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SOUTHFIELD, MI-BBC Equities LLC has purchased a multi-project portfolio from Timberstone Group Inc. The purchase adds both completed and ready-to-develop assets to BBC Equities’ holdings. The total dollar amount paid was not disclosed but it is estimated that the as-is value of the purchase is $114 million.

About 40% of the portfolio is located in Florida and the South East, with the remainder spread throughout Michigan and Ohio. Some of the properties include the 250,000-square-foot Palm Pointe in Fort Meyers, FL; the 31,000-square-foot Chesterfield Plaza in Maumee, OH; and the 72,000-square-foot Deveaux Village in Toledo, OH. Some of the major tenants include Verizon Wireless, Hertz, Subway, Jimmy John’s and Nationwide.

Timberstone was looking for someone to come in and provide equity after funds dried up and the Holland, OH-based firm was no longer able to complete the projects waiting in the pipeline. Gavin Pike, BBC Equities’ CIO tells GlobeSt.com, “With banks not able to lend money, we were able to come in and provide equity to have a ready pipeline.”

Timberstone relinquished 80% of its holdings in the sale. But he adds it was not a hostile take-over; instead Timberstone, BBC Equities and the bank sat down to crunch the numbers and figure out the most feasible way to make things work.

BBC Equities is looking forward to beginning construction on the ready pipeline. “Timberstone has done all the work… all the leg work, all the zoning, hard costs are done except for building,” he says. “That’s where the real value of it is.”

Through these developments, which in many cases already have significant leases in place before the spaces are complete, BBC Equities will add 445,000 square feet of holdings to its portfolio. When construction will begin and complete for each of the pending projects has yet to be determined. Pike was unable to pinpoint a dollar amount for total investment once all the projects are complete.

BBC Equities adds to its portfolio 430,000 square feet of space from the already complete project. Roughly 95% of that is retail with the remaining a mix between office and residential. Counting the developed projects and those in the pipeline, these former Timberstone assets will add 875,000 square feet to BBC Equities.

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