COFINANCE INC. COMPLETES THE PURCHASE
OF THE AETNA BUILDING IN FAIRFIELD, NEW
JERSEY; INVESTMENT IS 1ST JOINT VENTURE
BETWEEN COFINANCE INC. AND RIVEROAK
INVESTMENT CORP. INC.
FAIRFIELD, NEW
JERSEY
- JULY 5, 2007
Cofinance Inc., an investor/developer
focused on opportunistic real estate
investments in the United States and
Europe, has completed the purchase of
the Aetna Building (“Property”) located
just off Interstate 80 at 55 Lane Road
in Fairfield, New Jersey. The Property,
more formally known as Fairfield 80
Office Center, is a Class A, four-story
office building totaling 108,500 square
feet. Cofinance Inc., in joint venture
with RiverOak Investment Corp. Inc. (“RiverOak”),
a private equity real estate fund,
purchased the site with the intent of
improving on the Property’s current
occupancy of 73% with the investment of
$2.2 million and a focused marketing
program. Morgan Property Management,
LLC, an affiliate of Cofinance Inc.,
will be providing property management
services. The purchase price was $13.30
million.
“The office market fundamentals are
trending upward in and around Essex
County and because of the Property’s
flexible floor plates, on-site café and
abundant parking ratio it is well-positioned to reap substantial long-term
rental growth” stated Jim Maurer, Chief
Operating Officer of Cofinance Inc. “We
are also very excited to be entering our
first investment with RiverOak. Steve
DeNardo, Managing Director of RiverOak,
and I worked together in past lives with
great success and I am confident that
Fairfield 80 Office Center will add to
our success.”
Cofinance Inc. has completed
acquisitions during the past 24 months
in New York City, Northern New Jersey
and Sarasota County Florida totaling
$110 million. Despite the highly
competitive real estate market,
Cofinance Inc. in partnership with
sophisticated capital like RiverOak, has
been able to locate and control unique
opportunistic investments in highly
sought after markets.
Cofinance Inc. is an investor in and
developer of residential, office,
industrial, and retail projects
throughout the United States. Formed in
June of 1983, the strategy of Cofinance
Inc. is to locate and acquire
well-positioned real estate projects in
the early stages of development, work to
resolve issues relating to entitlements,
site construction, financing and/or
sponsorship, and then complete the
project.
Jean-Claude Pick, the President and
founding principal of Cofinance Inc.,
has been involved in all aspects of real
estate development, investment, and
operation throughout the United States,
France, England and Holland. Mr. Pick is
also President and founding principal of
Cofinance SA, based in Paris, France.
The holdings of Cofinance SA, include
hotels, office buildings, shopping
centers, retirement communities, and a
full-service property management
company. Since their founding,
Cofinance SA and Cofinance Inc. have
been involved in projects with an
aggregate value of over $2 billion.
Mr. Maurer joined Cofinance Inc. in
June of 2004. During his twenty four-year career as a real estate
professional, Mr. Maurer has established
a reputation as a highly successful
developer of complex real estate
investments. Mr. Maurer is well-known in
the industry for his innovative
solutions and his development and
implementation of comprehensive business
plans and operating strategies.
The parent company of Cofinance Inc. is
CofiMorgan SA a wholly-owned subsidiary
of Cofinance Group. Cofinance Group is a
Luxembourg company owned by Jean Claude
Pick and a family trust managed by the
Maitland Group (“Maitland”). Maitland
was founded in 1976 as the overseas
advisor of major South African
international institutional investors
and has since developed into a
multi-national company, with offices in
London, Paris, Geneva, Isle of Man, and
Luxembourg. Maitland, through its wholly-owned subsidiaries, manages and advises
on investments well in excess of $1
billion US.
Headquartered in Stamford, CT, RiverOak
Investment Corp., LLC is a real estate
investment fund sponsor that occupies a
vital and unique niche in the universe
of equity players. RiverOak insures a
competitive advantage for high net worth
investors by bringing institutional
experience to a traditionally
entrepreneurial model and employing
strategic targeting methodology.
RiverOak funds invest in gap equity
positions of $2 million to $5 million
per transaction in deals that are
typically sized in the $8 million to $50
million range. RiverOak’s projects are
all located in the Boston-to-Washington
corridor. “We specialize in
diversification and complex projects
requiring significant asset management
expertise where operating results and
cash flow can be significantly
improved,” said Stephen DeNardo,
Managing Director of RiverOak Investment
Corp., who along with managing director
George Yerrall, manage all aspects of
the Funds’ business.
For
additional information please
contact us.
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