JZ Capital Partners Ltd. said Thursday it acquired 192 Bedford Avenue, located in the Williamsburg neighborhood of Brooklyn, New York. RedSky Capital LLC also invested. The purchase price was $12.3 million. The deal included $9.3 million equity of which JZ provided $7 million.
JZ Capital Partners Limited (LSE:JZCP.L or “JZCP”), the London listed private equity fund that invests in high quality US and European microcap companies and US real estate, has acquired 192 Bedford Avenue, located in the Williamsburg neighbourhood of Brooklyn, New York, alongside its long-term real estate partner, RedSky Capital, LLC (“RedSky”).
The property features frontage of 20 ft. on Bedford Avenue and offers up to 6,000 sq. ft. of build-to-suit multi-level retail space with only one short term lease encumbering the property. The property represents an excellent opportunity for any retailer looking to enter the popular and vibrant neighbourhood.
The purchase price for the property was US$12.3 million, funded with US$9.3 million in equity, of which JZCP provided US$7.0 million.
David Zalaznick, JZCP’s Founder and Investment Adviser, commented: “We continue to see compelling value-add opportunities in the Brooklyn property market. This announcement marks our third acquisition in Brooklyn and our seventh overall since the beginning of the year – demonstrating the growth of our US real estate business and our commitment to build a balanced portfolio of assets that provide our shareholders with superior, long-term returns.”
JZCP is a London listed private equity fund which invests in high quality microcap companies, real estate and other debt and equity opportunities globally but with a particular focus on opportunities in the US and Europe. Its corporate objective is to create a portfolio of investments providing a superior overall return comprised of a current yield and significant capital appreciation. JZCP receives investment advice from Jordan/Zalaznick Advisers, Inc. (“JZAI”) which is led by David Zalaznick and Jay Jordan. They have worked together for 30 years and are supported by teams of investment professionals in New York, Chicago, London and Madrid. JZAI’s experts work with the existing management of microcap companies to help build better businesses, create value and deliver strong returns for investors. JZCP, with the advice of JZAI, targets predominantly private investments, seeking to back exceptional management teams to deliver on attractive investment propositions. For more information please visit www.jzcp.com.