CASE STUDIES-  Investments  |  Brokerage

Investment Case Studies

1. Christopher E. Smythe led an investment partnership that acquired and renovated a 45,000 S.F. mixed use asset in Warrensville Hts, Ohio. The asset was in foreclosure with a 50% occupancy. They purchased the building for $15/S.F. from a motivated institutional seller. The property required very proactive management and a marketing effort. A $500,000 renovation was completed and the property was fully leased within 18 months. Subsequently the property was refinanced, all of the investors equity was returned, and the property remains stabilized at 90% occupancy.

2. An investment partnership led by Mr. Smythe and his partners entered a joint venture arrangement with a brokerage client of Chartwell Group, LLC  in Streetsboro, Ohio. Tinkers Creek Industrial BldgThe tenant who’s principals also are partners in the building signed a long term lease for 50% of the to-be-built 95,000 S.F. building. Approximately 45,000 of the space would be speculative and actively marketed by Chartwell. Utilizing the services of a design/build firm the building was constructed in 6 months and fully leased in 24 months. The property was refinanced and a portion of the equity was returned to the investors. The balance of the equity was returned via distributions over the next 2 years.

3. Mr. Smythe as a general partner organized a partnership that acquired a 98 unit apartment complex in Galion, Ohio. The seller was a financially distressed national syndicator of manufactured housing. The asset was in good shape in a stable small Ohio market. The property was Galion’s largest and best known conventional apartment complex. Through effective management the property has maintained historic occupancy levels of 95%. The partners have been able to raise rents, make capital improvements from cashflow, and still pay distributions equating to 13% annually on net invested capital.

4. Mr. Smythe led an investment partnership that acquired and renovated a four building 140,000 S.F. flex industrial complex in Valley View, Ohio. The 40 year old asset was purchased for $20/S.F. from a motivated seller related to the original developer. The property required new management and a long overdue renovation.
Valley View BldgThe objective was to complete extensive exterior renovations, then aggressively market the building for re-tenanting with a goal to raise rents which were .50-$1.00/S.F. below market. With in 12 months of acquisition, one of the assets was sold off and the proceeds were distributed as a partial return of equity to the investors. Since then the post 911 economy dramatically slowed leasing efforts. None the less the property has adequately maintained its occupancy and has provided cash returns on net invested equity between 10-15% since acquisition. 

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Brokerage Case Studies-

1. Smythe Property Advisors, LLC was engaged by a client to evaluate potential liquidation of a significant portfolio of investment property. Acting as a consultant Mr. Smythe had to evaluate over 30 different partnership interests comprising over 100 different real estate assets. The scope of work included site visits, financial analysis, market research, property valuations, disposition strategy, and negotiations.

2. Mr. Smythe has been engaged on an exclusive basis by a regional furniture store chain to assist in the consolidation of three close-out facilities into a new centrally located leased warehouse facility. Scope includes identifying client needs and timing, searching market databases for potential locations, conducting preliminary drive-bys of each, and arranging tours, and negotiating lease terms.

3. Recently Mr. Smythe, as a sub-agent of the Chartwell Group, LLC, concluded an extensive property disposition of an investment portfolio that was in Receivership. Working with the court appointed Receiver, Mr. Smythe assisted in the management takeover of the Schneider Management Company, evaluation of over 26 properties, and engagement of Chartwell Group to sell the assets via negotiated sale and auction.

Mr. Smythe and the brokers from Chartwell were successful in placing the entire $22,000,000 portfolio of office, retail, multifamily, and single family portfolio under contract for sale with a variety of buyers.

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