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Josh Brown

TCM exits stake in Miracle Mile Retail Center

Ten Capital Management, a real estate investment management firm, has sold its stake in Monroeville, Pennsylvania-based Miracle Mile Retail Center to M&J Wilkow, in a joint venture with ALTO Real Estate Funds. The property’s majority owner was Pearson Partners. No financial terms were disclosed. To read the full article, click here.

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Ten Capital Management Sells Limited Partnership Interest in Miracle Mile Retail Center in Monroeville, PA

Acquired in February of 2014, the sale has generated a solid risk adjusted return for TCM investors while providing strong cash on cash yields averaging 11.2% during the hold period CLEVELAND, OHIO, November 20, 2017 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced the sale of its limited partnership interest in Miracle Mile Retail Center in Monroeville, PA, located 13 miles east of the Pittsburgh CBD, to M&J Wilkow, Ltd in a joint venture with ALTO Real Estate Funds. The general partner was an affiliate of Pearson Partners, Inc. The sale generated a 15.8% (gross) / 14.5% (net) IRR with a 1.59x (gross) / 1.53x (net) multiple to TCM investors. The Property is a 299,894 square foot, Class-A regional power center anchored by national tenants LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and Office Max.  Miracle Mile was 94% occupied upon TCM’s…

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Ten Capital Management’s acquisition of Valley Creek Corporate Center featured in Commercial Property Executive

On June 12, coverage of Ten Capital Management’s acquisition of Valley Creek Corporate Center appeared in Commercial Property Executive.  The three Class A office buildings are located in a strong submarket, with 95% occupancy, long-term leases and attractive cash-on-cash returns. Commenting on the transaction, Paul DiSandro, a TCM Partner and Portfolio Manager, said, “Valley Creek has consistently been a top-performer in the market and provides the opportunity to acquire an institutional quality property at a significant discount to replacement cost in a strategic location.” Ben Adams, TCM’s CEO, adds, “We continue to stay focused and disciplined in buying excellent real estate at fair prices, and on providing an appropriate margin of safety that leaves our investors well-positioned to outperform through market cycles.” To read the full article click here.

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Ten Capital Management Acquires Valley Creek Corporate Center in Exton, PA for $45.3M

Three Class A office buildings in a strong submarket, with 95% occupancy, long-term leases and attractive cash-on-cash returns CLEVELAND, OHIO, June 9, 2017 – Ten Capital Management (“TCM”) today announced its acquisition of Valley Creek Corporate Center, a 259,163 square feet, Class A office complex located at 220, 222 and 224 Valley Creek Boulevard in the Exton/Malvern submarket of Chester County, Pennsylvania, close to I-95,I-476, I-76 and the recently expanded US Route 202. The seller is CS Capital Management, Inc., a real estate investment management and advisory company based in California. The Property is 95% leased to a diverse mix of high quality tenants. The five largest tenants, who make up 84% of the rent roll with a combined average weighted lease term of 6.2 years, use Valley Creek as their global corporate headquarters. The Property offers ample surface parking, food service, on-site walking trails and provides tenants with immediate…

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Investors chase suburban-core deals as Millennials trickle out of cities

Ben Adams, CEO of Ten Capital Management was featured in an article this month by Sondra Campanelli of Real Estate Finance & Investment titled Investors chase suburban-core deals as Millennials trickle out of cities. The article interviewed prominent commercial real estate investors about the opportunities in suburban-core as Millennials look to trade their rent payments for mortgages.  Adams says in the article, “We have tended to focus in affluent suburbs of ‘gateway cities’ in close proximity to public and private transportation. These suburbs tend to be characterized by high household incomes, high residential property values as well as high levels of educational attainment and comparatively low crime rates.”  Adams added, “When they (Millennials) do decide to form households, our hunch is that many of them will not feel so comfortable raising a family in a really cool live/work/play micro-unit that offers below par public school options.” To read the full…

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Ten Capital Management Sells Wind River Industrial Park in Las Vegas for $15.15M

Acquired in November 2014 for $9.1M, sale is two years ahead of original business plan and generated net IRR of 28.91% and 1.73x multiple for TCM investors CLEVELAND, OHIO, January 31, 2017 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced the sale of Wind River Industrial Park for $15.15M. The Property, located in Las Vegas, is in a highly desirable Southwest submarket, within close proximity to the Palms Hotel and one mile from the Las Vegas Strip.  The Property was sold to MCA Realty, Inc. two years ahead of TCM’s original business plan and has generated a net IRR of 28.91% and a 1.73x multiple for TCM investors. TCM exceeded original pro forma expectations with the sale, which projected a net IRR of 13.7% and a 1.63x multiple, respectively. TCM acquired Wind River in November 2014 for $9.1M. At the time of purchase,…

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Ten Capital Management Acquires One Conway in Lake Forest, IL for $19.35M

Recently renovated Class A office building in one of the wealthiest suburbs in Chicago has 94% occupancy with long-term leases and can provide strong cash-on-cash returns to investors CLEVELAND, OHIO, November 21, 2016 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced its acquisition of One Conway (or the “Property”) for $19.35M. The Property is located on North Field Drive in Lake Forest, IL and was purchased from a joint venture between Sam Zell’s Equity Group Investments LLC and Fulcrum Asset Advisors LLC. The Property is 94% occupied to a diverse mix of tenants, and is newly renovated.  The highly-amenitized three-story building is a multi-tenant Class A boutique office building comprising 105,000 sf and is located in the affluent Chicago suburb of Lake Forest, Illinois.  The asset is strategically located at the four-way interchange of Interstate 94 and Route 60 (Townline Road), within Conway…

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Ten Capital Management Acquires Arbor Ridge in Malvern, Chester County, PA for $24.25M

Recently redeveloped property is a stable asset with long-term leases offering predictable in-place cash flow and attractive risk adjusted investment opportunity CLEVELAND, OHIO, November 7, 2016 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced its acquisition of Arbor Ridge (“Arbor Ridge” or the “Property”) for $24.25M. The Property is located on E. Swedesford Road in Malvern, PA and was purchased from Alliance Partners HSP. Arbor Ridge consists of three one- and two-story Class A office buildings with a combined net rentable area of 128,627 square feet and is currently 91% leased to a diverse mix of high-quality tenants. The Property sits on 16.98 acres at the heart of the Route 202 high-tech corridor in Malvern, with convenient access to Routes 202, 29, 30 and Interstate 76. Arbor Ridge was completely redeveloped over the past 24 months with a modern focus on creative office…

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