1 | denholtz associates
Transcription
1 | denholtz associates
1 | denholtz associates 2 | denholtz associates Mission For over 60 years Denholtz Associates has built a reputation for integrity, innovation, and commitment. Our goal is to provide our employees and tenants with a superior work environment to flourish and grow and to maximize value for our partners and investors. 3 | denholtz associates Overview 1 2 4 5 Privately held, vertically integrated real estate development/operating/ investment company 3 Multistate office/flex/ industrial/multifamily portfolio consisting of 5 million square feet Value-add platform targeting underperforming assets in prime locations Headquartered in Matawan, NJ with offices in Chicago, Tampa and West Palm Beach Focus on risk reduction through multitenancy, intensive management, and industry/geographic diversification Denholtz Associates Timeline 1950 1950-1960s 1960 1960-1970s 1970 Pioneer of modular industrial buildings serving users of small distribution or service space. 1980 1980-90s 1990 1998 Jack Denholtz starts company. Construction of single family homes, townhouses, low and moderate income, government assisted housing in NJ. Expansion projects including urban renewal, commercial and industrial development. Steven Denholtz assumes leadership and expands NJ portfolio. Acquisition of 127 acre Lily Tulip factory site in Holmdel, NJ for $200 million redevelopment project. First Brownfields Redevelopment project in NJ. 2000 2000 Renovation of 300,000 sf Class A office building in Jersey City, NJ. Winner of TOBY Renovated Office Building of the Year. 2010 2.7 2001 $$ 2006 Partnership with Almanac Realty, an investment vehicle for $125 million in expansion capital. 2020 5 | denholtz associates 2011 Construction of new 42,500 sf corporate headquarters. Acquisition of 2.7 million sf portfolio from a publicly traded REIT. Capital Sources Our varied and extensive real estate investments have enabled us to affiliate with some of the nation’s premier capital providers, including: • GE Capital Corp. • Genworth Life & Annuity Insurance Co. • HSBC • Fannie Mae • M&T Bank • Morgan Stanley • Provident Bank • Wells Fargo • Almanac Realty • Goldman Sachs Equity Partners • Paradium • Lincoln Insurance • First Bank 6 | denholtz associates Our Team Steven J. Denholtz chief executive officer Steven Denholtz, Chief Executive Officer, has been with the Company since 1983. He is responsible for the strategic direction of the Company as well as its capital structure, supervision of all development opportunities, and spearheading of business development. Under his stewardship the Company has grown to more than 60 employees and doubled the square footage it owns and manages. Mr. Denholtz has served as a Board Member for the New Jersey Economic Development Authority, Treasurer and Board of Trustees Member of the New Jersey Chapter of the National Association of Industrial and Office Properties (NAIOP), Board Member of Meridian Health Affiliated Foundations, and is a member of the New Jersey Bar Association. He has a B.A. and M.A. from Northwestern University and a J.D. from the University of Pennsylvania Law School. Our extensive combined experience has created deep bonds, innate trust, and powerful results for our tenants and capital partners. —Steven Denholtz 7 | denholtz associates Our Team Stephen Cassidy President Stephen Cassidy, President, joined the Company in 2002. He oversees the operations and finance functions of the Company’s multistate portfolio from its headquarters in New Jersey. Mr. Cassidy, a licensed Certified Public Accountant, is a member of the New Jersey Society of CPAs, the American Institute of Certified Public Accountants, and the National Association of Industrial and Office Properties (NAIOP). He holds a B.S. and an M.S. from Rutgers University and is an Advisory Board Member of the Rutgers Business School Center for Real Estate. Kristine B. Hurlbut senior vice president of leasing Kristine Hurlbut, Senior Vice President of Leasing, has been with the Company since 1990. She is responsible for the leasing and marketing of the Company’s national portfolio, overseeing the activities of third party brokers, and the implementation of all company-wide leasing procedures, including all leasing reporting. Ms. Hurlbut is an active member of the National Association of Industrial and Office Properties (NAIOP) as well as a Board Member of Industrial Commercial Real Estate Women (ICREW). She has been featured in articles in Real Estate New Jersey, Commercial Property News, and NJ Biz. Ms. Hurlbut has a B.S. from Kean University and an A.P.C. in Real Estate from New York University. 