Stamford, CT, April 30, 2007 – GE Real Estate announced today that it has made a $7.7 million equity investment with partner High Street Equity Advisors, LLC for the acquisition of three Class A bulk distribution buildings in the Midwest.
The assets are a property in Minneapolis and two adjacent buildings in Louisville. All three are 100 percent leased and total more than 700,000 square feet. High Street Equity Advisors is a Boston-based investment firm that focuses on opportunistic industrial and office acquisitions and developments.
"Since 2006, we have closed eight deals with GE Real Estate, representing more than $250 million in investments,” said Dan Coughlin, principal and founder of High Street Equity Advisors. “We expect this important relationship will continue to grow in the near-term.”
"The executives at High Street are prominent veterans of real estate and capital markets and this portfolio of newer bulk warehouse product meets all our investment parameters,” said Chris Overberg, Regional Director for GE North American Equity. “This deal strengthens our under-represented bulk warehouse portfolio and supports the continued market diversification of our High Street portfolio into strong national and regional distribution markets.”
The North America Equity division at GE Real Estate has demonstrated a proven ability to source transactions, execute quickly and deliver reliable operating results. Its joint venture group co-invests with partners using preferred or common equity to buy, reposition, manage and develop assets across most commercial real estate sectors, with the majority of equity investments made in the multifamily, office, industrial, retail and self park sectors.
GE Contact:
(Press inquiries only)
John Oliver
Office: 203/750-3089
Cell Phone: 203/984-7757
john.oliver@ge.com
For other inquiries please call 1-888-GE-First extension 333
HLB Communications, Inc.
Richard Ringer
312/649-0371
rringer@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$59 billion in assets and a presence in 28 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$246 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
