COFINANCE INC. COMPLETES THE SALE OF A
WAYNE, NJ SHOPPING CENTER TO THE CORRADO
FAMILY; SALE OF POINT VIEW SHOPPING
CENTER COMPLETES $70M OF TRANSACTIONS BY
COFINANCE IN THE PAST 45 DAYS
WAYNE,
NEW JERSEY
- AUGUST 9, 2007
Cofinance Inc., an investor/developer
focused on opportunistic real estate
investments in the United States and
Europe, has completed a sale of Point
View Shopping Center in Wayne, New
Jersey to the Corrado family. Point
View, a 77,750 square foot shopping
center, was purchased by Cofinance Inc., in joint venture with an
institutional client of Urdang Capital
Management, in early 2006. In April 2008
the Corrado family intends to open a
Corrado’s Supermarket in the vacant
35,000 square foot store formerly
occupied by Kings Super Market. The
purchase price was $22 million.
The sale of Point View is the most
recent of five (5) transactions
(acquisitions and dispositions)
completed by Cofinance Inc. in the past
45 days totaling $70 million. “We
consistently monitor the markets we
invest in so that we can react quickly
to opportunities created by changing
market dynamics,” stated Jim Maurer,
newly appointed President of Cofinance Inc. “The Corrado family had shown an
interest in the property early in our
ownership and we kept in contact with
them as we undertook the transformation
of the old Kings store to rentable
condition. We eventually shook hands on
a deal. We are confident that a new
Corrado’s supermarket will do extremely
well in Point View and will be a great
addition to the Wayne and Franklin Lakes
communities.”
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, 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 Chief Executive
Officer 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.
For
additional information please
contact us.
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