Asset Management / Development Management
Belrad was retained by an institutional owner to dispose of a 30-acre parcel of land. After a four-month assessment we recommended they hold onto the property and develop it. We found a new development partner and negotiated the joint venture, playing an integral part in devising the strategies for land use, design decisions, phasing, marketing, and sales. In addition, we structured, placed, and syndicated the senior debt facility. The resulting project is a successful 192-unit condominium development on Kohala Coast, Big Island, Hawaii.
On behalf of the senior lender, Belrad negotiated a deed-in-lieu of foreclosure on a 36-hole championship golf course in Southern California along with the surrounding developable residential land. We repositioned the golf course as a daily fee golf course, then negotiated and closed the sale of a 27-acre land parcel that would become a 450-unit timeshare development. Finally, we assisted in the formation of a joint venture between the lender and a major land developer for the continued development of the 2,300-unit master plan community. We continue to oversee the project’s operations.
Belrad handled strategic asset management for the institutional owner of a 78,000 sq. ft. high-end retail development in Waikiki, Hawaii. We renegotiated existing leases, arranged space planning, and determined capital expenditures. In addition, we installed a new leasing team and property manager, and coordinated new marketing efforts. This assignment is ongoing.
We represented the institutional seller of a 260,000 sq. ft. office campus in South Atlanta which had been vacant for over 10 years. We interviewed and engaged the brokerage team, managed and negotiated offers, and oversaw the close of escrow.