Liquid Realty Partners

Last updated
Liquid Realty Partners
Industry Private equity secondary market
Founded2001
FounderScott M. Landress and Mark L. Berman
Defunct2012
Headquarters San Francisco

Liquid Realty Partners was a private equity real estate firm that invested indirectly in commercial property by acquiring interests in existing real estate funds, partnerships, joint ventures, separate accounts, unit trusts and other private investment vehicles in the private equity secondary market.

During its period of operation from 2001 to 2012, Liquid accepted $1.5 billion in capital commitments and closed 47 investments. [1]

The fund is notable for its £435 million purchase of Jersey property unit trusts in May 2006, the largest secondary real estate acquisition at that time. [2] This record was superseded by the $3 billion transaction between The Blackstone Group and CalPERS in November 2015. [3]

History

The firm was founded in 2001 and was launched in 2002 by Scott M. Landress and Mark L. Berman. [4]

In May 2006, the company acquired a portfolio of Jersey property unit trusts for £435 million (US$775 million), believed to be the largest secondary real estate acquisition ever completed at that time. [2]

In December 2007, the company raised $572.3 million for its 4th fund. [5] [6] [7]

In July 2008, the company invested £30 million in a fund focused on office properties in the West End of London. [8]

In April 2012, the company laid off its investment staff after failing to raise new funds. [4]

In July 2012, the company sued a company run by its former executives for allegedly stealing trade secrets. [1]

In 2017, SLRA Inc. and Scott Landress, founder and CEO of Liquid Realty Partners, settled SEC allegations that investors were not timely told about a fee paid to SLRA in respect of £1.3 billion in transactions SLRA performed. [9] SLRA and Landress neither admitted nor denied the SEC's allegations, which were never tried. To settle these allegations, Landress (who had retired from the investment industry five years earlier in 2012) offered to be barred while retaining the right to reapply for association and to pay a fine of $1.25 million. [10] As of 2022, Landress has not reapplied for association.

Related Research Articles

The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the largest alternative investment firm globally.

Bain Capital, LP is an American private investment firm based in Boston, Massachusetts, with around $185 billion of assets under management. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, crypto, tech opportunities, partnership opportunities, special situations, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. The firm was founded in 1984 by partners from the consulting firm Bain & Company. The company is headquartered at 200 Clarendon Street in Boston with 22 offices in North America, Europe, Asia, and Australia.

<span class="mw-page-title-main">Simon Property Group</span> International real estate investment trust founded in the United States

Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.

<span class="mw-page-title-main">SITE Centers</span> American real estate company

SITE Centers Corp. is a publicly traded real estate investment trust that invests in shopping centers. Founded in 1965 by Bert Wolstein, the company is headquartered in Beachwood, Ohio. As of December 31, 2019 the company owned interests in 170 shopping centers in the United States containing 57.0 million square feet and managed 13.2 million square feet for Retail Value Inc. Notable properties wholly owned by the company include Shopper's World in Framingham, Massachusetts. Its major tenants include retailers such as TJX Companies, PetsMart, Dick's Sporting Goods, Ulta Beauty, Ross Stores, and Nordstrom.

<span class="mw-page-title-main">RioCan Real Estate Investment Trust</span> Canadian real estate investment trust

RioCan Real Estate Investment Trust is the second-largest real estate investment trust (REIT) in Canada. As of 2024, it has an enterprise value of approximately $14.3 billion and owns 188 properties with a net leasable area of 33 million square feet. The company properties are located across Canada. The current chief executive officer is Jonathan Gitlin.

Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, the United Kingdom, and six other countries in Europe. These properties are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.

In finance, the private-equity secondary market refers to the buying and selling of pre-existing investor commitments to private-equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private-equity funds as well as hedge funds can be more complex and labor-intensive.

Kimco Realty Corporation is a Jericho, New York-based real estate investment trust that invests in shopping centers.

<span class="mw-page-title-main">Regency Centers</span> U.S. real estate company

Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56 million square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.

