Sand Capital is a privately-held real estate investment company controlled by the principals of Sandor Development Company, one of the largest privately-held retail developers in the country. Sandor Development was founded in 1963 and owns more than 7 million square feet of shopping centers in 23 states throughout the United States. Sand Capital focuses on the acquisition of non-performing and sub-performing commercial real estate loans and REO property. Sand Capital’s local market knowledge, long standing tenant relationships, financial wherewithal and investment process allow the company to evaluate and execute on investment opportunities
SAND CAPITAL ACQUIRES OVER
$145MM OF DISTRESSED DEBT HOLDINGS
Scottsdale Based Company Has Long Tradition of Creating Value and Re-Tenanting of Distressed Properties
SCOTTSDALE, ARIZONA, (August 22, 2011) – Jay Stein, President, Sand Capital of Scottsdale, AZ, a division of Sandor Development Company, announced today that their company has successfully acquired over $145 million in distressed debt and REO properties. The company has a goal of acquiring $1Billion 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.” Sand Capital has been acquiring these assets since November 2008.
While company policy is not to disclose terms and conditions of individual transactions, Sand Capital has acquired distressed notes on properties and REO’s totaling over $145MM and adding 1.7 million square feet to their portfolio. The types of assets acquired are commercial, residential, office and industrial real estate. A recent REO asset acquired was 245,567 SF retail shopping center anchored by Kroger owned Pay Less Supermarket in Lafayette, IN.
With a long tradition and history of successful property development, property management, increasing occupancy, rehabilitation and redeveloping real estate assets, Sand Capital and Sandor Development stand poised to bring these undervalued assets back to life.
“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,” noted 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.”