MEPT RECEIVED TOTAL GROSS PROCEEDS OF $63.0 MILLION FOR THE SALE OF FOUR ASSETS IN SOUTHWEST COMMERCE CENTER. Southwest Commerce Center I-IV, located in Reno, with over 1 million square feet in six industrial buildings, was developed by MEPT between 1997 and 2001. Located near US 395 and the Reno/Tahoe International Airport, these assets not only offer tenants easy access, but also high clear heights, deep truck courts and parking desirable to tenants seeking a distribution hub. At 95 percent occupancy, Southwest Commerce Center I-IV was a strong performer but located in a non-strategic market for the Fund. Increased investor interest for bulk distribution properties allowed MEPT to achieve premium pricing for these four assets in an all-cash transaction with Cornerstone.
KATHLEEN KENNEDY TOWNSEND JOINS THE NEWTOWER BOARD OF DIRECTORS AS AN INDEPENDENT DIRECTOR. In March, NewTower Trust Company announced that the Honorable Kathleen Kennedy Townsend joined its Board of Directors, expanding the number of independent board members to five. “Kathleen is an exceptionally accomplished person who brings valuable, pertinent experience to our Board,” said Daniel W. Toohey, Chairman of the Board at NewTower. “In her role as Maryland’s Lieutenant Governor, she championed economic development and sustainability, which have long been key priorities for NewTower and MEPT. Furthermore, her direct experience working with and understanding the challenges of pension funds adds an important new perspective to our Board. Her appointment strengthens our ability to successfully build and expand the MEPT strategy and meet the expectations of our investors.” “It is rewarding to be joining an organization with a track record of exceptional fiduciary responsibility, and an unwavering focus on investors, performance, and prudent growth,” Ms. Townsend said. Ms. Townsend was the first woman elected Lieutenant Governor in the State of Maryland where she served from 1995 to 2003. Prior to her election as Lieutenant Governor, Ms. Townsend was Deputy Assistant Attorney General of the U.S. Ms. Townsend is a Managing Director at The Rock Creek Group, a leading global investment and advisory firm. She also serves on the Board of Directors at the Pension Rights Center.
HILLSBORO BAY CLUB MEPT SOLD HILLSBORO BAY CLUB IN THE MIAMI AREA FOR TOTAL GROSS PROCEEDS OF $56.0 MILLION. The 366-unit multi-family asset was acquired by MEPT in 2010. While MEPT had achieved a stabilized occupancy of 95 percent at the asset, new supply in the market was expected to put downward pressure on market rents and occupancy at the asset. As a result, MEPT marketed Hillsboro Bay Club for sale and, after a month on the market, MEPT received 10 offers. MEPT selected Bell Partners, Inc., a private real estate company, as the buyer.
MEPT SOLD SIX RETAIL ASSETS IN THE SOUTHEAST FOR TOTAL GROSS PROCEEDS OF $59.4 MILLION. The grocery-anchored retail centers, two of which are in Tampa, one in Orlando and three in Atlanta, were purchased by MEPT in 2011 as part of a larger portfolio transaction, and total nearly 445,000 square feet. While the assets were approximately 93 percent leased and performing well, MEPT targeted these six assets for sale since they were in secondary retail locations. MEPT received numerous competitive offers for the assets and ultimately accepted Phillips Edison & Company’s bid to purchase the assets.