Syndicated Equities Invests Alongside 3L Real Estate in Fort Worth Adaptive Reuse Project

Syndicated Equities is pleased to announce an investment in the Oncor, an office building that will be converted to multifamily located in downtown Fort Worth, Texas.

The property will be redeveloped by 3L Real Estate, a Chicago and Dallas-based developer that specializes in the adaptive reuse of converting urban office buildings to residences. The property consists of a 314,514 square foot, 16-story office building and a 4-story addition. Once complete, it will feature 330 units with Class A amenities including a gym, pool, rooftop deck, and business center.

Syndicated acquired the property alongside 3L Real Estate. Matt McCulloch, Managing Partner with Syndicated, noted “We are pleased to join 3L in another office to multifamily conversion, where they have proven to be creative and successful in their approach. Fort Worth is a growing and dynamic market that should have strong demand for this product.”

Syndicated Equities provides accredited investors and family offices with institutional quality commercial real estate investments. Since 1986, the firm has developed an expertise in co-investment ownership, net lease brokerage services, global real estate opportunity funds, and more recently, qualified opportunity zones. To date, Syndicated Equities has made over 100 investments representing over $500 million of equity and $2 billion of total asset value.

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Sells Johns Hopkins Occupied Office Building

Syndicated Equities is pleased to announce the sale of the Johns Hopkins University Applied Physics Laboratory in Laurel, Maryland.

Syndicated acquired the property in January of 2011 in a joint venture with Middleton Partners, a Chicago-based real estate investment firm. During its ownership, Syndicated negotiated two long term lease renewals and made significant improvements to the building, including the installation of a new roof. The Property was successfully sold on July 18th to a Florida-based 1031 exchange investor. The investment produced an 8.02% internal rate of return (i.e., annualized rate of return) and an equity multiple equal to 1.95x. Matthew McCulloch, Managing Partner at Syndicated, noted “We are very pleased with the outcome of this investment for a core, office building purchased during the great recession. Investors received consistent cash flow distributions during the 11-year hold and the sale produced a profitable outcome.”

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Acquires Heartland Payment Systems Corporate Headquarters

Syndicated Equities is pleased to announce the acquisition of the Heartland Payment Systems Corporate Headquarters located in Oklahoma City, Oklahoma.

The property is 100% net leased to Heartland Payment Systems, a financial technology company focused on efficient and secure payment processing and payroll services. Constructed in 2020 as a build-to-suit headquarters for Heartland Payment Systems, the approximately 111,500 square foot, Class A office building consists of seven stories, each with an approximately 15,928 square foot floor plate. The property is situated in Automobile Alley, one of the city’s to destinations for shopping, dining, art, and nightlife.

Syndicated acquired the property outright and structured its acquisition in a Delaware Statutory Trust (DST) to accommodate investors completing 1031 tax deferred exchanges along with accredited cash investors. The acquisition was partially funded with a loan from Old Second National Bank and Gateway First Bank. Matt McCulloch, Managing Partner with Syndicated, noted “Now, more than ever, we believe that consistent cash flow from an investment-grade tenant on a long-term lease is an excellent position to take amidst current market volatility.”

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Sells Abbott Bio-Medical Industrial Portfolio

Syndicated Equities is pleased to announce the sale of the Abbott Laboratories Life Sciences Campus in Minnetonka, Minnesota.

Syndicated acquired the portfolio alongside Eagle Ridge Partners in 2017, which originally consisted of short term leases for 280,289 square feet spread out across five buildings. The portfolio contained certified clean rooms, labs, manufacturing space, as well as office and warehouse space. The acquisition was structured as a Tenancy-In-Common (TIC) to accommodate investors completing a Section 1031 exchange. During its ownership, Syndicated and Eagle Ridge negotiated long term lease renewals for the portfolio, creating significant value for investors. The assets were successfully sold on July 19, resulting in a 2.38x equity multiple and 20.71% internal rate of return for Syndicated investors.

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Sells 150,000 SF Shopping Center for $32.5 million

Syndicated Equities is pleased to announce the sale of Plaza at the Pointe, a regional shopping center located in Pittsburgh, Pennsylvania.

Syndicated acquired the property in 2016 for $24.5 million alongside M&J Wilkow, Ltd., a leading Chicago-based owner and operator of retail and office properties throughout the country. At the time of acquisition, the 149,973 square foot retail center was 100% occupied by a combination of national and regional tenants, including Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn, and Bob’s Discount Furniture. Most tenants had short term leases and below market rental rates. During the hold period, M&J Wilkow executed on its value-add strategy of securing lease extensions at higher rental rates and securing two new tenants, Armenia Stone and Sportsmen’s Warehouse, to improve the tenancy at the center. Overall, the investment produced a profitable sale and earned investors a 1.7x equity multiple and 11.6% internal rate of return (IRR).

Executive officers at Syndicated Equities note “We are very pleased with the outcome of this investment, especially in light of the struggles that brick and mortar retail faced during the Covid-19 pandemic. M&J Wilkow, having identified a center in a top tier market with below-market rents, was able to manage through that difficult time and still execute on its strategy of securing new tenants and lease renewals at higher rates. They achieved long-term stabilization with significant value enhancement.”

For more information please visit www.syneq.com or call (312) 640-9020