Chicago-based Wrightwood Capital, a real estate finance and investment firm, announced the closing of the High Yield Partners II Fund with $243 million in commitments.
"Raising this fund allows us to continue to provide liquidity to borrowers by providing the needed capital for opportunities created by the current market circumstances," David Friedman, managing director, fund management, said in a statement. "Being able to raise $243 million in commitments during these uncertain market times is a strong testament to the strength and depth of our company."
Wrightwood Capital"s mezzanine and equity program has dedicated capital available to invest in recapitalizations, acquisitions and select new development. The program is available for assets with meaningful sponsor equity and provides capital structured as either a mezzanine loan or a preferred equity investment. Wrightwood Capital is actively pursuing a diversified mix of equity opportunities using its national origination platform and fund team.
Arroyo & Coates acted as the sole advisor in the disposition of the 59,082-square-foot Arden Howe Plaza in Sacramento, Calif. The property was bought and sold by undisclosed private investors for $11.1 million…. Michaelian & Michaelian LP bought a 13,680 square-foot Walgreen"s in Long Beach, Calif. for $6.9 million from Cherry Market Rx Corp. The deal works out to $500 per square foot and a cap rate of 7.0 percent. Colliers International represented the buyer and Marcus & Millichap represented the seller…. Colliers International also represented the buyer in a 1031 exchange sale of Burbank Airport Center in Burbank, Calif. The property sold for $4.3 million works out to approximately $725 per square foot and a cap rate of 5.8 percent. The buyer was a private capital investor, Lin Revocable Family Trust. The seller, Zelman A-1 LLC, was represented by Studley…. Point Five Development Catskill, LLC sold a 14,550-square-foot Walgreens in Catskill, N.Y. to an unnamed individual investor for an undisclosed price. Stan Johnson Co. represented the seller and Coldwell Banker Commercial Prime Properties represented the buyer…. DRB Shops, LLC sold the 122,540-square-foot Shops at Lake Forest in Lake Forest, Calif., to George Holdings Lake Forest LLC for an undisclosed price. Parker & Associates, Inc. represented the seller and Parker CommercialCo. represented the buyer…. Stirling Properties has been named as the management and leasing firm for two Target anchored centers in Louisiana effective April 1, 2009. The centers include the 201,654-square-foot University Shopping Center in Shreveport and the 168,268-square-foot River Marketplace in Lafayette…. Stanbery Development awarded two property management contracts to Levin Management Corp. for centers in New Jersey. Levin will manage the 155,000-square-foot Shoppes at Hamilton in Hamilton Twp. and the 122,000-square-foot Shoppes at Cross Keys in Gloucester Twp…. WP Realty sold the 260,981-square-foot South Brunswick Square in South Brunswick, NJ. WP bought the center in 2003 when it was 89 percent occupied and sold it 100 percent occupied after it renovated the center.