MIAMI, Feb. 2, 2011 (GLOBE NEWSWIRE) -- Easton Lynd Management, a commercial real estate investment and management company based in Miami, has made a major investment in a pool of distressed real estate assets scattered throughout the United States. The company purchased $62 million worth of notes on 14 office, industrial and retail properties in Florida, Texas, Illinois, Indiana, New York, Ohio, Maine, and Washington D.C. The total amount of space is 1.3 million square feet.
The seller is an undisclosed special servicing agent assigned to handle disposition of the distressed assets. Some of the notes are associated with properties owned by the lender, while the balance is connected to properties still going through the foreclosure process.
"We have a big appetite for this type of product and another $100 million of equity available to invest," said A. David Lynd, president of Easton Lynd. "We are actively looking for more opportunities that make sense. Once lenders and their servicers decide to sell they are looking for serious buyers who bring certainty of close. Our ability to close all cash in a very condensed time frame makes us a good fit for anyone looking to divest of these kinds of troubled assets."
Easton Lynd's Senior Vice President Zac Gruber said this transaction plays to the strength of the company.
"Our ability to work out problems at both the loan and property level by utilizing our management experience allows us to create value for each investment. This skill set is what gives us a competitive advantage in this arena."
This is Easton Lynd's first major bulk purchase of distressed assets. With the transaction, Easton Lynd now owns and manages approximately 12 million square feet of commercial real estate throughout the United States.
"We believe it's the right time to be buying assets at this point in the cycle," said Albert Couto, COO of The Easton Group, a co-owner of Easton Lynd, along with The Lynd Company. "We will continue to be active in this space as opportunities present themselves."
Couto pointed out that the $62 million note purchase is the fourth major acquisition that The Easton Group has been involved with in the past 90 days.
About Easton Lynd Management:
Easton Lynd Management, owned jointly by The Easton Group in Miami, and San Antonio, Texas-based The Lynd Company, is one of the country's fastest growing and most advanced commercial real estate management companies. The firm represents a diverse investor base from small private investors to large institutional clients across multiple property types including industrial, office and retail. Its revolutionary property reporting and tenant interaction capabilities make Easton Lynd a preferred property management firm. The company is based in Miami, Florida. For more information log on to .
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