Sand Capital has acquired more than $100 million in distressed debt and REO properties, said Jay Stein, the firm's president. Sand Capital is a division of Sandor Development Co.
The Scottsdale-based firm has a goal of buying $1 billion of distressed assets before the commercial real estate markets stabilize.
Sand Capital has acquired distressed notes on properties and REO’s exceeding $100 million and adding 1.2 million square feet to the firm's portfolio.
The types of assets purchased by the firm are commercial, residential, office and industrial real estate. The latest asset acquired is 52,000 SF of ground level retail at the Riverstone Development located in Coeur d’Alene, ID.
“The economic conditions present in the market for the last two years have created once in a quarter century opportunities for our company,” Stein said. “By acquiring properties and notes from across the nation during this time, we have managed to stay ahead of the recession and continue to grow our portfolio significantly.” Sand Capital has been acquiring these assets since November 2008.
“In nearly all cases, these distressed properties and notes are a product of the current economic climate, and to ownership under-management. By aggressively leasing and rehabilitating these assets, we expect these properties to rebound fully in the near future,” Stein added. “Our advantage comes from not just being buyers and sellers, but hands-on operators of real estate properties, with a nearly 50- year track record of success.”