March 4, 2009
Miami – Locally based RAM Cos. has secured an equity partner that will allow the firm to focus on opportunistic industrial property acquisitions over the next year. The unnamed partner, described as a well-established New England –based wealth management firm, includes investments from high-net-worth individuals. The exact amount of the financing has not been disclosed, but will give RAM the ability to purchase between $25 million and $50 million worth of industrial assets, Todd Goldenfarb, vice president of acquisitions and development , tells Globest.com.
The newly formed partnership will focus on assets in New England and South Florida. “We look around the Boston area a lot where we own several properties,” says Goldenfarb. “We are also looking in the Airport West submarket in Miami-Dade County, and will also look in Broward, Palm beach and Seminole counties.” Industrial assets in these areas have not been overbuilt like other product such as office and residential, he indicates.
Increased potential for sale-leasebacks as a result of companies looking to put equity back in their business has driven RAM to pursue industrial assets in these targeted markets. “There are also multi-tenanted properties where owners will need to satisfy demands from other owned assets, and some landlords are being pressured to sell by lenders,” Goldenfarb reveals.
The partnership plans to close on its first acquisition with a 107,000 square foot, 100% leased multi-tenanted property in Massachusetts within the next two weeks. “We sat on the sidelines in 2008 when pricing was just ridiculous and cap rates were at unheard of levels,” says Goldenfarb. “Now we’re starting to see that because of the financial crisis of the world, sellers are beginning to understand the reality of the situation. If we can find acquisitions that work for us and our investment model in 2009, we plan to put most, if not all, of the equity in the partnership to work this year.”
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