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— StoneCreek Partners Launches Project Feasibility Services for Opportunity Zones

U.S. Acquisitions Program

Acquisition program representative for U.S., for Nissho Iwai American Corp. (now Sojitz Corp.)

 

StoneCreek Partners was retained by Nissho Iwai American Corp. (NIAC, now Sojitz) as owner’s representative for their North American acquisitions program. The retainer relationship included solicitation and screening of investment proposals, initial investment suitability and feasibility evaluations for NIAC, and in select instances, preliminary deal structuring and due diligence support for prospective acquisitions.

 

Two select examples of additional detailed due diligence support were Calhoun Beach Club and Condominiums situated along the shoreline of Lake Calhoun in downtown Minneapolis, Minnesota, and, Newport-Banning Ranch located in Newport Beach, California. Sojitz was formed in 2004 by the merger of NIAC and Nichimen Corporation.

 

Banning Lewis Ranch Acquisition

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.

 

Lakeside Shopping Center

Phillips Edison & Company, Inc. REIT  |  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.