BOSTON-It appears some of the area’s new kids will be hanging around their blocks for awhile after all. At an industry forum Wednesday aimed at introducing some of the fresh investment faces in the New England market, two of the three invitees acknowledged high-profile attempts to harvest recently acquired portfolios have been put on hold by the deteriorating property sales sector. The third–Irish transplant David Greaney– pledged to continue adding to his firm’s holdings that now exceed $200 million in 15 transactions.

“We are really a long-term player, and we are going back to doing what we do best,” Normandy Real Estate Partners principal Justin Krebs told an audience of several hundred gathered at the Boston InterContinental Hotel during the Naiop of Massachusetts annual meeting. As in Normandy’s case, Brickman EVP Michael Bernstein says his company intended to keep their Boston investments for an extended period after entering the market in early 2006, but record pricing and demand for properties in the first half of 2007 led them to the sales arena. In Brickman’s case, the decision came just as the firm was completing the acquisition of some assets, including 40 Court St. in the city’s Financial District.

Over the course of the summer, however, the credit crisis seeped from the residential world into commercial real estate, throwing CMBS lenders into a standstill and thwarting countless deals, especially for multibuilding portfolios and other nine-figure opportunities previously favored by high-levered investors. Finally realizing that the escalation had peaked, Normandy and Brickman adjusted their strategies to wait for a more stable climate, Bernstein and Krebs relay. “We saw a lot of numbers that got us excited,” said Bernstein, figures that would have allowed the fund to immediately achieve its objectives for investors. “That’s how crazy it got,” he added of the financial fervor, albeit a temporary phenomenon.

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