H.I.G. Realty Partners Sells Las Vegas Office Investments
H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $45 billion of equity capital under management, is pleased to announce that its affiliate, H.I.G. Realty Partners, has sold two Las Vegas office investments, 8912-8918 Spanish Ridge Avenue and 6605 Grand Montecito Parkway, after successfully completing its business plan at each property.
At Spanish Ridge, H.I.G. Realty executed a value-add strategy, leasing the property to 100% occupancy (from 56% at acquisition) to a diversified roster of high-quality tenants. At Montecito, H.I.G. Realty significantly de-risked its investment prior to acquisition by extending the anchor tenant's lease by seven years, generating substantial value in the process.
"The realizations of Spanish Ridge and Montecito reflect H.I.G. Realty's ability to identify undervalued and mismanaged assets, mitigate risks during due diligence, and execute on a value-add game-plan," said David Hirschberg, Co-Head of H.I.G. Realty Partners.
About H.I.G. Realty Partners
H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global private equity and alternative assets investment firm with $45 billion of equity capital under management.* H.I.G. Realty Partners manages $8.2 billion of assets and focuses on small-to-mid cap real estate, targeting both equity and debt investments across all property types located throughout the U.S., Europe, and Latin America. Equity investments are concentrated on the acquisition of value-add assets, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios. For more information, please refer to the H.I.G. website www.higcapital.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.'s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
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