<span class="mw-page-title-main">Private equity in the 2000s</span>

Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.

Glimcher Realty Trust was a real estate investment trust based in Columbus, Ohio that invested in shopping malls. In 2015, the company was acquired by Washington Prime Group.

<span class="mw-page-title-main">Prologis</span> American real estate company

Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.

<span class="mw-page-title-main">Nicholas Schorsch</span> American businessman

Nicholas Sloan "Nick" Schorsch (born March 2, 1961) is an American millionaire entrepreneur, investor, and philanthropist. Schorsch is the chairman, CEO, and co-founder of the investment services firm VEREIT.

<span class="mw-page-title-main">Quality Technology Services</span>

QTS Realty Trust, Inc. is a provider of carrier-neutral data centers and provides colocation services within North America and Northern Amsterdam and is based in Overland Park, Kansas. The company's largest operating areas are: Northern Virginia, Dallas/Fort Worth, Chicago, Hillsboro, Oregon, and New Jersey.

RXR Realty is a vertically integrated real estate and infrastructure owner, investor, operator, and developer headquartered in New York City. The firm’s portfolio of commercial, residential, multifamily, infrastructure, and logistics projects includes 91 commercial real estate properties and investments held across the country as of 2023. RXR is a privately held company that employs around 450 professionals with experience in operations, real estate development, construction, investment, and asset management.

Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. It is ranked 583rd on the Fortune 500. As of December 31, 2022, the company had investments in approximately 3,000 properties, all of which were in the United States, Canada, and the United Kingdom.

<span class="mw-page-title-main">Alexandria Real Estate Equities</span> American real estate company

Alexandria Real Estate Equities, Inc. is a real estate investment trust based in Pasadena, California that invests in office buildings and laboratories leased to tenants in the life science and technology industries.

Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties. As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet. In October 2022, it was acquired by Prologis.

VEREIT, Inc. was a real estate investment trust headquartered in Phoenix, Arizona that invested in single-tenant retail, restaurant, office and industrial properties. As of December 31, 2020, the company owned 3,831 properties with an aggregate of 89.7 million square feet. The company was acquired by Realty Income in November 2021.

References

  1. 1 2 Calvey, Mark (July 31, 2012). "Liquid Realty Sues Companies Run By Its Former Execs". The Registry.
  2. 1 2 "Liquid Realty Acquires GBP 435 Million Real Estate Secondary Portfolio; Acquisition Creates Global Leader in Real Estate Secondaries" (Press release). Business Wire. May 3, 2006.
  3. ↑ "Strategic Partners Fund Solutions to Acquire $3 Billion of Secondary Real Estate Interests from CalPERS in Largest Secondary Transaction to Date" (Press release). The Blackstone Group. November 12, 2015.
  4. 1 2 Karmin, Craig (April 3, 2012). "Short of New Funds, Firm Takes a 'Pause'" . The Wall Street Journal .
  5. ↑ "Liquid Realty Raises $570 Million Real Estate Secondaries Fund" (Press release). Business Wire. December 13, 2007.
  6. ↑ Calvey, Mark (December 23, 2007). "Realty fund shoots past investor goal". American City Business Journals .
  7. ↑ "Liquid Realty Partners raises $572M fund for real estate". American City Business Journals . December 13, 2007.
  8. ↑ "San Francisco's Liquid Realty invests $60 million in United Kingdom fund". American City Business Journals . July 21, 2008.
  9. ↑ Fields, Brent (February 6, 2017). "ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTIONS 203(e), 203(f), AND 203(k) OF THE INVESTMENT ADVISERS ACT OF 1940 AND SECTION 9(b) OF THE INVESTMENT COMPANY ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER" (PDF). sec.gov. Retrieved February 6, 2017.
  10. ↑ "In Re SLRA: SEC Accepts Offers of Settlement in Cease-and Desist Proceedings against SLRA and Scott Landress" . Race To The Bottom . April 1, 2017. pp. 1–2. Retrieved July 7, 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.