Transaction
Diverse experience across all property types and market cycles
Our past transactions vary greatly in size, geography, product type and their unique challenges. But they all share a common focus on value creation. Below is a sample of our previous transactions.
Office
PNL has owned a variety of office buildings including RadioShack’s former 1.2 MM SF two tower headquarters and mall in Fort Worth rebranded as City Place. We were co-owner with a REIT of 2100 Ross Avenue, an 843,000 SF tower in downtown Dallas, and have owned and renovated office buildings from Winnipeg to Shreveport and Los Angeles to Philadelphia. In 2020, we purchased a never occupied 94,000 SF Class A office building in San Antonio which we subsequently sold to a major tech company. Current holdings include a 107,000 SF Class A office/research facility in Highpoint, North Carolina, a 167,183-SF, 4-building suburban office/flex complex in metro Minneapolis and an $18 MM loan on a tower in downtown Raleigh.
Residential
Residential acquisitions have ranged from a $10 million HELOC portfolio in Phoenix to mortgages on mobile home parks and multi-million-dollar houses in Nantucket and Martha’s Vineyard. PNL acquired a defaulted loan on 32 uncompleted condominiums near Portland, Oregon and upon gaining title completed construction and sold out the units. We purchased a defaulted loan on a 488-unit apartment project in Dallas from a major bank. PNL was a mezzanine lender with a majority profits interest in a 183-unit luxury condominium in Toronto and worked out a mortgage on a mid-rise condominium project in Seattle. We have owned or held mortgages on nearly 5,000 apartment units across the U.S and currently have mortgages on a portfolio of rental homes in the Quad Cities.
Industrial
Industrial assets have included a 216,000 SF former Boeing manufacturing facility in Corinth, Texas, a loan on a 300,000 SF biotech facility in Durham, North Carolina, a vacant class A 122,000 SF industrial/office facility acquired through foreclosure in Las Vegas which we leased to a leading autonomous vehicle company and sold to an industrial REIT. PNL repositioned the 200,000 SF former Waring Blender manufacturing headquarters outside Hartford into retail, self-storage and warehouse and converted a 100,000 SF manufacturing facility to public storage in Bloomfield, Connecticut. PNL recently sold a 157,200 SF building in Greenville, South Carolina to an owner-user and a vacant 65,234 SF metal building in Beaumont, Texas, acquired through foreclosure in bankruptcy and renovated for sale or lease.
Retail
PNL has owned or held mortgages on more than 100 retail assets. These range from the 96,000 SF Dolphin Plaza community center we redeveloped in Miami to a mortgage on the 350,000 SF Orange Fair Mall in Orange, California. Current or recent retail properties include three strip retail centers in Memphis, redeveloped a 31,000 SF center in the Minneapolis area and a 24,128 SF shopping center serving the University of Wisconsin-Whitewater. In addition to conventional retail, we have owned or held mortgages on car washes, gun ranges, bars and restaurants, movie theaters, sports/entertainment facilities and religious properties.
Land
PNL’s notable land investments include the 19,534-acre Robinson Ranch in Edna, Texas, the 2,575-acre Cade Ranch with 3 miles of beachfront 10 miles east of Galveston, the 1,475-acre Tennessee National master-planned community near Knoxville, Tennessee, and 100 acres of prime land on the North Dallas Tollway in Frisco, Texas. PNL has owned other large tracts including 5,300 acres in upstate New York sold to the Trust for Public Land, 750 acres west of Fort Worth entitled for 2,000 homes and 50 acres with a mile of frontage on I-93 in Woburn, Massachusetts sold to Avalon Bay for a major apartment development. Current holdings include, The Heights, a 325-acre large lot development in Kerrville, Texas and have sold-out Phase I with Phase II in development.
Agricultural Loans
PNL has acquired agricultural loans on orange groves, almond farms, wineries, poultry farms and large dairy farms including one in Wisconsin secured by 2,200 acres and another in Michigan secured by 1,806 acres of farmland and 216,000 SF of farm buildings including a modern 2,000 stall milking parlor. We provided a DIP loan on 6,600 acres of farmland in the Texas Panhandle to facilitate a bankruptcy plan. PNL also holds a restructured bankruptcy loan on a 742-acre farm east of Gainesville, Florida and loans secured by 2,182 acres with valuable Colorado River water entitlements in California.
C & I Loans
Though our primary focus is real estate, we also acquire commercial and industrial loans. Examples include loans to a coaxial cable manufacturer secured by a mortgage on a 220,740 SF manufacturing, warehouse and office complex near Jackson, Mississippi, along with the company’s accounts receivable, inventory and equipment. Other C&I loans included a major concrete contractor with $5 million in receivables and equipment, a large fiberglass pool manufacturer and numerous medical practices. PNL has the experience to bid C&I loans that many pure real estate investors will not underwrite or attribute meaningful value to the collateral.
