| Cathartes Investments Sells 1155 Elm Street,
Manchester, New Hampshire |
Manchester, NH (April 1998) Cathartes Investments and Geometry
Realty, Inc. have completed the sale of 1155 Elm Street in Manchester, New
Hampshire. David DePree of Cathartes and Adam Meinstein of Geometry represented
their respective firms in the sale, along with Peter Smith of Smith &
Company. The buyer was MGI Properties, a Boston-based REIT. The sale price was
$10.85 million.
Cathartes and Geometry acquired the eight-floor,
128,000 square foot office property in downtown Manchester, NH from AMB
Institutional Realty in September, 1996. "We increased the value of the
property by performing minor cosmetic improvements but more importantly by
substantiating new market rents for the property," said David DePree, Director
of Asset Management at Cathartes. Lead tenants for the building include Fleet
Bank, New York Life and the latest tenant, USN Communications. The building is
100% occupied.
"Cathartes specializes in assets like Elm Street,"
DePree said. "The cornerstone of our strategy is to buy undervalued and
underperforming properties and reposition them for sale in recovering markets.
Manchester was a market on the rise within 12 to 24 months of our original
purchase. Our sale of the property within 18 months allowed us to recoup its
value through leasing vacant space and making building improvements. This
enhanced the overall curb appeal of the property, especially to institutional
buyers like MGI Properties."
Geometry Realty, Inc. of New York, was the
majority investor in 1155 Elm Street on behalf of its first discretionary real
estate investment fund. Jonathan Maslin, President of Geometry Realty, Inc.,
expressed his satisfaction with the sale to MGI. "The sale of the building in
just over eighteen months exceeded our original expectations. Geometry invested
in this property, anticipating the ripple effect of an improving New England
regional market. This sale certainly ratifies our original premise."
Geometry Realty, Inc. is a real estate investment and operating
organization established in 1992, investing on behalf of several discretionary
real estate investment funds managed for a group of high net worth individuals,
family offices and institutions. It targets opportunistic real estate
investments requiring equity of up to $5 million per transaction, primarily
located in the Northeast and Middle Atlantic regions of the United States.
Geometry Realty, Inc. is an affiliate of Geometry Group, Inc., a full service
investment firm that conducts its investment advisory and financial management
activities through a number of subsidiary and affiliated companies.
Cathartes Investments is a real estate investment firm specializing in
acquiring and developing undervalued commercial, industrial and residential
properties in major North American markets. Cathartes has invested $150 million
of client capital in commercial properties with an aggregate total market value
of more than $200 million. Cathartes has also recently formed a joint venture
with AEW :Partners II, L.P., and is currently placing the first of two $25
million equity funds in leveraged real estate investments throughout New
England.
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