8 | denholtz associates Our Team JP Josephson Director of Florida Acquisitions JP Josephson is responsible for the sourcing, underwriting, and execution of prospective acquisitions for Denholtz Associates in Florida. He brings over 17 years of real estate experience in a wide variety of capacities. He has been directly involved in almost $1.5 billion of principal investment acquisitions, totaling over 7 million square feet of real estate while he was a partner at JBK Capital and SVP at Montecito Property Company. Additionally, he has extensive experience on the debt side, having successfully negotiated the modification of over $300 million of defaulted debt for clients, managed loan pools totaling over $2.5 billion while at LNR, and has been involved in over $5 billion of CMBS securitizations while at UBS. Mr. Josephson holds a B.S. from Washington and Lee University. Janet Kouvaras Director of finance Janet Kouvaras, Director of Finance, joined the Company in 2001. She is responsible for the day-to-day management of all aspects of financial matters for the Company. Ms. Kouvaras, a licensed Certified Public Accountant, is a member of the American Institute of Certified Public Accountants and earned a B.S. in Accounting from Pace University. 9 | denholtz associates Our Structure Steven Denholtz chief executive officer Stephen Cassidy Property Management president Accounting Regional Property Managers, Property Managers, On Site Management/Administration, Building Engineers and Porters, Management Support Director of Finance, Controller, Accounting Supervisor, Senior Property Accountant, Accounts Receivable, Accounts Payable, Property Accountants, Property Accounting Support Acquisitions/Financing Leasing Acquisitions Analyst, Project Analyst Senior VP of Leasing, Director of Leasing, Leasing Administrator, Tenant Relations Coordinator, Leasing Support Construction Legal Administration Project Manager, Construction/IT Paralegal, Legal Support Human Resources, Public Relations, Office Manager, Reception Data Relevant Experience New Jersey Office Pennsylvania Flex/Industrial Illinois Our Properties by State 150 Morristown Road Bernardsville Business Center at EdisonEdison 270 Sylvan AvenueEnglewood Cliffs Fairfield Business CenterFairfield 100 Commons WayHolmdel Metropark South Matawan Metropark South II Matawan Oak Tree Business CenterS. Plainfield New Jersey Florida Bridgewater Industrial Park Bridgewater Clark Commercial CenterClark 1 Kimberly RoadE. Brunswick 10 Alvin CourtE. Brunswick Edgeboro Corp. CenterE. Brunswick Fairfield Business CenterFairfield Essex Fairfield CampusFairfield 140 Ethel Road West Piscataway Brunswick Business Park Piscataway Northampton Business ParkToms River Residential Rahway Plaza ApartmentsRahway Union Plaza ApartmentsUnion City Florida New Jersey University Corporate Fairfield Business Pinellas The Times 270 Sylvan 150 Morristown Union Plaza Clark Commercial Center Oak Tree Bridgewater Industrial Florida Office Pinellas Business CenterSt. Petersburg The Times BuildingTampa Flex/Industrial Flamingo Commerce CenterRiviera Beach University Corp. Center Winter Park Flamingo Commerce Center Brunswick Business 140 Ethel Essex Fairfield Rahway Plaza Business Center Edgeboro Corporate 1 Kimberly 10 Alvin Metropark South Metropark South II Northampton Business 100 Commons Data a unified approach TYPES STATES Office Flex./Ind. Residential NJ SF by Asset Type FL PA IL SF by Region 13% 11% 3% 54% 33% 19% No. of Tenants by Asset Type 67% No. of Tenants by Region 24% 9% 48% 1% 8% 28% 12 | denholtz associates Space Planning