Michael Fitzgerald has joined AIC Ventures as head of West Coast acquisitions. He previously was a vice president with Thomas Weisel Partners. AIC Ventures is an Austin, Texas-based firm focused on office and industrial sale-leasebacks and net-leased acquisitions.
Austin, Texas-based AIC Ventures, L.P., an investment fund manager providing alternative finance solutions to middle-market companies across the United States through office and industrial sale-leasebacks and net-leased acquisitions, has named Michael Fitzgerald as its West Coast acquisition director. Based in AIC Ventures’ Austin, Texas office, Fitzgerald will lead efforts to acquire $100 million in commercial real estate assets throughout the West Coast in 2009.
“We are excited to add Michael to our team. He brings a strong investment banking background to the opportunities we see in the commercial real estate market,” said David Steinwedell, managing partner of acquisitions, AIC Ventures. “A key part of our strategy this year is to acquire office and industrial real estate in California, and other Western states. Through our sale-leasebacks, mid-market companies can access significant capital to reinvest in their company during today’s tight credit markets. Arizona, California, Colorado, Nevada and Washington companies will benefit from our focus on the region in coming months.”
Fitzgerald brings over 13 years of experience as an investment banker to AIC Ventures and has raised over $3 billion for companies of all sizes during his career. Prior to joining AIC Ventures, Fitzgerald served as vice president of Thomas Weisel Partners, a publicly traded investment bank that services growth companies. Before Thomas Weisel Partners, he was with the investment banking department of First Albany Corporation, where he focused on the technology sector. Fitzgerald has a bachelors of science degree in finance from the University of Arizona.
In the past 12-months, AIC Ventures has acquired over $62 million in commercial real estate assets owned by middle-market companies on the West Coast. In total, the firm plans to acquire $350 million in real estate assets nationwide for its seventh and eighth investment funds this year. Over $100 million has been targeted for the West region.
“Many of the top cities in the Western United States have strong fundamentals for future growth, despite the current slowdown impacting the country, and it’s a positive time to invest in the region,” continued Steinwedell.
AIC Ventures has acquired and entered into long-term leases on more than 110 commercial real estate assets owned by middle-market companies. In each transaction, the company acquired the property according to the original terms outlined. The capital infusion is used by companies to strengthen their corporate balance sheet fundamentals, fund growth initiatives or acquisitions and/or support other strategic investments. With fewer restrictions and requirements in comparison to more traditional financing options, sale-leasebacks offer sellers flexible capital that can be redeployed at the company’s discretion.
AIC Ventures acquires single-tenant leased or owner-occupied office, industrial or warehouse properties central to the ongoing operations of a middle-market company, often headquarter facilities. Targeting properties valued between $4 million and $50 million, the firm focuses its acquisitions on the top 100 markets in the U.S. with healthy, recurring demand for the building type.
About AIC Ventures, L.P.
AIC Ventures is a leading provider of capital to middle-market companies. With almost $1 billion in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies facing limited, short-term or expensive alternatives for capital. The company has closed more than 110 transactions in 28 states. Whether sellers need to close quickly, have private equity interests, environmental or other challenges, AIC Ventures can help. For more information, visit www.AICVentures.com.