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NEWS
Standard Management Company Announces New Legal Counsel
Jason K. Wallace, Standard Management’s new General Counsel, brings over 25 years experience in representing developers and “big box” tenants in a wide range of commercial and retail properties. While in private law practice, Mr. Wallace specialized in shopping center development, representing such clients as Ralphs Grocery Company, Food 4 Less, Inc., Sears, Roebuck and Co., and Vons Companies. Mr. Wallace also has significant hands-on real estate development experience, having been President of a major Atlanta-based real estate development company with 2.2 billion dollars in assets, 3.7 million square feet of mall retail space and about 26 community centers totaling about 3.1 million square feet during the early 1990s. He earned his B.A in Organic Chemistry from Reed College in Portland, Oregon, and took his law degree with honors from the University of Utah. He is also a licensed California Real Estate Broker.
John K. Rachlin, Standard Management’s new Associate General Counsel, comes to Standard Management with a diverse legal and real estate background. Prior to joining Standard, Mr. Rachlin was President and co-owner of Empire Brokerage & Real Estate Services, Inc., a company specializing in real estate brokerage, acquisition and receivership work. Prior to starting Empire Brokerage & Real Estate Services, Inc., Mr. Rachlin started, built, and sold Empire Property Management & Brokerage, Inc., a full-service property management company purchased by LB Property Management. As a licensed attorney since 1990 and a member of both the California and Florida Bars, Mr. Rachlin has extensive experience as a practicing attorney in the areas of real estate and business litigation. Mr. Rachlin has been of counsel to firms which served as outside counsel to Chicago Title Insurance Company and Coldwell Banker for its Southern California region. Mr. Rachlin received a B.A from Emory University’s School of Business and his law degree from the University of Miami. He is also a licensed California Real Estate Broker.
Purchase in Kern County shows 100% plus IRR!
Recently, together with Standard Capital, we purchased a 46-acre almond orchard in the City of Shafter, north of Bakersfield. Upon studying the assessor maps for this area, we noticed a narrow shaped parcel nearby that had been overlooked because it appeared on a different page of the assessor’s parcel map book than the page on which it would have been expected. We approached the owner, a local foundation that wanted to rid itself of the property because it was their only real estate holding and its odd shape made development difficult. After purchasing the property for a favorable price, Standard struck a deal with a local homebuilder who installed a sign on the property. The annual income from this sign is equal to the price we paid for the property. In addition, the property provides over 700 feet of frontage on State Highway 43 in the City of Shafter, which will be valuable when the almond orchard is eventually developed into a shopping center.
3/31/05 -- Standard Management Announces Sale of Portion of Las Vegas Portfolio
LOS ANGELES, March 31--Standard Management Company
("Standard") today announced the sale of Pacific Harbors at
Flamingo. The property was well
suited for a conversion based on its unit mix and that fact that it had
previously obtained a subdivision map.
Taking into account the opportunity in the market and the performance
of the property, the decision to sell the property was made. On March 31, 2005, the property was
sold for $10,283,520. The
property was purchased on June 6, 1997, for $6,350,000.
7/29/04 --
Standard Management Announces Acquisition of Rosedale Village
I
LOS ANGELES, July 29--Standard Management
Company ("Standard") today announced the acquisition of Rosedale Village I. On July 29, 2004, an affiliate of
Standard Management Company purchased a 128,000 square foot shopping
center known as Rosedale
Village for
$17,175,000. Rosedale Village
is located in Bakersfield,
California, and was
anchored by Save Mart grocery store and Dollar Tree. The transaction was structured as a
tenants-in-common transaction in order to complete an IRS Section 1031
Exchange and maximize the tax efficiency for Standard’s
clients. The property was
financed by a conduit lender at very favorable rates. The property has performed very well
since the acquisition, and spaces within the shopping center that
become vacant are being leased at higher rents than obtained from the
vacating tenant.
7/13/04 --
Standard Management Announces Acquisition of Rosedale Village
II
LOS ANGELES, July 13.--Standard Management Company
("Standard") today released the acquisition of Rosedale
Village II. During its due diligence on
Rosedale Village I, Standard Management
Company discovered that a portion of the shopping center, consisting of
an empty 85,000 square foot building formerly occupied by Kmart was
owned by a business associate of Standard Management Company. Capitalizing on this resource, and
utilizing a reverse IRS Section 1031 Exchange, a joint venture was
formed, and the former Kmart was purchased on July 13, 2004 for
$4,500,000. Within 18 months,
the entire building was leased to Tractor Supply Company, a publicly
traded company on the NASDAQ, Body Xchange, a
local chain of fitness facilities, and Smart and Final. The owners are currently in the
process of arranging permanent financing for the property, and will
likely receive proceeds in an amount substantially higher than the
original purchase price.
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