BB&T Capital Markets Serves as Exclusive Financial Advisor on a Joint Venture Equity Transaction
In the first quarter of 2017, through a joint venture equity transaction with Alterra Property Group, LLC and MIS Capital LLC, Kimco took an ownership interest in Lincoln Square, a fully entitled, $160 million mixed-use development project in the highly sought-after Center City district of Philadelphia. The project will feature 322 residential units and 100,000 square feet of retail space (approximately 80% pre-leased) anchored by a 36,000-square-foot small-format Target store, a 32,000-square-foot specialty grocer and a 16,000-square-foot PetSmart. BB&T Capital Markets represented Alterra and MIS Capital as exclusive financial advisor on the transaction.
About the Companies
Alterra is a diversified real estate investment, development and management company based in Philadelphia, PA. The Company employs a highly qualified team of professionals that handle all aspects of real estate development, investment and management, including but not limited to: acquisition, entitlement, project / construction management, asset management, property management, accounting and underwriting. During the past decade, Alterra, its three principals, and its predecessor companies, have executed over 100 real estate transactions across 15 states, (re)developed over 2MM square feet of real estate into over 1,000 new condos/apartments, office space, medical office, retail and senior housing.
MIS Capital LLC develops facilities and provides real estate planning, economic development research and asset regeneration services on behalf of for profit and not for profit organizations. MIS’s mission is for each project to be financially and environmentally sustainable, while contributing to broader community quality of life objectives. The principals of MIS, have built a reputation for developing successful projects that make a lasting contribution to their institutions and communities. MIS has won numerous awards and accolades from clients that recognize our passionate commitment to create compelling new facilities that revitalize existing neighborhoods and campuses.
Kimco is a REIT headquartered in New York, is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2016, Kimco owned interests in 524 U.S. shopping centers comprising 85 million square feet of leasable space across 34 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, Kimco has specialized in shopping center acquisitions, development and management for more than 50 years.
Our Real Estate Group is led by an experienced banking team focused on serving the broad needs of the Real Estate Investment Trust (REIT), commercial real estate and hospitality sectors. Through our extensive industry connections and in-house retail and institutional distribution capabilities, our clients gain access to the broadest markets—as well as the balance sheet strength and resources of one of the nation's strongest financial institutions.
Our corporate and investment bankers are experts in all aspects of the commercial real estate sector and provide a comprehensive suite of capital markets solutions ranging from corporate lending, equity and debt underwriting and merger and acquisition advisory. This unique teaming enables us to serve clients with financing options that are optimized for their specific needs, and each stage of their development.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.