Property Management 82% 1% 82% 8% 28% Company Services Profitability Through Operational Excellence Property Management Space Planning Property Management Asset Management Capital Markets Legal Acquisitions Hands-on management responsive to tenant needs, including on line Service Request Helpline. Asset Management State-of-the-art financial and property management systems maximize operational effectiveness and responsiveness. Legal In-house preparation and negotiation of lease documentation allows for efficient deal making and follow-through. Leasing Leasing In-house team focused on net effective rents and maximizing occupancy through market knowledge and efficient costing for tenant fit up. Acquisitions Full service multistate owner/ developer targeting underperforming assets in prime locations. Capital Markets Sophisticated execution of debt and equity structures. Space Planning In-house CAD allows for quick customization and pricing of tenant floor plans. 13 | denholtz associates Investment Profiles Corporate Headquarters Challenges • Acquisition structured around Kara Homes’ bankruptcy •P artially completed construction necessitated extensive re-engineering •R edesign required to prepare METROPARK SOUTH II, MATAWAN, NJ Results Opportunity • Financing provided by local relationship bank • Bankruptcy of Kara Homes halted construction of new headquarters building in early stages of construction • Ideal site for relocation and expansion of Denholtz Associates headquarters •C orporate offices relocated •B uilding 100% leased before completion Core Plus Challenges •Negotiating deed-in-lieu from existing owner •Obtaining acquisition loan from existing lender - NYSE mortgage REIT •50% vacant at acquisition 150 MORRISTOWN ROAD, BERNARDSVILLE, NJ results • 90% occupied Opportunity • Acquire 56,000 sf multitenant office building from lender in foreclosure •Prestigious submarket •Modern, well designed building 15 | denholtz associates •L ong-term fixed rate financing •S tabilized cash flow allowing for partner distributions Multiuse Development •R equired extensive demolition and site work • Complex political and entitlement process Results LILY TULIP REDEVELOPMENT, HOLMDEL, NJ • Fully constructed multi-use development • 158 senior housing units • 44,000-square-foot office building Opportunity • 235,000 square feet of retail • $8.2 million acquisition of defunct Lily Tulip industrial site in Holmdel, NJ • Public/private partnership • 127 acres • Existing 1,000,000 sf shuttered manufacturing facility Challenges • 64 areas of environmental concern • Antiquated zoning 16 | denholtz associates • First developer to apply for Brownfields approval in New Jersey • $200 million created real estate value Environmental Remediation/ Development HAMILTON AVE REDEVELOPMENT SITE, SOUTH PLAINFIELD, NJ Opportunity • 29 acres in South Plainfield • Formerly contaminated super fund industrial site remediated by EPA over 8 years •D enholtz awarded redevelopment rights by the Borough of South Plainfield Challenges Results • Denholtz has obtained site plan approval for development of Phase I construction of 4 buildings • EPA has lien of $150 million on land - retail lease with WaWa • Inadequate zoning - lease with STS • Requires tri-party agreement with current landowner, EPA, and redeveloper - retail building - flex building • Preliminary plans for Phase II of development include a combination of flex/industrial/retail buildings 17 | denholtz associates Urban Core Office 30 MONTGOMERY STREET, JERSEY CITY, NJ Opportunity • Acquire 300,000 sf office building with structured parking on Jersey City’s Gold Coast Challenges • Existing ownership, UNA, facing financial difficulties •B uilding in extreme disrepair • All mechanical systems failing •5 0% occupied Results •P urchase price of $19 million plus capital improvement projects of $8 million for all in cost of $27 million •S ale at $52 million in four years • TOBY award winner for Renovated Office Building of the Year •O ccupancy at 97% 18 | denholtz associates www.denholtzassociates.com 14 Cliffwood Avenue, Suite 200, Matawan, NJ 07747 • Tel: 732-388-3000