Sand Capital Aims For $1B In Distressed-Asset Acquisitions

Scottsdale, Ariz.-based Sand Capital, a division of retail developer Sandor Development Co., reports that it has acquired over $100 million in distressed debt and real estate owned properties. The company says its goal is to acquire $1 billion of distressed assets before the commercial real estate markets stabilizes.

Without disclosing terms and conditions of individual deals, Sand Capital says its acquisitions have added 1.2 million square feet to the company's portfolio. Asset types include commercial, residential, office and industrial real estate. The latest asset acquired is 52,000 square feet of ground-level retail at the Riverstone Development in Coeur d'Alene, Idaho.

‘In nearly all cases, these distressed properties and notes are a product of the current economic climate, and to ownership under-management,’ says Jay Stein, president of Sand Capital. ‘By aggressively leasing and rehabilitating these assets, we expect these properties to rebound fully in the near future.’

SOURCE: Sand Capital


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