 1901, Foster & Kleiser Outdoor Advertising was outdoor advertising’s original pioneers and have been credited with propelling the industry from simple posters pasted onto any available surface to standardized structures that are uniform, attractive and often feature landscaping enhancements.
The company was eventually acquired by a division of Metropolitan Broadcasting called Metromedia, and was ultimately sold to Patrick Media Company. After 85 years of operation under the Foster & Kleiser name, the company was re-named as Patrick Media Group in September 1986. In 1995, Karl Eller and Partners acquired all assets of the company and renamed the business unit as Eller Media Co. In 1997, Eller Media Company became a wholly owned subsidiary of Clear Channel Communications.
Due diligence of portfolio of existing Hyatt Regency hotels operating in Saudi Arabia, for potential portfolio acquisition by client. The due diligence report included an evaluation of competitive hotels, management contract review, and an analysis of each facility’s sales and operating history. One of the hotels (shown in accompanying photo) has since been re-branded as a Radisson Blu).
Departmental staffing and profitability and 10-year EBITDA projections were also prepared, as part of the work.