X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FOX RIVER GROVE, IL-Locally based boutique investment bank Flint Creek Partners LLC has united Barrington-based Ridge Realty Group LLC and Prudential Real Estate Investors with $25 million of capital. A private REIT, Ridge Property Trust, will buy and build class-A warehouse, distribution, and manufacturing facility here and in other US markets.

“Ridge Property Trust is strategically positioned to take advantage of the rebound in the economy and the resulting increased demand for well located, state-of-the-art warehouse and distribution facilities in key distribution markets in the US,” says Flint Creek Partners, LLC managing director John Nikolich.

However, it is Newark, NJ-based Prudential Real Estate Investors that is putting up 90% of the money, Nikolich tells GlobeSt.com, coming from pension funds and overseas institutional investors. As a result, it will have three of the five seats on the Ridge Property Trust board of directors, he adds.

Before the equity infusion, Ridge Realty Group had been raising capital on a deal-by-deal basis, Nikolich says, including assets sold earlier this year to Liberty Realty Trust. Flint Creek Partners went to the market last fall, he adds, but most investors preferred waiting on the sidelines.

Part of the Ridge Property Trust story, Nikolich says, was the industrial sector.

“Everybody is bemoaning the fact that operations have been suffering, but nobody’s turning back the keys, and occupancy rates are in the high 80s,” Nikolich tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.