C-III Asset Management, a subsidiary of C-III Capital Partners, recently facilitated a purchase made by Grubb Properties at 12701 Fair Lakes Circle, Fairfax, Va. This is the first time Grubb has purchased property in the Washington, D.C. metro area. The property is also known as Argon Plaza and is within close proximity to Fair Oaks Mall. C-III Capital Partners is under strong leadership and guidance, with Andrew L. Farkas being both the CEO and Chairman of this company.
The purchase made by Grubb Properties amounted to $38.8 million total and was sold by the U.S. Bank. A subsidiary of C-III Capital Partners, NAI Global, brokered the purchase with HFF. NAI Global is a real estate broker and is also under the leadership of Andrew Farkas’ company, C-III Capital Partners.
Argon Plaza was built in 1988 and is comprised of a 10-story building. The property is also 275,000 square feet and is also occupied by The Boeing Company, and will remain at this location for at least the next five years. The area surrounding Argon Plaza offers plenty of access to retail, cafes and eateries and it also in close proximity to Interstate 66 and Route 286. Both roads are used regularly by commuters in the Washington, D.C. area.
C-III Capital Partners and NAI Global are pleased to have helped Grubb Properties make its very first purchase in Northern Virginia. The Washington, D.C. area is an ideal location for property investment due to easy public transportation access and plethora of nationally known companies. Under the guidance of Andrew Farkas, both C-III Capital Partners and NAI Global will continue to assist real estate companies in purchasing properties with great potential.
Andrew L. Farkas, chairman of Resource Capital Corporation, reported on the status on April 29, 2018 of a strategic plan that was put forth 18 months ago. This plan detailed Real Capital Corporation’s repositioning as a commercial real estate company that will produce sustainable core earnings and deliver long-term shareholder value. According to Andrew Farkas, this plan is now complete and has met its goals.
Between now and when the plan was implemented, Resource Capital Corporation was able to sell $417 million non-core assets. $57 million of the remaining $63 million are legacy commercial real estate loans. Andrew Farkas believes that the best way to handle the legacy loans is to spend time to work them out. This will ideally result in achieving maximum proceeds for the company’s investors. The course of action outlined by Andrew Farkas is based off of resolving more than $50 billion similar loans for C-III Capital Partners.
The completion of the strategic plan will also result in an increase in Resource Capital Corporation’s quarterly dividend by $0.10 per share in the second quarter. According to Andrew Farkas, this will be a 100% in the quarterly common dividend since the plan started.
Another goal that was accomplished with the strategic plan is that throughout the last 18 months, around $800 million transitional commercial real estate loans have been originated. $165 million of the Series A and B preferred shares have also been fully redeemed. Andrew Farkas predicts that obtaining core earnings growth should be an easy path due to these accomplishments, which he stated in the following quote: “The path to core earnings growth from here is clear; identifying opportunities for quality, risk adjusted returns by leveraging C-III’s platform to invest in a broad array of commercial real estate credit investments.”
Andrew Farkas also stated that as of May 25, 2018, Resource Capital Corporation will be called Exantas Capital Corporation. In addition to the name change, Andrew Farkas is eager to see company-wide growth now that the strategic plan is complete.
NAI Global has welcomed Pfefferle Companies to their growing team. Based in Appleton, Wisconsin, Pfefferle Companies also has offices located in Green Bay and Wausau. In addition to this, NAI Pfefferle has over 400 offices.
The CEO of NAI Pfefferle is John Pfefferle and the president is Mike Pfefferle. The company is comprised of 20 advisors and has more than 500 commercial listings. With this being said, NAI Pfefferle has brokered over $250 million in the last three years. This company also owns over 13 million square feet of commercial property in the Midwest, making it one of the largest privately held management companies in Wisconsin.
Pfefferle Companies is a very well-established corporation and NAI Global is glad to add this company to its portfolio. In addition to Wisconsin, NAI Global also has offices in Washington DC, New York, California, and 43 other states. There are also offices located outside of the United States in Canada, Latin America, Europe, Africa, and Asia.
Each additional office helps make NAI Global’s growing team stronger and more unified. Andrew Farkas’s vision of having real estate companies that he oversees reach their full potential, including NAI Global, is apparent with acquisitions such as Pfefferle Companies.