URDANG Sells Two Business Centers Near Atlanta for $48 Million

PRNewswire-FirstCall
PLYMOUTH MEETING, Pa.
(NYSE:BK)
Nov 14, 2008

Upgrades Included Elevators and Roofing Prior to Sale

PLYMOUTH MEETING, Pa., November 14, 2008 — URDANG, part of BNY Mellon Asset Management, has completed the sale of two business centers in Marietta, Georgia, totaling 619,628 square feet for $48 million to CCI-B Marietta, LLC, a partnership formed by Capital Commercial Investments, Inc. The 14 multi-tenant buildings in the Atlanta suburb sold by Urdang Capital Management also house medical, retail and warehouse operations.

The two properties, American Business Center and WhiteWater Business Center, are approximately four miles apart and combined occupy more than 48 acres in the northwestern part of the Atlanta metropolitan area in Cobb County's business corridor. Both centers comprise one-story and two-story buildings and benefit from excellent access to Interstate 75 and Interstate 285. Major tenants include The Healthfield Group, General Electric, Bekaert Corporation, Concentra, DaVita, and Embry-Riddle Aeronautical University.

"URDANG and its managing agent, Ackerman & Co., have significantly enhanced these properties since we acquired them in December 1999," said Vincent Sanfilippo, chief investment officer of Urdang Capital Management. These improvements along with their excellent location have made the business centers particularly attractive to investors and tenants." The upgrades include replacing roofs on most of the 14 buildings, installing new elevators, re-grading and re-landscaping property frontage, renovating tenant suites, and installing new signs throughout the properties.

The Resource Real Estate Partners investment sales team of Tom Shafer and John Hinson represented URDANG in the sale. Sanfilippo and Dan Fishbein, vice president of URDANG, negotiated the sale for the seller. Thomas Shafer, principal of Resource Real Estate Partners, and his associate, John Hinson, brokered the transaction on behalf of the seller. A broker did not represent the buyer.

Resource Real Estate Partners, LLC is an Atlanta-based "boutique" brokerage firm formed in 1999 with an assembled team of highly experienced top performers. The Office & Industrial Group of the Investment Sales & Equity Placement division has investment sales experience totaling nearly $5 billion and over 40 million square feet. Over the past three years, the company's investment sales team has sold over $1.5 billion of office, medical office, and industrial properties across the southeast. Additional information about Resource Real Estate Partners is available at http://www.resourcere.com/.

Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing more than $2.2 billion in public real estate securities through URDANG Securities Management, Inc. and $1.2 billion in private real estate investments through URDANG Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG's research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to earn high, risk-adjusted returns. It is one of the investment boutiques of BNY Mellon Asset Management, one of the world's largest global asset managers with approximately U.S. $1.1 trillion in assets under management.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, approximately $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.