Quarter Circle Capital: Quarter Circle Capital Acquires Two Commercial Real Estate Assets in Texas
Quarter Circle Capital Acquires Two Commercial Real Estate Assets in Texas
OMAHA, NE — (MARKET WIRE) — February 07, 2007 — Quarter Circle Capital, LLC (QC Capital) todayannounced the acquisition
of the fee interest in two commercial real estateassets in the Dallas Metropolitan area on behalf of their recently formedfund, QCC Fund I, L.P.
The first asset, a 163,000 square foot neighborhood shopping center, wasacquired for approximately $6 million. The second, a well located, 64,000square foot, two-building office complex with adjacent land, was purchasedfor approximately $5 million. The two assets are consistent with QCCapital’s targeted investment parameters for Fund I, representingnegotiated, off-market acquisitions of underperforming assets. Eachproperty was purchased on an all-cash basis, and between the two assets, QCCapital has earmarked an additional $4 million for capital improvements andleasing costs.
“Both of these assets fit squarely within the investment criteria for FundI, as they were both off-market, value-add investment opportunities thathave multiple turn-around and exit strategies,” said Starr P. Schulke,Chief Investment Officer. “The assets are fundamentally sound but lackedowner attention and capital, which we will restore.”
With offices in Omaha, Nebraska and San Francisco, California, QC Capitalfocuses on principal acquisitions of distressed or defaulted debt on, orfee interests in, commercial real estate assets, generally ranging from $2million to $25 million in value.
About Quarter Circle Capital:
Quarter Circle Capital, LLC makes principal investments in fundamentallysound real estate or debt secured by real estate, the value potential ofwhich it perceives impaired by, among other things, stress caused byobligations of onerous capital structures, shifts in market conditions,property positioning and / or management. QC Capital’s senior managementincludes Starr P. Schulke, Chief Investment Officer, Philip J. Gibson,Managing Director of Acquisitions, John P. Martin, Managing Director ofBusiness Development and James R. Puckett, Chief Executive Officer. Messrs.Gibson and Martin began investing in distressed debt and fee interests incommercial real estate in 1991 and were joined by Mr. Schulke in 1997. Mr.Puckett, whose background includes real estate investment banking andsenior level corporate management, joined Messrs. Schulke, Gibson andMartin in 2005 to extend the growth efforts of the company and head thecompany’s executive and finance efforts. For more information about QuarterCircle Capital visit the company’s Web site at: www.qccapital.com
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