For its latest Crème de la Crème purchase, IRI raised $2 millionforthe financing, principal Robert Erlich tells andeventually tapped community bank financing for the rest. "This wasanincredibly difficult deal to find financing for, from the banks,"he says. "But raising the money from local investors was not aproblem." MainStreet Bank in Fairfax, VA., provided the funding,Erlich adds.


IR is also contemplating another Crème de la Crème purchase inNewJersey and a ground lease in the Lincoln Park submarket ofChicago, as well as another FedEx addition, Erlich says. IRI soldthe bulk of its multi-tenant office portfolio about four years ago,with the exception of one building that it sold last year. At thatpoint Erlich had determined that a focus on education, FedEx andRBC branches would be the best for the gathering economic storm."These are all categories that still do well in a recession," heexplains.


The company hopes to make approximately $35 million ininvestmentsthis year along these lines, Erlich says. Much, though,will depend on finding quality products, and of course, bankfinancing.

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