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Contact: Jay Butterfield
818/409-3243
AMERICAN REALTY ADVISORS ANNOUNCES THE
ACQUISITION OF OF INDUSTRIAL COMPLEX IN IN-FILL PHOENIX, ARIZONA
SUBMARKET
GLENDALE, CALIFORNIA - October 18, 2011 - American Realty Advisors,
a leading provider of real estate investment management services
to institutional investors, announced today the acquisition of Normal
Junction, a 140,314 SF, two-building, multi-tenant industrial portfolio
located on two parcels totaling 7.22 acres in the South East Phoenix/Tempe
submarket of the greater Phoenix metropolitan area. The transaction
was executed on behalf of one of American's value-added commingled
funds and represents a joint venture with BlackRidge Real Estate
Group.
Normal Junction benefits from its functional design including 140-foot
truck court, 21 to 25-foot clear heights with 23 dock-high doors
and minimal office build-out or specialized improvements. The investment
is representative of the firm's value-added investment strategy
with the end goal of repositioning the property into a stabilized
income-producing core asset.
Kirk Helgeson, American's EVP/Executive Managing Director, Investments
stated, "American anticipates a strong economic recovery and
an increase in demand for industrial properties in the historically
high-growth Sunbelt markets. Considering the scarcity of land for
industrial developments in the Tempe submarket coupled with the
high cost to develop shallow bay, dock-high product, we anticipate
being able to create and realize significant value when rental rates
eventually recover and demand from middle market tenants rebounds."
American Realty Advisors, a California corporation, is an SEC-registered
investment advisor under the Investment Advisers Act of 1940, as
amended, and a leading provider of real estate investment management
services to institutional investors. With over $4.0 billion* in
assets under management, American has provided innovative real estate
solutions to institutional investors for over 23 years utilizing
core and value-added commingled funds and separate accounts. The
firm's portfolios include office, industrial, multi-family, retail
and other properties nationwide. More information regarding American
can be found online at www.americanreal.com.
BlackRidge Real Estate Group is a full-service real estate company
that manages, develops and acquires leased and value-add industrial
warehouse properties. With offices in Los Angeles and Denver, the
firm is comprised of principals with decades of experience in development,
asset management, brokerage and construction. The firm's portfolio
of current projects totals over 3 million square feet and includes
investments and developments in Arizona, California, Florida and
Virginia.
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