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Quarter Circle Capital Acquires Two Commercial Real Estate Assets in Texas
| Source: Quarter Circle Capital
OMAHA, NE -- (MARKET WIRE) -- February 7, 2007 -- Quarter Circle Capital, LLC (QC Capital) today
announced the acquisition of the fee interest in two commercial real estate
assets in the Dallas Metropolitan area on behalf of their recently formed
fund, QCC Fund I, L.P.
The first asset, a 163,000 square foot neighborhood shopping center, was
acquired for approximately $6 million. The second, a well located, 64,000
square foot, two-building office complex with adjacent land, was purchased
for approximately $5 million. The two assets are consistent with QC
Capital's targeted investment parameters for Fund I, representing
negotiated, off-market acquisitions of underperforming assets. Each
property was purchased on an all-cash basis, and between the two assets, QC
Capital has earmarked an additional $4 million for capital improvements and
leasing costs.
"Both of these assets fit squarely within the investment criteria for Fund
I, as they were both off-market, value-add investment opportunities that
have multiple turn-around and exit strategies," said Starr P. Schulke,
Chief Investment Officer. "The assets are fundamentally sound but lacked
owner attention and capital, which we will restore."
With offices in Omaha, Nebraska and San Francisco, California, QC Capital
focuses on principal acquisitions of distressed or defaulted debt on, or
fee interests in, commercial real estate assets, generally ranging from $2
million to $25 million in value.
About Quarter Circle Capital:
Quarter Circle Capital, LLC makes principal investments in fundamentally
sound real estate or debt secured by real estate, the value potential of
which it perceives impaired by, among other things, stress caused by
obligations of onerous capital structures, shifts in market conditions,
property positioning and / or management. QC Capital's senior management
includes Starr P. Schulke, Chief Investment Officer, Philip J. Gibson,
Managing Director of Acquisitions, John P. Martin, Managing Director of
Business Development and James R. Puckett, Chief Executive Officer. Messrs.
Gibson and Martin began investing in distressed debt and fee interests in
commercial real estate in 1991 and were joined by Mr. Schulke in 1997. Mr.
Puckett, whose background includes real estate investment banking and
senior level corporate management, joined Messrs. Schulke, Gibson and
Martin in 2005 to extend the growth efforts of the company and head the
company's executive and finance efforts. For more information about Quarter
Circle Capital visit the company's Web site at: www.qccapital.com