$20,100,000 Class A Limited Partner Interests
Wien & Malkin Industrial Partners I, L.P. ("IP I") is a blind pool sponsored by Wien & Malkin to invest opportunistically in well located warehouse/distribution and light industrial properties with the potential to add value through upgrade and better leasing. The offering was concluded on July 1, 2005 with an expanded capital raise of approximately $30,000,000.
IP I co-invests with Jonathan P. Garrity of Cambridge Hanover, as an operating partner in a joint venture. Decisions pertaining to acquisition, financing, major leases, and sale are subject to the review and approval of Peter L. Malkin and Anthony E. Malkin. This is Mr. Garrity's second fund and he and his investors have co-invested approximately $10,000,000 of net proceeds in the joint venture. Peter L. Malkin and Anthony E. Malkin personally were the lead and largest investors in his first fund.
Similar to Wien & Malkin's historical investing, IP I pursues a "buy value, add value, build distributions, and sell" investment strategy. It seeks to acquire properties that are priced below replacement cost, have significant near-term potential tenant rollover, and can be renovated to achieve improved rents and higher quality tenants. IP I's objective is to provide current distributions, as well as long-term appreciation for sale within approximately 10 years. Distributions commenced October 1, 2005 and are made quarterly.
IP I owns eight properties comprised of approximately 1,423,000 square feet situated near bustling seaport cities and vital regional hubs. The first acquisition occurred on November 30, 2005. The total purchase price for the eight properties is approximately $47,575,000. Properties may be financed when repositioning is concluded with the proceeds either invested in new properties or distributed to investors as a return of capital.
