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Friday, 14 June 2013

Cypress Equities Seeks up to $300Mln for Value-Add Investment Fund

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Commercial Real Estate Direct Staff Report

Cypress Equities Real Estate Investment Management of Dallas is in the market to raise up to $300 million for a value-add investment fund that will acquire retail properties across the country.

Its Cypress Acquisition Partners Retail Fund is designed to acquire power centers, lifestyle centers and grocery- or pharmacy-anchored properties. It plans to add value to its investments through repositioning and re-tenanting strategies.

The fund has thus far raised $195.5 million, according to its most recent regulatory filing. Its investors include the New Mexico State Investment Council.

It is expected to make 12 to 15 acquisitions and invest no more than $60 million of equity per deal.

It could take on larger projects by co-investing. Cypress in the past has ventured with institutional investors that include JPMorgan Asset Management, Sarofim Realty Advisors and Carlyle Group.

The fund's manager is the investment management affiliate of Cypress Equities, a vertically-integrated real estate company that also has development, property management and leasing businesses, and an investment advisory group.

The investment fund is expected to rely heavily on Cypress's leasing and management expertise and its affiliation with SRS Real Estate Partners, a national retail property brokerage firm, to find tenants for its properties.

Cypress Equities, the parent company, was established in the mid-1990s as a venture that included the former Staubach Cos. Its executives opted out of Staubach's 2008 sale to rival real estate services firm Jones Lang LaSalle.

The real estate investment management unit is led by Scott Gosslee, senior vice president, who joined the firm last year from Panattoni Development Co., where he formed joint ventures and partnerships. Other top executives include Todd Minnis, chief investment officer, who joined the firm from Staubach, where he was a retail property broker.

The unit also invests on behalf of high net-worth individuals in addition to institutional investors.

Most recently, it acquired Lloyd Center, a 1.5 million-square-foot shopping center in Portland, Ore., from a venture of Glimcher Realty Trust and Blackstone Real Estate Partners IV, in a deal valued at $188.5 million.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Read 2553 times Last modified on Friday, 14 June 2013

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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