For its latest Crème de la Crème purchase, IRI raised $2 million forthe financing, principal Robert Erlich tells GlobeSt.com and eventually tapped community bank financing for the rest. "This was anincredibly difficult deal to find financing for, from the banks," he says. "But raising the money from local investors was not a problem." MainStreet Bank in Fairfax, VA., provided the funding, Erlich adds.
IR is also contemplating another Crème de la Crème purchase in NewJersey and a ground lease in the Lincoln Park submarket of Chicago, as well as another FedEx addition, Erlich says. IRI sold the bulk of its multi-tenant office portfolio about four years ago, with the exception of one building that it sold last year. At that point Erlich had determined that a focus on education, FedEx and RBC branches would be the best for the gathering economic storm. "These are all categories that still do well in a recession," he explains.
The company hopes to make approximately $35 million in investmentsthis year along these lines, Erlich says. Much, though, will depend on finding quality products, and of course, bank financing.
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