Press Release January 31 2008
Contact: Marjii Ser
marjii@landwin.com
marjii@landwin.com
SYLVIA, SDC & LANDWIN ENTER EXCITING NEW DEVELOPMENT JV PARTNERSHIP
With Plans to Develop 25 New Storage, Retail & Mixed-Use Properties Over Next 5 Years
Businesswire: January 31, 2008 (Los Angeles, California) - Today, Los Angeles, California-based investment management firms, Sylvia, Inc. (“Sylvia”), and SmithDennison Capital, LLC (“SDC”), together with their operating asset management and property management firm, Landwin Management, LLC (“Landwin”), announced an exciting new exclusive development joint venture partnership with a prominent, Phoenix, Arizona-based developer with which they plan to deploy $100,000,000 in equity over the next 5 years in the development of 25 innovative storage and retail mixed-use, and other retail properties throughout the State of Arizona.
The first several sites have already been identified and are at various stages of the acquisition process. The first project is a state-of-the-art, 124,000 square foot, two-story public storage center with 25,000 square feet of retail located on a prime 6.71 acre site at the corner of Gilbert and Warner Roads, in
The land is being acquired from major national retailer, Lowe’s, and is already shadow-anchored by a brand new and recently-opened Lowe’s Home Improvement & Garden Center. Construction on the site is expected to begin in mid-2008 with a projected delivery date of March 2009. Negotiations have been handled in-house among the partners and Lowe’s, represented by Maly Commercial Realty.
“We expect this project to benefit tremendously from strong upwardly-trending demographics in the Gilbert sub-market combined with growing demand and very limited supply of storage space,” said Landwin Acquisitions & Development Management Director, Chris Parnass. “This specific location also has great proximity to public transportation, other complimentary retail, restaurants and diverse housing, including residential communities, apartment complexes and senior housing, all of which need safe, quality storage, especially as the housing market faces continued slowing and people are in transition.”
The project’s design is being overseen in-house by the partners and will feature state-of-the-art storage services, such as refrigeration and air conditioning, and advanced security features, such as fingerprint and retina (eye) scan recognition access, while taking full advantage of the highest buildable square footage to maximize revenues.
Sylvia and SDC are real estate investment sponsors and advisors. Landwin is the operating asset management and property management business established in 1986 by Sylvia’s CEO,
Post Date January 31, 2008