Press Release

REH Handles Purchase of South Florida Retail and Office Property  Portfolio For California Investor

Fort Lauderdale, Florida (December 14, 2004) –REH Capital Partners, LLC, acting on behalf of Gehr Development Florida, LLC, a company owned and controlled by Norbert Gehr, a prominent California based real estate investor and entrepreneur, announced today the acquisition of a South Florida shopping center and office building portfolio totaling approximately 500,000 square feet from a German investment group.  The total amount of the transaction was approximately $54,000,000.  UBS Real Estate Investments of New York provided non-recourse financing for the transaction and REH Capital Partners, LLC in Fort Lauderdale sourced the transaction and financing for Gehr. 

The acquired properties include:  1). Plantation Market Place, a 230,000 square foot shopping center located on W. Broward Boulevard just east of University Drive, in Plantation, Florida, anchored by Winn Dixie, CVS, Big Lots!, Bealls Outlet, and Tuesday Morning;  2). Penn Dutch Plaza, a recently renovated 157,000 square foot shopping center located at the intersection of Highway 441 and Sample Road in Margate, Florida, anchored by Penn Dutch Food Center and Walgreen’s, and 3). 1900/2000 Building, a 3-building office complex consisting of approximately 117,000 rentable square feet plus an adjacent 3-story parking garage located on NW Corporate Boulevard, just off Interstate 95 at Glades Road, in Boca Raton, Raton, Florida.

The acquisition marks the first of what may be several planned acquisitions in Florida as part of Gehr’s strategy to diversify his current portfolio of multi-family and industrial properties currently concentrated in Southern California.   “I liked South Florida’s economic and demographic diversity, which I believe is good for retail and office demand,” says Norbert Gehr, the principal in the transaction.  He added, “We now have a great opportunity to benefit from the positive retail and office market trends in South Florida, and by dedicating the right amount of attention and resources, we hope to improve the performance of these properties”.   According to Frank Nardozza, the head of REH Capital Partners that represented Gehr on the transaction, “We were able to source these properties under unique circumstances outside the normal brokerage process, and with some upgrading and tenant repositioning, these properties should reclaim their rightful strong position on the competitive landscape”.

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Gehr Development Florida, LLC is the Florida real estate investment arm of Mr. Norbert Gehr, a prominent Southern California real estate investor and entrepreneur. Mr. Gehr has substantial holdings of residential, retail, office and industrial properties in Southeast Florida and Southern California.  Mr. Gehr is Founder, Chairman & CEO of Gehr Industries, Inc., a multinational business operation headquartered in Los Angeles, California involved in electronics manufacturing, direct marketing, and distribution over three continents. 

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REH Capital Partners, LLC is a national real estate and hospitality investment and advisory services firm headquartered in Fort Lauderdale, Florida with regional offices in Los Angeles, California and Washington D.C.   The Firm makes investments directly and on behalf of clients in real estate and hospitality assets and portfolio companies as well as provides strategic investment advice, transactional services, asset management services, and strategic consulting services to a wide range of public and private sector clients. 

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Summary of Acquired Properties:

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Last modified: 01/05/12