Real Estate / Joint Ventures
In today’s world of complex real estate transactions, joint ventures are a common vehicle for blending development expertise and local knowledge with capital sources. These capital sources include institutional private equity funds, public funds, family offices, high-net worth individuals and tax-exempt investors, including retirement funds and sovereign funds. The lawyers at Sklar Kirsh have extensive experience in the formation of joint ventures, representing both sponsors/operators and capital sources in connection with the acquisition, development and financing of all types of real estate products, including multi-family, office, hospitality, medical, retail, mixed use, special venues and land development. Additionally, our extensive experience covers the formation of joint ventures as separate legal entities as well as the programmatic joint ventures and strategic alliances operated through complex contractual arrangements with multi-party strategic investments.
- Represented Shopoff Realty Investments in connection with its joint venture acquisition of a 165,000 square foot office park located in Goleta, California from Montana Avenue Capital Partners for $61,000,000. Concurrently with the acquisition, and as part of this same transaction, Shopoff immediately sold the ground lease interest in the Property to Safehold, Inc. for $22,000,000, while retaining a leasehold interest in the Property. Equity was provided by Blackbird Investment Group which was represented by Greenberg Traurig. Financing of Shopoff’s leasehold interest in the Property was provided by Benefit Street Partners who was represented by Holland & Knight. Safehold was represented by Stroock.
- Represented a joint venture between Sabal Investment Holdings and MLN Partners in connection with its $23,000,000 preferred equity investment with respect to Pendry San Diego, a 317-room luxury boutique hotel, and related agreements with the mortgage loan lender, hotel operator, hospitality manager, ground lessor and other parties.
- Represented Tides Equities, LLC in connection with the $19,750,000 joint venture acquisition of the Royal Village Apartments, located in Glendale, Arizona. Equity was provided by Asset Management Consultants, Inc., which was represented by Davies Lemmis Raphaely. Financing was provided by Rialto Capital Mortgage which was represented by Cozen O’Connor.
- Represented the joint venture of RMA and Harbor Associates in the sale of an office building in San Diego, California for $7,000,000.
- Represented Riverview Drive LLC, a newly formed joint venture between longtime client, Abady Holdings Corporation, and Commerce Home Mortgage, LLC, in the $6,600,000 acquisition of an office property in Anaheim, California. In connection with the acquisition and the formation of the joint venture, our client entered into a long-term lease with its joint venture partner. Seller was represented by Vantage Law.
- Represented Shopoff Realty as the tenant in a 99-year ground lease, joint venturing with Contour, for 7+ acres along the 5 Freeway, valued at $100,000,000. The landlord is a joint venture comprised of Interstate 5 Firestone, LLC and Freeway Firestone, LLC, who were represented by Daniel Cho at Garrett Stiepel Ryder LLP.
- Represented Tides Equities, LLC in connection with the $71,500,000 sale of the Tides at South Tempe Apartments, a 442-unit apartment complex in Tempe, Arizona. The project was acquired by Tides in August of 2018 through a joint venture with Capitol Solutions, Inc. for $55,500,000. The Buyer of the Property was FCP, a privately held national real estate investment company (although Tides is staying in the deal as a joint venture partner), which was represented by Arent Fox LLP.
- Represented 235 Camelback LLC, an affiliate of Vista Investment Group, in their acquisition of a large multi-family project known as the Northridge Apartments located in Pleasant Hill, California for a total purchase price $91,000,000. In order to acquire the property we assisted our client in forming a joint venture with Tokyu Land US Corporation and obtaining a loan in the amount of $62,817,600.00 from CIT Bank. Seller was represented by Barack Ferrazzano Kirschbaum & Nagelberg LLP out of Chicago, and CIT Bank was represented by Sheppard Mullin.
- Acted as co-counsel to TruAmerica Multifamily, LLC, along with Akerman LLP in connection with the $54,100,000 joint venture acquisition of the Mission Springs Apartments, a 306-unit multi-family apartment project located in Tempe, Arizona. Equity was provided Alberta Investment Management Corp. (AIMCo), an equity investor based in Canada. Seller was represented by Stein Law, PLC. Acquisition financing was provided by CBRE Capital Markets, Inc., which was represented by Seyfarth Shaw LLP.
- Represented Sunrise Multifamily, LLC in connection with the $5,300,000 joint venture acquisition of the Canyon North Apartments, a 50-unit apartment community in Phoenix, Arizona. Equity was provided by ISOLA Homes/Greenbank Holdings, LLC. Financing was provided Ready Capital Corporation which was represented by Holland & Knight LLP.