Jay Stein, president of Sand Capital of Scottsdale, Ariz., a division of Sandor Development Company, has announced that their company has successfully acquired more than $100 million in distressed debt and real estate-owned (REO) properties. The company has a goal of acquiring $1 billion of distressed assets before the commercial real estate markets stabilize.
"The economic conditions present in the market for the last two years have created once in a quarter century opportunities for our company," said Stein. "By acquiring properties and notes from across the nation during this time, we have managed to stay ahead of the recession and continue to grow our portfolio significantly."
While company policy is not to disclose terms and conditions of individual transactions, Sand Capital has acquired distressed notes on properties and REOs totaling in excess of $100 million and has added 1.2 million sq.-ft. to their portfolio. The types of assets acquired are commercial, residential, office and industrial real estate. The latest asset acquired is 52,000 sq.-ft. of ground level retail space in Idaho.
"In nearly all cases, these distressed properties and notes are a product of the current economic climate, and to ownership under-management. By aggressively leasing and rehabilitating these assets, we expect these properties to rebound fully in the near future," said Stein. "Our advantage comes from not just being buyers and sellers, but hands-on operators of real estate properties, with a nearly 50- year track record of success."
For more information, visit www.sandcapital.net or www.SandorDev.com.