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REH Capital Partners, LLC ______________________________________________________________________ News September 5, 2006 FOR FURTHER INFORMATION AT THE FIRM:
FOR IMMEDIATE RELEASE REH Capital Partners Announces Launch of Sneider Special Situations Group Targeting Special Situation Real Estate Assets in SE US & Texas Fort Lauderdale, Florida (September 5, 2006) – REH Capital Partners, LLC, a national real estate investment and advisory services firm, today announced the formation and launch of Sneider Special Situations Group (“Sneider SSG”) to acquire and reposition up to $300 million of special situation real estate assets in the Southeastern United States and Texas. Sneider SSG, will be headquartered in Coral Springs, Florida, and will be led by President Andy Sneider, a seasoned commercial real estate veteran who is also head of Sneider Management, an affiliated real estate firm.
Sneider SSG will target assets for acquisition or joint venture in select high-growth or quickly rebounding areas of Florida, the Carolinas and Texas that meet certain “special situation” investment criteria including: major repositioning, redevelopment or adaptive re-use opportunities; under performing assets located within major development or redevelopment corridors; deeply discounted assets with low to medium levels of environmental cleanup requirements; and assets with high vacancy levels due to major tenant vacancy or relocation.
According to Andy Sneider, President of Sneider SSG, “We grew tired of competing for “core” office, industrial, and retail deals in the 5-1/2 to 6-1/2% cap rate range, so we decided to re-channel our efforts to more unique and challenging deals to deploy our “turn around” expertise to reap higher investment yields. We’re already in negotiations on several deals that fit our “special situations” criteria that, if consummated, would allow us to surpass our first year investment goals.” He further added, “This is the platform I’ve been looking for to grow our real estate business in this highly competitive, commercial real estate investment environment.”
“Obviously this focus is not for the faint of heart”, added Frank Nardozza, Chairman of REH Capital Partners, “but this is what Andy and his team have done for most of their careers. They know how to manage risks for greater yield. In this case we act as the acquisition arm for Sneider SSG in sourcing and analyzing the deals and supporting capital funding efforts”. Initial capitalization of the program comes from a consortium of affluent and seasoned real estate investors with ties to the South Florida market. *********** SNEIDER MANAGEMENT, INCSneider Management is a privately held, commercial real estate investment and asset management firm headquartered in Coral Springs, Florida. The Company, with its principal investors, owns and manages a portfolio of office, retail, and furniture showroom properties throughout Florida and the Carolinas. REH CAPITAL PARTNERS, LLCREH 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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