News

Private Real Estate Investment Firm, Cohen Asset Management, Inc., Announces the Acquisition of a Loan Secured by Portfolio of Class A Southern California Industrial Assets  
Los Angeles, California (May 7, 2010)
 
IBC Industrial Properties LLC, an affiliate of industrial and commercial real estate investment firmCohen Asset Management, Inc., announced the acquisition of a note from a major life insurance company secured by a portfolio of institutional quality, Class A industrial buildings.  The properties, totaling 800,000 square feet, are located in the Inland Empire area of Southern California with construction completed in 2008. This represents one of the largest note purchases for distressed, institutionally owned industrial assets in Southern California and occurred through  Cohen’s ability to source off-market transactions through its longstanding operator model. The purchase is part of a series of transactions that Cohen has negotiated to acquire this year.
 
 “We are very pleased to have identified this opportunity and concluded this transaction in the short time frame required by the seller. This acquisition consisted of a quick commitment from Cohen in return for an investment providing an extremely attractive basis at a substantial discount to replacement cost while offering significant cash flow and value creation potential. Over the last 18 months we have remained very cautious in our approach. Today we feel the market conditions are right to make acquisitions such as the one we are announcing today,” said Brandon Delf, CIO and Executive Vice President of Cohen Asset Management. 
 
Jason Haas, COO, said “This deal was sourced on a limited marketed basis with no brokers involved and is reflective of our strong relationships in the marketplace. The transaction allowed the lender to reduce and manage its risk-weighted capital over the long-term, while also allowing their team to focus on its core lending business.”
 
The transaction is in line with  Cohen’s strategy which consists of a cash flow driven model while offering liquidity to private property owners and institutions looking to monetize their equity and debt investments.
 
 
About Cohen Asset Management
Cohen Asset Management, Inc., is a private commercial and industrial real estate investment firm. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.