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In real estate, cash is king. Its a truism that DP Partners understands all too well. The company recently listed its entire real estate portfolio for sale, including nearly 4 million square feet worth of properties in Southern NevadaNew York City-based Eastdil Secured, a subsidiary of Wells Fargo, has the listing.
"DP Partners' divestiture signals a realization of optimum market conditions with low capitalization rates and a strong, nationwide industrial market," said John Restrepo, principal of Restrepo Consulting Group, a Las Vegas-based economic advisory firm. "They've probably determined the market has reached its peak valuation."
DP Partners has over 25.6 million square feet worth of industrial properties in Nevada, California, Georgia, Illinois, New Jersey and Pennsylvania. The Reno-based firm is one of the nation's 10 largest private developers of commercial property, with over 300 clients. Yet rising property prices, construction escalation and sluggish rent growth are pushing the company in a new direction.
"We're recapitalizing the company for more entrepreneurial development," said Bradley Myers, DP Partners' regional manager. "We are looking to be more nimble and flexible as a developer, possibly pursuing office, infill and flexindustrial projects in the future."
DP Partners major local projects include: the 2.14 millionsquare-foot, 119-acre Dermody Business Center at Cheyenne Avenue and Lamb Boulevard; the 140-acre, 2.65 millionsquare-foot Dermody...