One-Off Transactions
As an entrepreneurial organization, Cambridge Hanover is able to recognize those property offerings which present an exceptional value proposition. Over the past few years, Cambridge Hanover has taken advantage of these special scenarios, despite the fact that the opportunities may not fit into the company’s standard acquisition criteria. As an opportunistic value investor, Cambridge Hanover utilizes its operating, development and financial expertise when the right opportunity comes and takes proactive steps to capitalize on these unique investments. Examples of other one-off transactions include Peachtree Industrial Boulevard in Atlanta, GA.
Case Study: Station Place (Darien, CT)
Located in downtown Darien and adjacent to the Metro North Train Station with a 45-minute direct service to Grand Central Station in New York City, Cambridge Hanover acquired this 19,000 square foot building when it was in the process of foreclosure. Although leased in its entirety to TD Bank, the building was owned by a developer that had filed for bankruptcy and had cross-collateralized the property with a large pool of other assets. Cambridge Hanover negotiated the pay-off of several tranches of debt and restructured the first lien, thereby allowing the lender to release the existing borrower’s personal guarantees. Subsequently, Cambridge Hanover extended the lease with TD Bank, and upon lease expiration, repositioned the building as a multi-tenant retail and office property, completing substantial renovations, including upgrading the façade, installing a new EPDM roof with skylights, installing new HVAC units, and improving the landscaping. Tenants include the Lanphier Day Spa, a luxurious salon and day spa, and the headquarters of Genesee and Wyoming, a $2.8 billion NYSE company that is a freight railroad service provider. The property is well positioned to benefit from recent upscale retail developments in the area and higher long-term rents.
