Selected Deals & Project Experience
850,000 SF Retail, Office, Industrial Distressed Portfolio Valuation
An $850M private equity fund wanted 283 assets nationally analyzed for a potential acquisition. The problem was that they needed market and financial due diligence performed in 21 days so they could arrange their bid. No flexibility on timing. The challenge was tackling 11 assets of over 850,000 SF across New York State on time. MANSARD delivered their analyses, including site visits to each asset, within 21 days allowing the fund to make informed bidding decisions that met their timing and return expectations.
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99 Threatens to Close 2 Restaurants
Charlie Doe built the 99 Restaurant fortune and his builder kept 2 buildings for his sons. These brothers received a letter from the 99 stating that the two locations they owned were the most expensive leases in the 80+ store portfolio and that if they didn't reduce the rent, the tenant would close the stores. They were also informed that all of the 99's landlords had received the same letter. The challenge was to bring light into the 99's intentions and the status of their leases throughout the portfolio. MANSARD compiled a list of all owners of 99 real estate throughout New England and implemented a pro-active campaign to initiate communication amongst all owners to determine their leasing conditions. After collecting the market leasing data, we advised our clients through a series of negotiations with the 99, culminating in a meeting the the President of the restaurant group and the signing of 2, new 10 year leases worth in excess of $3,000,000.
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Non-Profit School Threatened by Municipal Auction
The Arlington Children's Center, a non-profit provider of elementary school education to the greater Arlington, Massachusetts community, faced an uncertain future when they were notified that Town of Arlington was considering a sale of their 30,000 SF facility. The problem was they needed market valuation guidance, negotiation advocacy, and insights into the Town's economic decision making system. The challenge was developing a proposal strategy that allowed the school to secure the future of its operations and guide the Town into maintaining control of the property while leasing the facility back to The Arlington Children's Center in a fashion that satisfied Town members and the Town's municipal bond holders.
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Firestone Land Lease Due Diligence
The private owner of a land parcel north of Boston, Massachusetts was approached by a publicly held company seeking to lease his land for 20 years, plus options. The problem was he didn't have enough information about the process, the market, and the opportunity to make an informed decision. MANSARD stepped in an provided insights into overall market expectations for similar transactions, reduce his exposure to permitting uncertainties while advising on terms such as non-refundable compensation for site control, and direction on structuring the opportunity to protect his family's future.
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The Hillman Portfolio
Hillman Realty Trust, a portfolio of industrial/flex assets that are debt free, was generating zero cash flow from its collection of 6 buildings. The problem was that ownership still worked hard to provide tenants with services, maintain 90%+ occupancy levels, and worry about the future of portfolio's viability. The challenge was to design a 3 year business plan to activate that would reposition each of the assets into positive cash flowing, productive buildings that could be leveraged to allow the owner to free up time, retire, and force value through appreciation. MANSARD conducted a comprehensive financial and market due diligence study of the 80,000 SF of property to build a solution set that mapped HRT's future with the properties. Our study created millions in additional equity that HRT could realize through a series of small adjustments to the portfolio.
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250,095 SF Office Building Market & Financial Due Diligence
MANSARD conducted in depth due diligence and valuation services for private equity client considering the acquisition of a $20 million real estate loan secured by a 250,095 SF office building in Syracuse, New York. The problem was that that building was 81% vacant and was on a near term municipal land lease with an expiring TIF package. MANSARD reviewed prior studies and collateral related to the subject property; visited the subject property' analyzed the rent roll and historical income and expenses; and evaluated the physical and locational attributes of the property in the context of the competitive market. MANSARD advised the private equity client not by buy the asset because the collateral value as at 15% of the face note value and the uncertainties of TIF expiration and future municial land lease terms could expose the client to unnecessary risk.
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