Investment Case Studies
Mr Smythe was general partner that acquired and renovated a distressed 45,000 S.F. mixed use asset in Warrensville Hts., Ohio. Building was purchased at opportunistic price from a motivated institutional seller. The property required very proactive management and a marketing effort. A full renovation was completed and the property was fully leased within 18 months. A subsequent refinancing returned all the net invested capital to the investors.
An investment partnership led by Mr. Smythe and his partners entered a joint venture build-to-suit for a brokerage client in Streetsboro, Ohio. Developed a 95,000 S.F. multi-tenant industrial warehouse building. Investor equity returned in 24 months from refinancing and distributions.
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. Through effective management the property has maintained historic occupancy levels of 95% and double digit returns on investment. A refinancing on 2013 returned all of the partners’ net invested capital.
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. The objective was to complete extensive exterior renovations, then aggressively market the building for re-tenanting with a goal to raise rents which were below market. The asset has been stable and was refinanced in 2017 returning all the net invested capital to the partners.
Through a partnership Mr. Smythe co-developed a 165,000 SF adaptive reuse of the vacant Baehr Brewery and Phoenix Ice Machine Buildings into 83 loft apartments and 10,000 SF of commercial space. Located in Ohio City in downtown Cleveland this $24MM historic renovation utilized state and federal historic tax credits and HUD 221(d)(4) financing. Completed in 2017 the renovation has won several awards including the prestigious Heritage Ohio Best Residential Rehabilitation of the Year.
Mr. Smythe is a general partner of a partnership that acquired a 26 unit apartment building that was in foreclosure in the Tremont neighborhood of Cleveland. After a $500,000 renovation the partnership acquired a vacant adjacent parcel from the Cleveland land bank and constructed seven 2,000 SF townhomes which were completed in 2017.
Brokerage Case Studies
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.
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.
Working with a court appointed Receiver, Mr. Smythe assisted in the management takeover of an investment Company and the subsequent assessment of over 26 properties that were sold via negotiated sales and auctions. Mr. Smythe worked on a team that was 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.
Valuation of third party partnership interests in 122,000 SF Rockside office building investment. Extensive financial analysis which allowed partners to consolidate ownership.
Represented an 80,000 SF plastics recycling operation in a search for new home in Solon. Evaluated multiple sites and negotiated multi-year deal.
Appointed Receiver at behest of Regional Bank to take over management and sale of 84 Unit apartment complex Orrville, Ohio; a 65 unit Apartment Complex Maple Hts., Ohio and the Rawiga Country Club in Seville, Ohio. Entertained multiple offers and structured successful sales for each.
Appointed Liquidating Officer on behalf of Regional Bank in a bankruptcy action and successfully sold a $22MM ten property apartment portfolio bankruptcy Canton, Ohio to multiple buyers.
Acted as listing broker in sale of 16 unit apartments in Shaker Heights and a 64,000 SF office building complex in Parma Heights. Both successful sales required extensive marketing which utilized varied sales techniques.